Ohio Indemnity Auto Insurance Review

With just a glance, an Ohio Indemnity Auto Insurance review may seem confusing to drivers searching for information regarding different types of auto insurance policies. OIC does not serve private customers seeking the state required vehicle coverage. Ohio Indemnity Company provides auto insurance discounts and services for financial institutions and non-profit businesses and organizations.  You can compare auto insurance FREE on our website by entering you ZIP code.

Meet OIC

OIC has been committed to providing quality customized insurance programs and professional, principle based services for clients, in Ohio and across the nation, since 1956.

As a subsidiary of Bancinsurance Corporation, Ohio Indemnity is headquartered in Columbus, Ohio. The company works closely with customers to assist with specific auto insurance needs and develop successful, mutually beneficial, long lasting partnerships.

Finance companies, banks, credit unions, and non-profit employers purchase unique, protective auto insurance policies from Ohio Indemnity. The insurance safeguards lenders from the risks involved with loans to customers for vehicle purchases. In the event a loan is defaulted, for one reason or another, the lender is protected against financial loss. OIC offers a variety of options for financial institutions and non-profit organizations.

Types of Coverage

• Vendor Single Interest – VSI covers the lender’s entire vehicle portfolio. OIC uses their own trademarked insurance program,Ultimate Loss Insurance, to write specialized blanket VSI policies. Coverage includes losses due to government confiscation, inability to repossess, damage to repossessed property, and theft or damage not secured by the borrower. OIC offers Traditional VSI, Aggregate Limit VSI and Life of Loan VSI to accommodate varying needs.
• Guaranteed Auto Protection – GAP insurance covers the monetary differencebetween the unpaid loan balance and the amount covered by the borrower’s auto policy, if the property is stolen or a declared total loss. GAP covers new and used vehicles, leases and loans extending up to seven years, policy deductibles, losses up to $50,000 and losses up to 150% of the manufacturer’s suggested retail price. Voluntary programs and blanket programs are available to lenders. Ohio Indemnity provides services in several states that have unique requirements for GAP insurance.
• Creditor Placed Insurance – CPI is collateral protection. Available as single or dual interest coverage, it safeguards lenders against losses on vehicles or property posted as collateral. The lender’s complete portfolio of loans can be covered through endorsement. CPI covers theft or damage to uninsured repossessed collateral, collateral repossession waiver for dual interest programs, the balance of the loan instead of the actual cash value of the collateral and pro-rated premium adjustments for cancelled coverage.
• Equipment Physical Damage – EPD provides damage and theft coverage for construction, agricultural, commercial and lawn equipment vehicles. Available for the loan term or annual renewal, lenders and borrowers are protected against damage to, or theft of, the financed equipment. Coverage includes losses due to physical damage or theft, actual cash value repair or replacement, loan term protection up to seven years and up to $100,000.

Ohio Indemnity Company also offers UC Assure coverage for non-profit organizations and public sector employers. UC Assure enables qualified employers to outsource all, or part, of their unemployment risks reducing the costs of liability and claims. The claim administration experts handle all of the red tape involved with unemployment issues.

Reputation and Ratings

OIC has been serving financial institutions and non-profit clients for more thanfifty years. Ohio Indemnity clients benefit from the experience, stability, dependability, personalized attention, customizable insurance programs and superior claim services. OIC takes pride in their quality of service.

The Ohio Indemnity Company has received high financial strength ratings from two reputable sources. AM Best rates OIC with an A-, excellent rating. Demotech rates OIC with an A, unsurpassed rating. The company became BBB accredited on August 4, 2010. OIC holds an A+ rating with the Better Business Bureau. The BBB rating is based on the number of years OIC has been operating, sufficient background data and no complaints having been filed, with them, against the company.

OIC vs the Competition

Ohio Indemnity appears to be an excellent auto insurance provider for non-profit employers and financial institutions. However, OIC has many highly rated competitors in the industry. Therefore, as with any purchase or investment, it is wise to compare several options before making a decision. It is important for businesses and individuals to collect information and quotes, examine details, research the company’s history and ratings, and read customer reviews to find the best auto insurance. Effective comparison shopping typically saves money, reduces future hassles, and ensures an appropriate and satisfactory purchase.