Car Insurance By State
Each state in the United States has a unique set of policies and guidelines regulating the sale of auto insurance to its residents. As a result, insurance laws and minimum coverage amounts vary state by state. Only one states does not require drivers to purchase any form of auto insurance, New Hampshire. The remaining forty-nine states and the District of Columbia require at least liability insurance with established minimum amounts.
Car Insurance Companies Must Have Authorization
Each insurance company that is authorized to sell insurance in the individual state must be approved by the state insurance commissioners’ office. Insurance companies must be able to prove they have sufficient financial wherewithal to pay claims and meet other regulatory requirements. If an insurance company is in gross violation of state insurance laws, they may have their license to sell automobile insurance revoked. Some auto insurance companies may choose to not sell in certain states for reasons such as regulatory restrictions or excessive fraud.
If you have a complaint to make regarding an insurance company, you should go to your state insurance commissioners’ website or contact their office. Many of these state websites publish “consumer complaint” ratios for all of the insurance companies that sell policies in their state.
Insurance Laws Vary From State to State
Insurance companies vary from state to state. National brands such as State Farm, Allstate, Progressive, Farmers and Nationwide are licensed to sell in nearly every state and the District of Columbia. However, smaller companies may sell in just one state or a handful of states. Be sure to check the company’s J.D. Power and Associates ratings and its financial strength ratings with A.M. Best and Standard & Poor’s. Friends and family can also be a great resource for choosing a high quality auto insurance company in your state. Learn more about auto insurance requirements where you live by clicking on your state below.
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