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Mississippi Auto Insurance Mississippi Auto Insurance: For those with the need to know! If you own a house, you need homeowners insurance. If you have dependents, you need life insurance. And if you own a car, you need ... you guessed it, automobile insurance. Understanding auto insurance is the first step towards ensuring that you have the right coverage at the best price. The cost of your individual coverage depends on many factors -- factors that the insurance company calls risks. The lower risk you represent to the insurer, the lower your insurance will cost. The cost of your insurance will be impacted significantly by the type of car or truck you buy. Some of the factors that affect your risk include: Safety features on your vehicle Crash test results for your vehicle Average repair cost for your vehicle How many miles you drive each month If in school, your grade-point-average (some companies give discounts to better students) Your age (younger and very old driver statistically have more accidents) Your gender (males typically have more accidents than females) Your geographic location (premiums will be higher areas of where theft and accidents are more common) Your driving record Your marital status (married drivers typically pay less) How you use your vehicle The make and model of your vehicle (sportier and the most-stolen models carry higher premiums) Your claim history Reducing the Cost of Your Mississippi Auto Insurance You can often significantly reduce your auto insurance coverage costs by taking advantage of discounts offered by insurers. Discounts are available to drivers who seem like better risks to insurance companies. Look for the following types of discounts when pricing your insurance needs: Insure all your vehicles with the same insurance company Insure your home and car with the same insurer Take a driver's education course Some companies offer discount’s for your occupation, such as: Teachers If a student, meet your insurance company's minimum GPA standards Buy a car with safety equipment like air bags, automatic seat belts, and antilock brakes, as well as built-in antitheft devices. Invest in antitheft devices if the vehicle doesn't already have them. Keep your mileage low (the less you drive, the less risk you have of being in an accident. Drive safely (a good driving record is your most valuable cost cutting opportunity) Coverage Options Many features of your auto insurance coverage will be based on your state of residence, but many are the same across state lines. Here are a few coverage options you will have to consider: 1. Liability Insurance: This coverage protects the owner against losses from legal liability arising from bodily injury or property damages caused by an accident. This coverage can be in one single amount for each accident, or it can be broken down and "split" such as $50,000 / $100,000 / $25,000 (per person / per accident / per property damage). 2. Medical payment coverage: This provision covers medical and/or funeral expenses incurred though bodily injury resulting from an auto accident. The coverage is generally $5,000 to $10,000 per person per accident. 3. Physical Damage Coverage: This helps to cover the physical damage to the insured auto. Collision covers collision costs. Comprehensive covers losses from non-collision incidences. Some examples of this would be theft or storm damage. Policy limits for physical damage are generally based on the value of the insured automobile and are typically limited to the lesser of repair cost or actual cash value. 4. Uninsured/Underinsured Motorist: Although most states require car owners to have insurance, some motorists do not. Uninsured motorist coverage pays for injuries sustained in an accident with an uninsured (or hit and run) driver. Uninsured motorist insurance covers the difference between actual losses sustained and what an insured can collect from an at-fault driver, up to policy limits. Endorsements Enhance Protection In addition to standard coverages, you may want to consider additional coverages called endorsements. Two of the most common are: 1. Extended Liability: This insurance is used to cover automobiles that are not legally owned by the insured, such as an auto owned by the employer but furnished for the use of the insured, which would not generally be insured. 2. Miscellaneous Type Vehicle Endorsement: This insurance allows other vehicles to be covered such as motorcycles, campers, golf carts, snowmobiles, etc. Other Considerations When purchasing auto insurance or in reviewing your existing policies, keep these basic guidelines in mind. Make sure the policy provides as much protection as is necessary. Know the maximum dollar amount the insurance company will pay. Be aware of your deductible amount, which is the amount you must pay before your insurance company will pay anything. Know what your responsibilities are if an accident occurs. And above all, drive safely and defensively! Mississippi law requires people who drive in Mississippi to be able to pay for any automobile accidents they cause. Most drivers do this buy buying automobile liability insurance. Auto insurance pays for damages, injuries, and other losses specifically covered by your policy. Coverage can vary by policy and company. Read your policy carefully to know exactly what it covers. Pay special attention to the exclusions section, which lists the things your policy doesn’t cover. The front page of your policy is called the declarations page. It contains useful information such as the exact name of your insurance company, your policy number, and the amount of each of your coverages and deductibles. Mississippi law requires minimum coverage of $25,000 per injured person, up to a total of $50,000 for everyone hurt in an accident, and $25,000 for property damage. This basic coverage is called 25/50/25 coverage. However, basic coverage might not be enough if you are held liable for an accident. You should consider buying more than the basic limits. If you're caught driving in Mississippi without auto insurance there is a $1000 fine. Proof of Financial Responsibility When you buy an auto policy, your insurance company will send you a proof-of-insurance card. You will have to show proof of insurance in the following situations: When you are asked for it by a law enforcement officer When you have an accident When you register your car or renew its registration When you obtain or renew your driver's license When you get your car inspected. There are severe legal penalties for violating the state’s financial responsibility laws. Subsequent convictions could result in fines of $175 to $1,000, suspension of your driver’s license, and impoundment of your automobile. Please call us today at (601) 825-9995 for a free quote personalized needs assessment. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. Past performance is no guarantee of future results. Diversification does not ensure against loss. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice to your situation. Please call us today at (601) 825-9995 for a a free quote personalized needs assessment.
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