Indiana Auto Insurance
Indiana Auto Insurance Laws, Minimums, and Requirements
The State of Indiana has mandatory insurance laws which say that all drivers must have Financial Liability. What is required under the Financial Liability law is that all drivers within Indiana must have the ability to pay for any and all costs incurred as a result of an accident, if determined at fault.
There are several ways drivers can show proof of financial responsibility:
1. Filing a bond
2. Having a certificate of self-insurance
3. Depositing $40,000 in cash or securities held by the state of Indiana
4. Carrying the state’s minimum liability coverages
Minimum Liability Coverage:
- $25,000 per person for up to $50,000 per accident
- $10,000 for property damage
Penalties for Not Having Auto Insurance in Indiana
If you are caught without any proof of insurance or any proof of Financial Responsibility, then your license will be suspended for at least 90 days, which has a $150 reinstatement fee for the first offense. The second offense will cost you another 90 days and a $225 reinstatement fee. The third offense will cost you your license for an additional 90 days and a $300 reinstatement fee. If you happen to violate Indiana insurance laws twice within the same year, then your license will be suspended for a full year.
Indiana follows a Tort Liability System which follows a no restrictions rule on lawsuits. This means that if you are in an accident, someone must be found at fault. Once that person is determined, that policy holder is responsible for all damages, which the insurance provider will expense. Most auto insurance companies in Indiana recommend that you purchase higher coverage than the state requires, since they follow a Tort Liability System.
The average monthly premium rates for Indiana are substantially lower than the national average. As seen from the chart below, the rate seems to maintain a similar rate throughout the year.
Having an understanding of what each Indiana auto insurance company provides is beneficial to you and your wallet. Because each company offers different types of coverages, discounts and savings, identifying what you want earlier in terms of protection will help with discovering what other ways you could save on money.
Popular Auto Insurance Companies in Indiana”
Simply enter your zip code below to get started on getting insurance quotes from these car insurance companies in Indiana. By comparing different coverage options for plans, you can use it to your advantage and try to negotiate deals amongst the companies themselves. Using the information you know as leverage will help your case in reducing your premium rate.
Such auto insurance discounts offered in Indiana are:
- Good Driver discounts
- Anti-Theft/Vehicle Safety discounts
- Low Mileage discounts
- Multi-Policy discounts
In Indiana, the correct term for the DMV is the Indiana Bureau of Motor Vehicles
Sources:
Auto Insurance Tips: Indiana
Car Insurance Companies: Indiana
