You live in Columbus, Ohio and have finally found a job that will help you and your family afford a car.
You have started on the path to vehicle ownership. You have set a budget. You have even figured in the cost of fuel and routine maintenance into your monthly budget. You have performed the research to get the best car within your budget. You have even found the car. However, did you remember to factor in the cost for car insurance?
This is a common oversight. You get excited about the prospects of purchasing a vehicle or getting a newer vehicle. You imagine what you are going to look like cruising around in your new ride, and sometimes forget that if you don’t have insurance then you don’t need a vehicle.
In reality the cost of insurance should be factored into a payment plan budget and consider it a part of your monthly payment. For example, let’s assume, as dangerous as that is, $500.00 per month is budgeted to spend on your vehicle payment. If your insurance is going to cost $100 per month, then you should be shopping for a vehicle that is going to cost $400 or less per month in the form of a payment.
You could even take it a step further and include fuel cost as part of the same budget, however with the fluctuation in oil prices that can be more difficult.
Why Do You Need Ohio Car Insurance?
In the State of Ohio, as with most states in America today driving, operating, or owning a car is a privilege and not a right. The privilege comes with great responsibility one of which is financial. In Ohio, car insurance is not a luxury it is a legal requirement. That is why you need to consider the cost of insurance into your monthly payment budget.
The Ohio Revised Code is the state law, which specifically states that:
An individual is prohibited from driving any moving vehicle in Ohio without the ability to prove they have continually maintained the required level of financial responsibility during the registration period in relation to their specific vehicle, or any other driver who is not the vehicle’s owner, as long as the driver has permission to operate that vehicle. A minimum of $25,000 for personal injury of one person in one accident, $50,000 for personal injury of two or more persons in one accident, and $25,000 for the liability of others property in one accident.”