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

2. 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 -

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

4. 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 -

5. 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 -

6. 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 -

7. 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 -

8. 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 -

9. 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 -

10. 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 -

11. Auto Insurance Laws Financial Responsibility law Penalties
Lose Drivers 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 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 -

12. 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 -

13. 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 -

14. 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 -

15. 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 -

16. 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 -

17. 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 (
Evaluating Your Insurance Needs - Ohio Insurance Institute -

18. Resources
Auto and Renters Insurance Teen Guides:
Auto Insurance, Ohio’s FR Law, Auto Accident Checklist , Renters Insurance & Insurance Consumer Tips Fact Pak brochures:

19. 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 -

20. How to reach OII
Phone:
US Mail:
OHIO INSURANCE INSTITUTE
172 E. State Street, Suite 201
Columbus, OH
Evaluating Your Insurance Needs - Ohio Insurance Institute -