The minimum limits for auto insurance are on the rise in Ohio. Ohio Governor John Kasich recently signed House Bill 278 which increases the statutory minimum financial responsibility limits for auto insurance.
The new minimum coverage will be: $25,000 to pay the cost of injuries to one person involved in an accident, $50,000 for all persons involved in the accident, and $25,000 for property damage. In addition to the minimum limits increase, the bill makes it illegal for an insurance company to have an "intra-family exclusion" in auto policies when a family member is killed in the accident.
The Charles E. Boyk Law Offices, LLC has advocated for this type of a law for many years. "This new law will help to make sure that accident victims are properly compensated for their injuries. While there is still more to do, it is certainly a step in the right direction," said attorney Charles E. Boyk.
The effective date of the new law is March 22, 2013. However, the minimum coverage increase takes effect nine months after the bill becomes law (on December 22, 2013) and will apply to insurance policies issued after December 22, 2013.
If you have any questions about this change in the law and how it affects you, feel free to give us a call at 419-241-1395 or 1-800-637-8170. Our office offers motor vehicle insurance coverage advice to the public, free of charge.
Click below to read the full text of House Bill 278: