Indiana Insurance (IN)

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It's projected that 20% of Indiana drivers don't have auto insurance. These drivers are not only taking a massive financial gamble, but also potentially breaking state law.

Indiana Car Insurance Requirements
An Indiana auto insurance policy will indemnify you against financial loss in the event of an accident. Your Indiana auto insurance policy is an agreement between you and your insurer stating that in exchange for paying the premiums, the insurer will pay for any losses or damages as delineated in your policy.

The State of Indiana needs all drivers to have liability coverage in the following minimum amounts:

• $20,000 for physical injury for one person involved in an accident
• $40,000 for physical injury for all persons involved in an accident
• $10,000 for property damage caused by an accident

Indiana Insurance Rankings
Indiana was lately ranked the greatest commercial lines insurance market in the nation.
Indiana is among the top 15 states for lowest homeowner insurance premiums.
Indiana figures in the top 20 states for lowest automobile insurance premiums.

*Sources: Insurance Information Institute; National Association of Independent Insurers

Mulling Operations in Indiana?
Affable insurance tax environment - As of January 2005, the Indiana premium tax rate is 1.3 percent. This minimizes a domestic's disciplinary tax exposure when carrying out business in other states. Domestic insurers may go in for paying the premium tax or the corporate gross income tax.

Fair and realistic civil justice system - Highlighting personal accountability, the tort reform act of 1995 incorporates such key elements as validating comparative fault, rather than stringent legal responsibility to products liability cases concerned with flawed plan or failure to caution that may put a ceiling on the awarding of penalizing damages and consent to any person who caused or contributed to an damage to be named as a non-party.

Access to qualified insurance force - There are 60,240 company employees and agents functioning in Indiana. A number of state universities offer noteworthy insurance programs.

Encouraging regulatory climate -- Indiana has over and over again been rated among the topmost states for commercial lines by the Property and Casualty Insurance Association of America (PCIAA).

Firm judiciary - The Indiana Supreme Court has been more constructionist in its investments than most states. It has stood by the industry in decision impacting disciplinary damages, workers recompense select remedy and in-house guidance.

More from Indiana Insurance
The Indiana Insurance Department abstains from advocating particular insurance companies. There are a lot of high-quality auto insurance companies licensed to do business in Indiana. You may pick from companies having local agents and not having such agents. The services of the local agent may be of import when you purchase the policy and when you have a claim. Your pronouncement concerning the kind of company to decide on should be based on the service you would like and cost of the policy. You may look to get a price quotation from several companies. Following are some more Indiana insurance tips:

Avoid Superfluous Premiums -You may avoid being charged for a policy you don't want by returning it to the agent or company without delay.

If You are Turned Down, You May Apply to the Indiana Auto Insurance Plan - Each insurance company licensed in Indiana must take part in the plan and take its share of the drivers who have trouble purchasing insurance. You may apply for this insurance through any insurance agent in Indiana.

Automobile Rates Differ According to Many Factors -Your age, sex, marital status, driver record, car use, place of residence, policy confines, deductibles, type of car, and driver training are among these issues. When weighing against costs, ensure each company is quoting on the same basis. Keep in mind the thumb-rule that the least expensive policy is not always the best policy.

The Indiana Insurance Department Does Not Set Rates - Companies file their rates and forms with the Department. If the rates are reasonable, sufficient, and not unwarranted or unjustly prejudiced, the companies exercise them. This facilitates a competitive environment to exist and allows Indiana citizens to purchase insurance at a fair price. The rates are open for public scrutiny.

Cessation or Non-Renewal is Restricted in Indiana - Insurance companies have the right to cancel your policy within the first 60 days of a new policy. After your policy is effectual for 60 days, the company cannot call off excepting for declared causes, such as if you fail to pay the premium or you lose your license to drive. At the conclusion of the policy period, the company may decline to renew, but they give you 20 days advance notice.

Contact the IN Department of Insurance at:
Indiana Department of Insurance
311 West Washington St.
Indianapolis, IN 46204-2787

Phone: 317.232.2385
Fax: 317.232.5251
[email protected]