Vehicle owners in Oakland City, Indiana, are required by state law to carry car insurance. Whether you are involved in a serious multicar collision or a minor fender bender, a good auto insurance policy can prevent you from facing large financial losses as a result.
Finding a solid car insurance policy at a great price is easy when you work with a local independent agent. These agents can explain your various options and can help you obtain and review customized car insurance quotes from many of the area’s top insurers. Contact an insurance agent near you to get started.
How Much Does Car Insurance Cost in Oakland City, IN?
If you are looking for an affordable auto insurance policy, you may be happy to learn that, on average, car insurance rates in Indiana are lower than in most states.
- National average annual car insurance cost: $1,311
- Indiana average annual car insurance cost: $1,033
Keep in mind that an average can only give you a general idea of what you will actually be expected to pay. Car insurance costs vary from one driver to the next because they are based on several factors, such as the following.
- The make, model, and year of the vehicle(s) you are insuring
- Your age, occupation, marital status, and driving record
- Details about other licensed drivers in your household
- Whether you own or rent your home
- The amount of liability coverage you want to purchase
- The coverage options you want to include in your policy
- The size of your deductible
You can often qualify for rate reductions if you bundle your car insurance with other policies like home insurance, renters insurance, or RV insurance. Many insurance companies also offer other money saving incentives like safe driver discounts and good-student discounts.
Comparing rates from a few competing insurance providers lets you choose the policy that offers the best value.
What Are the Minimum Car Insurance Requirements in Oakland City, IN?
In Indiana, all car insurance policies must include the following.
- Liability insurance: This covers other people’s damage and medical bills if you cause an accident. Your policy must provide at least the following coverage.
- Bodily injury liability insurance: $25,000 per person/$50,000 per accident
- Property damage liability insurance: $25,000 per accident
- Uninsured motorist insurance (UIM): This covers your injuries and property damage if an uninsured or underinsured driver causes a collision with you. Your policy must provide at least the following coverage.
- UIM bodily injury insurance: $25,000 per person/$50,000 per accident
- UIM property damage insurance: $25,000 per accident
Though technically required, policyholders are permitted to opt out of uninsured motorist coverage if they do so in writing.
If you cause a serious accident and the costs exceed your coverage limits, you will be expected to make up the difference, which can get very expensive. That is why many drivers in Oakland City choose to purchase car insurance that has higher-than-required liability limits.
What Else Can Oakland City Car Insurance Cover?
In addition to the mandatory coverage mentioned above, your car insurance provider will also offer a variety of coverage options which include the following.
- Collision insurance: This can pay to repair or replace your vehicle if is it damaged or totaled in a collision, regardless of fault.
- Comprehensive insurance: This can pay to repair or replace your vehicle if it is damaged or totaled in a non-collision event like a a hailstorm or flood.
- Medical payments insurance: This can pay for medical bills if you and your passengers if you are injured in a collision, regardless of fault.
- Roadside assistance and towing insurance: This can pay for assistance if your car becomes disabled while you are out on the road, such as if you run out of gas or your engine overheats.
- Gap insurance: This can make up the difference between what your car is worth and what you currently owe for it if it is totaled in a covered event.
- Umbrella insurance: This is an affordable way to boost your liability coverage if you want more than your car insurance policy can provide.
- Rental car reimbursement: This can pay for the cost of renting a vehicle while your car is being repaired following a covered event.
Some, or all, of these coverage options may be good fit for you and your family.
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What Is the Penalty for Driving without Insurance in Oakland City, IN?
Driving without insurance in Indiana is illegal. If caught, you can face penalties that include the following costs.
- Fines up to $1,000
- The suspension of your driver’s license for up to 1 year
- Reinstatement fees up to $1,000
- Higher car insurance rates
Despite this, an estimated one out every six drivers on the roads in this state is operating an uninsured vehicle.
- Percentage of US drivers who are uninsured: 13.0%
- Percentage of Indiana drivers who are uninsured: 16.7%
If you are involved in a collision that is caused by an uninsured driver, that person is responsible for compensating you for your medical costs and property damage. However, this money can be extremely difficult to collect, especially if the uninsured driver has no money or assets to go after.
Uninsured motorist insurance was created to solve this problem. It ensures that you can receive immediate compensation for your injuries and property damage without the need to take expensive and time-consuming legal action.
After compensating you, your insurance company will attempt to collect the money owed from uninsured driver and will absorb the losses if unsuccessful.
Does Oakland City Car Insurance Cover against Auto Theft?
The auto theft rate in the state of Indiana is the same as the national average. In Oakland City, however, the rate is lower. Residents of this small city report an average of two vehicle thefts a year.
- National auto theft rate per 1,000 vehicles: 2.29
- Indiana auto theft rate per 1,000 vehicles: 2.29
- Oakland City auto theft rate per 1,000 vehicles: 1.23
It is important to be aware that you can only be reimbursed for a stolen vehicle if your car insurance policy includes comprehensive (or “other than collision”) coverage. This insurance covers more than just auto theft. It can pay for any non-collision damage to your vehicle.
If you are still paying for your car, or if you have it on a lease, chances are good you already have this insurance. If not, you may want to look into how much it will cost to include it in your Oakland City car insurance policy.
Why Work with an Independent Insurance Agent?
If you are looking for an affordable car insurance policy that meets all your coverage needs, an independent agent can help. These agents work for you, not for a particular insurance company, so they are free to shop around to find you the coverage you need at the most competitive price.
Arrange a no-cost consultation with an insurance agent in or near Oakland City to get answers to your insurance-related questions. You can start comparing customized car insurance quotes in no time.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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