Indiana Auto Insurance

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Indiana Auto Insurance Requirements

Indiana Auto InsuranceCan you trust the endless onslaught of advertising that promises to offer the best Indiana auto insurance policy for the lowest price? Probably not. The right way to start your search for auto insurance is to familiarize yourself with Indiana state coverage requirements and then decide which of the optional coverage makes sense given your financial situation.

Indiana Liability Insurance

Indiana requires motor vehicle operators to obtain a liability insurance policy. If you cause an accident due to negligent operation of a vehicle, liability pays for the bodily injury (BI) and property damage (PD) expenses caused by your negligence. Bodily injury expenses usually include things like medical and dental bills, funeral expenses, and lost wages. Property damage covers damage to the other person’s vehicle, and damage done to buildings, signs, utility poles, etc. State required coverage minimums are 25/50/10, or $25,000 BI per person, $50,000 BI per accident and $10,000 PD per accident.

Indiana Uninsured/Underinsured Motorist

Indiana also requires that all new liability policies include Uninsured/Underinsured Motorist coverage (UM/UIM). Policyholders can reject this coverage but must specify their rejection in writing. UM/UIM protects the insured by covering bodily injury and property damage expenses caused by a hit-and-run driver, an uninsured driver, or a driver whose insurance is not enough to pay the total cost of the expenses. In these situations, the insured can collect such damages from his/her insurer. Before rejecting this optional coverage, keep in mind that in these tough economic times, drivers are cutting back their auto insurance coverage or dropping coverage entirely as a way to save money, increasing your chances of an encounter with a hit-and-run, uninsured or underinsured driver.

Indiana Comprehensive/Collision

Comprehensive/Collision coverage pays for vehicle repairs caused by theft, vandalism, adverse weather, or animals or because of a collision with a stationary object or other vehicle. Comprehensive/Collision is optional and you’ll have to satisfy your deductible first. Also the insurer will only pay repair costs as long as they don’t exceed your vehicle’s current value. But still, unless your car is older, this coverage probably makes sense to have.

Indiana Department of Insurance

This article can help you get started by offering a brief review of mandatory Indiana auto insurance requirements. For more detailed information visit the auto insurance section of the Indiana Department of Insurance website at http://www.in.gov/idoi/2333.htm. If you need immediate answers, you can call the Department at 317-232-2385. You can also head to Indianapolis and visit the Department in person.

 

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