For all vehicle owners and drivers, maintaining auto insurance should be a no brainer, but approximately 20% of Indiana residents with vehicles do not have the necessary auto insurance Indiana requires. At the very least, a driver is required to maintain liability coverage according to state and federal laws. Anyone without this minimum coverage and rather cheap auto insurance in Indiana will face heavy fines and possibly jail time.
According to Indiana state law, a driver must be able to cover all the costs of a potential auto accident. Any accident for which an individual is found to be at fault brings the financial responsibility entirely onto the head of that driver. This can become very costly for an uninsured motorist.
The minimum required coverage for an Indiana motorist is as follows:
$25,000 to cover the injury or death of an individual or $50,000 for two or more individuals and $10,000 to cover any property destruction as a result of an accident. Most Indiana auto insurance companies will cover these costs if an individual has purchased nothing more than liability coverage. Think of how much you save by purchasing this very basic coverage!
A motorist in Indiana must be able to prove their ability to fulfill this financial responsibility in one of the ways given below:
1. File a bond or certificate of self-insurance in the amount of at least $40,000.
2. Maintain a safety deposit or trust fund within Indiana State of at least $40,000.
3. Purchase Indiana state auto insurance with at least the minimum liability coverage.
Any motorist unable to prove their fiscal accountability will, at the very least, have their license suspended for 90 days. The individual must be able to provide proof that the cost of any and all damages can be covered as of the day of the accident in order to avoid license suspension, and possible more hefty repercussions depending on the particulars of the accident.
In order to have a license reinstated after it has been suspended, the motorist must wait for the suspension period to end and then pay a fee to the Indiana DMV. The prices of these fees vary depending on the number of offenses:
First offense- $150
Second offense- $225
Three or more offenses- $300
More information about Indiana auto insurance can be found at "Indiana Auto Insurance Quotes". You can find quotes for the best auto insurance in Indiana by conducting simple searches through this very useful site. Next to the costs an uninsured motorist would have to pay in the event of an accident or even the fees for simply being ticketed for a lack of coverage, purchasing auto insurance is a smart investment.
