The financial impact of being involved in an accident can be significant, especially for the at-fault driver. Indiana motorists are required to carry liability insurance in addition to uninsured/underinsured motorist coverage to retain financial responsibility while driving in the Hoosier State. Because accidents have the potential to be very serious, it is important to be prepared for a variety of situations. The minimum liability limits that are required of IN motorists may not cover more severe accidents, while damages to the insured’s own automobile may not be covered unless additional protection is purchased. Staying adequately insured in the Hoosier State generally requires a small amount of research, but online utilities can help make shopping more efficient.
Bodily injury and property damage liability with minimum limits of 25/50/10 are required in IN to pay for injuries and damage to others as the result of the policyholder’s own negligence while operating a motor vehicle. Residents are encouraged to compare Indiana auto insurance policies that include higher minimum limits because basic liability coverage only covers up to the policy threshold. Damages or bodily injuries that exceed the policy limits will likely be paid out of the motorist’s pocket, which has the potential to become costly. Drivers can choose to purchase a plan that includes higher limits, and often these policies cost only a few extra premium dollars.
At-fault damages are only a small portion of the potential costs that may follow an accident. Generally motorists must pay for damage to their own vehicle, in addition to potential medical costs or rental car charges. According to Indiana Crash Facts 2010 provided by the IN Criminal Justice Institute, the estimated economic cost of automobile accidents in the Hoosier State was over $4.4 billion, which can be accredited to a variety of expenses. To be better prepared for a wider range of damages, motorists should consider adding comprehensive and collision coverage, or additional medical payment coverage to their policy. Because increased coverage is likely to be accompanied by a higher premium, residents are encouraged to shop around for the lowest available rates.
In Indiana there are many different insurers to choose from, and nearly every company has a different method for rating motorists. This results in a market with competitive prices and numerous options. Vehicle owners are encouraged to take advantage of this competition and compare as many quotes as possible. An efficient way to shop around is to evaluate estimates online. Internet resources allow residents to see dozens of sample rates on a single website without any obligation to make a purchase. Often this can help drivers find an affordable price for a policy that includes an adequate amount of coverage.
Resources: http://www.onlineautoinsurance.com/indiana/
