A Guide to Auto Insurance in Indiana (IN)

Indiana auto insurance is required if you plan on driving your car in Indiana. This insurance is a way to protect yourself and others on the road should an accident happen. While the insurance of other states will be honored, if you live in Indiana and your vehicle is registered here, you will need to make sure that you have the following items.


The Indiana Auto Insurance Policy Details...

The best place to begin reviewing Indiana auto insurance is the actual policy. For example, when you look at the bodily injury coverage that is required, you will often see it listed as 25/50. This is the amount that you must have at all times on your auto insurance.  This number refers to $25,000 being allotted per person, with a maximum of $50,000 being paid out for any at fault accident that you might have. There is no guarantee that the maximum amount will be paid on any accident. However, everyone in the vehicle at the time of the accident is eligible to make a claim.

Property damage is another important factor when you are looking at Indiana auto insurance. The state does require that at a minimum you have $10,000 worth of coverage. This extends beyond covering the cost of any vehicles you may damage, and also includes the other property that an accident might damage. In a single car accident for example, it will cover any homes, fences and other property that you might hit with your car.

One thing to note about this amount of $10,000 is that it is only a minimum amount to drive legally, and not really an ideal amount. In practice most cars cost much more than $10,000, and so the cost of replacing a written off car on its own (even ignoring collateral damage to home, fences, buildings etc) would cost much more that $10,000; and of course you would then still be liable for any amount above your insurance cover. Therefore, it is well worth investigating the matter a little more more, getting a few Indiana Auto Insurance Quotes from different companies, and considering getting more cover then the minimum allowed by law.

The next type of insurance that is required is called Uninsured and Underinsured coverage. This is coverage that helps you when someone doesn't have enough auto insurance to cover you or the other driver doesn't have insurance. While this is technically mandatory, the law will allow you to reject this method of coverage if you do so in writing. However, about 20% of all drivers in Indiana are estimated to be uninsured on the roads. That means if you are in an accident without this coverage and the other driver has no coverage as well, you are stuck footing the bills for all the repairs and replacement that is required.

Not a good scenario! So in general you would always want to make sure you are properly protected by having this.

When you look at your Indiana auto insurance, you might feel like you are paying too much and want to join the other drivers who don't have it. The problems thought with this are manifold. Firstly, if you operate your vehicle without insurance, you lose your registration immediately. For a first time offense, you can expect a 90 day suspension. If you choose to continue to violate this, you can lose your driving privileges for a year or more. In addition to this, you have fines that will need to be paid, such as a reinstatement fee of up to $400. This makes it a very expensive decision to drive without insurance and one you are going to want to reconsider and instead start looking for affordable indiana auto insurance that can be used within your budget.

Each state will have their requirements that you must meet. If you would like to have more coverage than the Indiana auto insurance laws require, you can do so. Most financial experts will recommend you have higher limits as a single accident can destroy your financial future, especially in cases where there is a high level of damage and the individual owns a considerable amount of property and other assets.

If you skimp on your Indiana Auto Insurance now, you may find that the small amount you save now will end up being massively offset should you have any type of auto accident, so simply take the time to shop around, get some different quotes, and concentrate on getting better value car insurance, rather than not getting enough cover.



 

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