If you need to find an Indiana auto insurance plan, there’s no better place to go than Acceptable Answers to Insurance. There, you’ll find all of your answers to laws concerning Indiana auto insurance, and you’ll find a policy that’s just right for you. I know I did.
It’s the law to have liability insurance. This is called the Financial Responsibility Law, and is intended to make sure that all drivers in Indiana are able to pay for any damage they do if they cause a wreck.
Of course, there are several ways to do this. One is to file a bond to prove that you will pay for any damage you cause. Another way is to have a certificate of self-insurance. You can also place a deposit of $40,000 with the state, so that if you cause a wreck, there is that amount of money they can apply to damages. Or, the simpler way, is to simply get a liability insurance policy.
The minimum liability you can carry is $25,000 for each person that gets injured. That’s up to $50,000 for each accident. So, If 4 people are injured, the insurance must cover as much as $50,000 of their medical bills. You also have to carry $10,000 of coverage to repair property, such as the other person’s car. Or, if the accident involves you running over their fence or other landscaping, you’ll have coverage for repairs.
Some cities are instituting a tow law for people who don’t have liability insurance. So, if you get caught without liability, your car can be impounded in those cities. That’s not a state law – yet. The state penalty for driving without an Indiana auto insurance plan is a 90 day suspension of your driver’s license. It costs $150 to reinstate your license. For a second offense, it’s still the 90 day suspension, but it costs you $225 to reinstate your license. A third offence is a 90 day suspension and $300 reinstatement charge. This accumulates from year to year. If you have 2 offences in one year, you lose your license for a year.
You’ll also need to honor any exclusion on your policy. According to Indiana state law, if a driver in your household is excluded from your policy, the insurance company doesn’t have to pay if that person causes a wreck. The legal ramifications of this situation can be devastating to the owner of the car.
If you let your Indiana auto insurance plan lapse, it can be really costly to reinstate it. Not only do you have to pay the reinstatement fee if your license is suspended, but you often will have to pay 25% to 50% of your policy to get it reinstated.
Finally, Indiana auto insurance plans are written according to your credit history. If you have a good credit history, you can get lower rates. So, it makes sense to try to fix my credit, and keep insurance.
Our friendly insurance agents are here for you and are eager to help you find the best plan for you. Visit our website or call us toll free at (888) 355-7129.
