Ohio’s
automobile residual market consists of licensed drivers unable
to purchase automobile insurance through Ohio’s voluntary
market due to a variety of factors, such as their driving history
or status as a first-time driver. The OAIP often charges the highest
rates in the state and is a “last resort” for licensed
drivers that can’t obtain auto insurance coverage elsewhere.
The
insurance industry established a mechanism in each state as a
means to provide coverage for these drivers unable to obtain
insurance
coverage. However, each
OAIP applicant is required to meet eligibility requirements as
specified in the
Ohio Automobile Insurance Plan manual. |
