Indiana Car Insurance
The state of Indiana requires all drivers to carry auto insurance. At a minimum, Indiana drivers must have bodily injury liability coverage of $25,000 per person, $50,000 total per accident and $10,000 for property damage liability. This amount of coverage may be more simply stated as "25/50/10".
UIM Coverage
Indiana drivers are not required to purchase Uninsured/Underinsured Motorist ("UIM") coverage but it is a very important type of coverage. UIM pays for damages when another driver at fault for an accident does not have insurance or does not have enough insurance. Despite auto insurance laws, many drivers still drive without insurance or do not purchase a sufficient amount of insurance to cover a serious accident.
With a 25/50/10 UIM policy, if a driver were to be involved in an accident wherein in an insured or underinsured driver was at fault, he or she would be able to make a UIM claim with their auto insurance company and be able to receive up to $25,000 for bodily injury damages, be covered up to $50,000 in total UIM damages for the accident, and $10,000 for property damage.
Other Optional Insurance Coverage Types
Other important coverage types in Indiana besides UIM include Personal Injury Protection ("PIP"), collision, and comprehensive. PIP is no fault coverage that pays for medical bills following an accident for the insured and vehicle passengers. It is the primary form of medical coverage. Once PIP has been exhausted, the insured can use their health insurance for any additional accident related medical bills.
Collision and Comprehensive Coverage
Collision and comprehensive coverage may not be required by Indiana law but many financial institutions require vehicle owners to purchase them as a condition of their loan. They both can be very important in protecting your vehicle’s value and covering repairs in the event of an accident.
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 drivers can also raise their deductible amounts to lower their premiums.
Know When Your Auto Insurance Policy Lapses
It is important that Indiana drivers know when their auto insurance policy expires to avoid a coverage lapse. Without auto insurance, Indiana drivers can be fined and forced to comply with financial responsibility laws and have to purchase expensive SR–22 Insurance. Also in Indiana, an uninsured driver can be personally held responsible for all damage caused in an accident. Some accidents involve hundreds of thousands of dollars in damages.
Driving without car insurance in Indiana is fiscally irresponsible and could lead to financial ruin. Smart Indiana drivers carry auto insurance. Indiana drivers would be well advised to purchase additional insurance coverage beyond the minimum limits.
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