Iowa Car Insurance
Car Insurance » Iowa
Every driver should be responsible for providing their own car insurance to protect themselves in the event of an accident. Unfortunately, not everyone purchases the insurance they should, leaving others to pay for their mistakes. For this reason, many states have created car insurance minimums that all drivers must legally carry. However, Iowa is one of the few states that doesn't require automobile insurance.
Financial Responsibility
In lieu of required Iowa car insurance, Iowa requires all drivers who are involved in accidents to show proof of financial responsibility. One of the ways to establish this proof is by carrying a car insurance policy. However, there are other ways to establish proof as well. For instance, you can pay for the damages directly to the Office of Driver Services by cash or another guaranteed form of payment, obtain releases from the other involved individuals, create payment terms or submit proof of a full settlement.
Insurance Coverage
If you choose to show financial responsibility through insurance coverage, you need to provide proof of full liability coverage. The minimum coverage for bodily injury liability coverage is $20,000 per person and $40,000 per accident. This coverage provides reimbursement for injuries to other parties in an accident. You must also provide at least $15,000 in property damage liability insurance, which will cover the other vehicle, buildings or other property. Any coverage you carry beyond this is at your own discretion.
Providing adequate car insurance in Iowa can save you time and money if you become involved in an accident where you are at fault. However, carrying ar insurance is not a state requirement. If you don't carry insurance, though, you must be prepared to establish proof of financial responsibility through another method if you cause an accident or risk suspension of your license and registration.
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