Indiana Car Insurance Guide – How to Find the Best in Auto Insurance Rates

Known as the “Brain Bank of the Midwest”, Indiana has roughly 20% of its inhabitants lacking the smarts to have Indiana car insurance for their vehicle. Even if you have the funds to pay for the aftermath of an auto collision, it’s important to consider getting proper liability insurance for your vehicle. Not only are you in risk of breaking the law, you are setting yourself up for some unnecessary financial loss.

Responsibility of Indiana Drivers

Indiana requires that their drivers be able to cover all costs once an accident occurs. Basically what this means is that if the accident in question is your fault, you are solely in charge of the financial responsibility needed to fix the damage. If you think this sounds costly, you’re right…it is!

Indiana financial responsibility requires the following IN auto insurance minimums for drivers:

$25,000 for bodily injury or death to one individual

$50,000 for bodily injury or death of two or more individuals

$10,000 for destruction of property due to an accident

Proving Your Financial Responsibility

The methods of proving your financial responsibility in the state of Indiana vary:

The first way is by filing a bond or certificate of self-insurance and ensuring that this bond or certificate has been duly executed. This bond cannot be cancelled unless 10 days written notice has been given to a bureau or surety company that is authorized to transact business within the state of Indiana.

The second way is by depositing at least $40,000 in cash or securities within the sate of Indiana. Another way is setting up a trust fund in the amount of $40,000.

However, the third, most logical and cost effective way of covering your financial responsibility is by getting Indiana car insurance-specifically, liability coverage.

Indiana Car Insurance Minimums

Here’s the breakdown of what’s required by Indiana state law:

At least $25,000 per injured person

Up to $50,000 per accident

At least $10,000 for property

It is important to keep in mind that these are just the minimums. As a general rule, more car insurance coverage is the best way to truly safeguard yourself, as well as others.

Punishment and Fees

It’s no surprise that you will be fined or punished in some way for not proving your financial responsibility when it comes to auto insurance in Indiana.

As mentioned earlier, Indiana state laws require that you have financial coverage on the day of your accident or citation. If you fail to prove this financial responsibility, your license will automatically be suspended for 90 days.

In the event of a suspended license, you are able to have it reinstated once you can prove your financial responsibility. However, this does come at a price.

Fees for reinstating your license in Indiana are as follows:

First time offenders: $150 reinstatement fee

Second time offenders: $225 fee, plus another 90 day lapse in license

Three or more times: $300 each time

On a side note, if you violate this law twice within a three-year period, you will lose your license for an entire year.

To find out more information concerning Indiana car insurance, you can always visit the website of The Indiana Department of Insurance. This site is full of tools and resources that can serve as a guide in answering all your questions about auto insurance in Indiana.

Comparing IN Auto Insurance Quotes

To find the best Indiana car insurance rates it is important to shop around and compare quotes.

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