Arkansas Car Insurance
Auto insurance is the law in Arkansas. Arkansas drivers are required to carry a minimum of $25,000 for one person, $50,000 for all parties in an accident for bodily injury liability and $25,000 minimum coverage for property damage liability. This amount of coverage may be more simply stated on an auto insurance policy as 25/50/25.
Arkansas drivers are also required to purchase medical expense or first–party insurance benefits. This is no fault coverage. It includes payment of medical expenses, partial wage loss payments, and funeral expenses up to the policy limits. The minimum amount of required coverage is $5,000 per person for medical expenses, $140 per week for lost wages, and $5,000 in accident death benefits.
UIM Coverage
Although it is not required by law, Arkansas drivers also advised to purchase Uninsured/Underinsured Motorist ("UIM") coverage. UIM is very important. It applies in the event the at–fault driver in an accident is uninsured or does not have enough insurance to pay for the damages sustained by the other driver(s) or passengers in the accident.
For example, if a Arkansas driver in an accident had 25/50 UIM coverage, he or she would be able make a UIM claim with their auto insurance company and be able to receive up to $25,000 for their own bodily injury damages. A UIM claim would be valid if the at fault driver was uninsured or the UIM insured sustained bodily injury damages beyond the limits of the at fault driver's policy. Per the UIM policy limits, the insurer would only pay up to $50,000 for all UIM bodily injury claims stemming from the accident.
Collision and Comprehensive Coverage
Other important available insurance coverage types in Arkansas are Collision and Comprehensive coverage. These coverage types are not required by law but can be very important in the event of an accident. Also, many financial institutions require vehicle owners to purchase collision and comprehensive coverage as a condition of their loans.
Collision pays for vehicle repairs or vehicle replacement value following a collision regardless of fault. Comprehensive coverage pays for all vehicle repair damage or replacement value for incidents other than a collision such as the tree falling on a car or the car being stolen. There are minimum deductible limits for these collision and comprehensive such as $500, but Arkansas drivers can also raise their deductible amounts to lower their premiums.
Keep Your Insurance Current
It is very important that Arkansas drivers do not allow their auto insurance policies to lapse. Each day, hundreds of Arkansas drivers are involved in car accidents. Uninsured drivers in Arkansas have to pay fines and may be forced to comply with state financial responsibility laws, which require them to purchase expensive SR–22 Insurance. Uninsured or underinsured drivers can also be held personally responsible for all damages caused in an accident. Driving without car insurance in Arkansas is extremely risky and can lead to financial ruin.
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