Indiana Car Insurance
Car Insurance » Indiana
Mandatory Car Insurance in the State of Indiana
The state of Indiana has a law in place that requires all drivers have the means to pay for all costs that are incurred due to an accident. These funds would be utilized if they were determined to be at fault.
Indiana drivers have the ability to prove financial responsibility by filing a certificate or a bond of self-insurance.
Indiana drivers also have the opportunity to deposit $40,000 in securities or cash that is held by the state. The best way for a driver to prove financial responsibility is to carry the minimum liability coverage in the state.
The Minimum Liability Coverage in the State of Indiana is
* $10,000 of insurance for property damage
* $25,000 for each injured person
* $50,000 per accident
In Indiana, if a driver allows his insurance policy to expire, he is driving with no insurance coverage. If he is caught driving with no insurance coverage, stiff penalties will be imposed on him.
Besides the license suspension and expensive fines, motorists are many times also required to pay a 25% to 50% surcharge for their new policy.
If an Individual is Caught Driving While not Insured
* His license is suspended for a total of 90 days.
* The first offense requires he pay a $150 fee for reinstatement.
* On his second offense, he will receive another 90-day suspension of this license.
* He will also have to pay a $300 fee to reinstate his license.
If an individual violates the laws pertaining to Indiana auto insurance twice in the same year, his license will be revoked for an entire year.
Underinsured & Uninsured Motorist Coverage
Every Indiana auto liability policy that is newly written is required to include underinsured and uninsured motorist’s coverage unless it is rejected by the policyholder in writing.
The Minimum Liability Limits
* Underinsured Motorists: $50,000 for bodily injury (if policyholder opts for UM/UIM coverage)
* Uninsured Motorists: $25,000/$50,000 for bodily injury
* Property Damage: $10,000
The underinsured and uninsured motorist’s insurance coverage permits the policyholder to collect damages from his own insurance company.
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