The Ohio General Assembly passed legislation (HB 278) that will increase the statutory minimum financial responsibility limits for auto insurance.
The Ohio Association for Justice was the lead advocate for the legislation. Joining OAJ in support was the Ohio Insurance Institute (the property-casualty insurance trade group) and the Ohio State Bar Association.
The current minimums of $12,500 for one person injured in an accident, $25,000 for all persons, and $7,500 for property damage will increase to $25,000/$50,000/$25,000 under the new law. The increase in Ohio's minimum auto insurance coverage is the first since the 1960s and brings Ohio in line with a majority of states. The increase is expected to cost the average consumer an additional $2-$3 in premium per month.
The attorneys at Nager, Romaine & Schneiberg applaud the efforts of those who have championed this cause as the existing state minimum coverage falls far short of covering the damages caused by even minor motor vehicle accidents.
The increase will take effect nine months after the bill becomes law.