Auto

 

Auto Insurance

Auto insurance can be broken down into two main components, Liability and Physical Damage. In the State of Ohio auto insurance primarily follows the vehicle not the driver. It is important to have sufficient coverage in place for yourself and whomever you may loan your car to.

 

Liability Insurance

Liability is the portion of your auto policy that protects you against being sued. This portion of your policy will list a limit of the amount of money paid out for somebody else's injuries and the limit paid out for damage to someone else's property. For example, in the state of Ohio the minimum coverage every driver is supposed to carry is expressed as 12,500/25,000/7,500.  This means that the most the insurance company is obligated to pay out for your accident is no more than $12,500 for any one person's injuries, no more than $25,000 total injuries per accident, and no more than $7,500 for damage to someone else's property/vehicle.  Any expenses above and beyond the limits in your auto policy are your responsibility. If you have any assets such as a home or investments you can bet you are going to be sued. Be sure to discuss the amount of liability you need with your agent.

 

Uninsured/Underinsured Motorist

What were to happen if you were involved in an accident where you or your family sustained injuries and the other driver, who was at fault, had no insurance or only the bare minimum and it is not enough to cover the expenses you are left with?

By including Uninsured/Underinsured Motorist Coverage, we are making sure that you are covered if such an event were to take place. Basically you are giving yourself the same bodily injury and property damage coverage that you are giving everybody else. At Hancock Insurance we feel that this coverage is so important that we will not write a policy without it.  It has been calculated that 16% of Ohio drivers do not carry any liability insurance even though it is illegal to do so.  Many other drivers carry just the state minimum limits because they need to keep expenses down and have nothing to lose.

 

Physical Damage to Your Car

Physical Damage coverage to your car comes in two parts, Collision and Other Than Collision coverage.

Collision coverage is for damage done to your vehicle if you were driving it and collided with another object or vehicle. Oddly enough, if you collide with an animal it is not considered "Collision" but is covered under "Other Than Collision".

Other Than Collision, also called Comprehensive, covers physical losses to your car caused by fire, theft, hail, hitting a deer or another animal and also includes glass breakage.

Both Collision and Other Than Collision coverage are subject to a deductible. It's always a good idea to discuss these deductibles with your agent.


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