Minimum Limit Disclaimer
The minimum financial responsibility limits that are required by state law are just that – minimums and those limits may not be sufficient to provide coverage for all injuries and damage that may result from an accident. The way car insurance works, if you are at fault in an accident, you could be responsible for paying everything that your insurance company does not pay.
For example, if you purchase minimum limits in Ohio, you would have only $25,000 of insurance coverage to pay for injuries to the other driver (assuming you are at fault). If the cost of that person’s medical care is $45,000, the most your insurance would pay is $25,000, leaving you personally responsible for the other $20,000.
Because of the potential risk to your savings and assets, we recommend purchasing automobile liability insurance coverage in an amount greater than the state’s minimum requirements.