Lima's average annual car insurance cost is $317 for minimal coverage and $963 for full coverage. In comparison, the average annual cost of car insurance in Ohio for full coverage is $1,034. The national average for full coverage insurance is $1,674.
Car insurance rates frequently differ between providers. Based on market share, we have included the cheapest car insurance rates in Lima from the most popular carriers:
Drivers looking for the cheapest car insurance in Ohio should compare providers based on criteria other than price. There is no guarantee that the cheapest provider will provide the coverage you require or the best discounts.
For example, in order to obtain insurance through USAA, you must be a member of the military. Geico may be a better option if you only need basic coverage and are most concerned with getting a low rate. Keep in mind, however, that the coverage options are extremely limited.
If you want to save money, all five providers have excellent options. The actual savings available, however, will vary. Geico, for example, is the only provider that offers a federal employee discount, and USAA is the only provider that offers a legacy customer discount.
Insurance requirements in Lima
Drivers in Lima are required to have a minimum of 25/50/25 personal liability insurance. This includes the coverage limits listed below:
Per person, bodily injury liability coverage of $25,000 is required
Per accident, bodily injury liability coverage of $50,000 is required
Property damage liability coverage of $25,000 per accident
Uninsured motorist coverage must be provided, but it may be declined in writing
There are four additional ways to comply with Ohio's financial responsibility law:
A BMV certificate proving that a driver has a $30,000 bond on file with the Treasury.
A $30,000 BMV bond certificate signed by two people who own real estate with at least $60,000 in equity.
The BMV issues a certificate of self-insurance to individuals or businesses who own more than 25 vehicles.
A $30,000 bond from a licenced insurance or surety company.
Although you are only required to purchase the bare minimum of coverage, insurance companies recommend that most drivers increase their policy limits for added protection. If you cause an accident and the damages exceed your coverage limit, you will have to pay the difference out of pocket.
Furthermore, a liability-only policy does not provide coverage for your vehicle if you collide with another driver. A full coverage policy, which includes collision and comprehensive insurance to protect your vehicle as well as medical payments coverage, is a good idea. Full coverage may be required if you lease or finance your vehicle.
Lima car insurance discounts
You can find discounts to help you save money with almost any car insurance company in Ohio. Here are some of the Lima discounts available:
Multi-vehicle discount: You may be able to get a slightly lower rate if you insure more than one vehicle on your auto insurance policy.
Pay in full discount: Drivers who pay their annual premium in full and upfront may be eligible for a lower rate.
Homeowner discount: If you own a home, you may be able to save money on car insurance even if your home is insured by a different company.
Some insurance companies provide a discount to drivers who insure a car that is two model years old or newer.
Car insurance discounts can be a great way to save money, but the actual savings will vary depending on the type of discount and the company. New vehicle discounts, for example, typically offer greater savings potential than multi-vehicle discounts. When comparing providers, keep an eye out for the average savings available for the discounts you may be eligible for.
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