Evaluating Your Insurance Needs Insurance Basics for Students Heading Out on Their Own Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Evaluating Your Insurance Needs Auto Insurance Parts of an auto policy Factors that determine what auto insurance costs Auto insurance laws in Ohio Renters Insurance Types of homeowners policies Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Evaluating Your Insurance Needs Shopping for insurance Insurance premiums Insurance cost saving tips Settling an insurance claim Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Parts of an Auto Insurance Policy Declarations Your Information Who’s insured (name and address) Vehicle(s) covered (V.I.N.) Your policy specifics Amount of insurance - Policy Limits Premium (the price of insurance coverage) Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Parts of an Auto Insurance Policy Coverages Bodily Injury Liability Property Damage Liability Medical Payments Uninsured Motorists Underinsured Motorists Uninsured Motorists Property Damage Damage to Your Auto Collision Other Than Collision (Comprehensive) Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Parts of an Auto Insurance Policy Definitions Terms of policy defined Exclusions What’s Not Covered in the policy Conditions Responsibilities of the contract are specified for you and the company Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Auto Insurance Cost Factors Factors that determine cost of insurance Use of car (to & from work, pleasure) Value / Type of car (make & model) Repair costs for car & occupants (crashworthiness) Where you live and how car is parked Your driving record Coverage limits Sex & Marital status Good Student Discount Age of drivers Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Teen Crashes Top contributors to teen crashes Inexperience Speeding Passengers / Distractions Night driving / Road conditions / Weather Low safety belt use Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Auto Insurance Laws Ohio’s Financial Responsibility law Requirements met by having one of the following: Auto Liability insurance (25,000/50,000 BI; 25,000 PD) Surety bond of $30,000 BMV Certificate - bond of $30,000 on file with BMV BMV Certificate - bond of $60,000 in real estate on file Certificate of Self Insurance - those w/ 25 or more cars Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Auto Insurance Laws Ohio’s Financial Responsibility law Required to show proof of FR when: A moving violation requires a court appearance When stopped by law enforcement officials for a traffic violation, vehicle safety inspection or involved in a crash and asked to provide it Contacted via mail through the BMV random verification program Auto insurers provide an Auto Insurance ID Card Keep it in car - satisfies FR proof when asked by law enforcement officials An electronic insurance ID card is also an accepted form of insurance proof in Ohio and many other states Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Auto Insurance Laws Financial Responsibility law Penalties Lose Drivers License @ least 90 days up to 2 years Petition court for limited driving privileges License plate & vehicle registration suspension License reinstatement fees of $100-$600 Requirement to obtain insurance for three to five years - monitored by insurers and BMV Vehicle immobilization and confiscation of license plates for 30-60 days for violation FR suspension 3rd and subsequent offenses - could mean vehicle forfeiture + 5-year moratorium on vehicle registrations Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Auto Insurance Laws Ohio’s Graduated Licensing law Temporary permits can be obtained at 15 1/2 Drivers training component Drivers Education Training Plus 50 hours behind the wheel with Mom & Dad Probationary drivers license At least 16 years old Must pass BMV driving and maneuverability test Probationary license held until 18 when full privileges without restrictions granted Curfew restrictions Penalties Driving under the influence Moving violations Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Renters Insurance A “package” policy Personal belongings Liability coverage Medical payments to others Damage to property of others Additional living expenses Buildings & structures (with a homeowners policy) Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Renters Insurance Types of homeowners policies Renter Condo Owner Covers belongings and provides liability coverage Condo Owner Covers belongings, some improvements to interior walls and provides liability coverage Home Owner Covers belongings, the building and structures and provides liability coverage Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Your Insurance Needs Shopping for insurance Agent, internet Have agent/company representative explain what’s NOT COVERED in the policy - this avoids surprises after a loss Many prefer to investigate coverage options and prices via the web, then contact an agent or company Evaluate your need for an agent - is it important to you to have an insurance professional for advice? Insurance premiums Paid monthly, quarterly, semiannually, or yearly Homeowners - watch for PITI in your mortgage Principal, Interest, Taxes, Insurance Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Your Insurance Needs Insurance cost saving tips Ask about discounts Good student, more than one car, carrying other types of insurance with the same company Increase deductibles Generally, the higher the deductible, the lower the premium Avoid filing frivolous and/or excessive claims Comparison shop Keep property (car and home) well maintained Use credit wisely and only as needed Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Your Insurance Needs Settling an insurance claim Contact insurance agent/company ASAP Take steps to prevent future losses to property Gather as much info as possible about the loss witnesses, videotape/photo damaged property An insurance company representative will contact you (claims adjuster) asking details about the loss Adjuster may want to record your conversation Work with adjuster to an agreeable negotiation If not satisfied, you have the option to contact Ohio Dept. of Insurance - Consumer Services Division - for info or to file a complaint (www.ohioinsurance.gov) Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

Resources Auto and Renters Insurance Teen Guides: https://www.ohioinsurance.org/info/auto-insurance-for-teens/ Auto Insurance, Ohio’s FR Law, Auto Accident Checklist , Renters Insurance & Insurance Consumer Tips Fact Pak brochures: https://www.ohioinsurance.org/info/for-consumers/fact-pak/

OII Mission Statement To strengthen public understanding of and confidence in Ohio’s property/casualty insurance industry. The OII is a public information and trade association representing insurance companies and agent groups for the property/casualty insurance industry. A primary objective of the OII is to help Ohioans achieve a better understanding of insurance and related safety issues. Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org

How to reach OII Phone: 614.228.1593 Email: info@ohioinsurance.org www.ohioinsurance.org US Mail: OHIO INSURANCE INSTITUTE 172 E. State Street, Suite 201 Columbus, OH 43215 Evaluating Your Insurance Needs - Ohio Insurance Institute - www.ohioinsurance.org