Auto insurance can be thorny issue to deal with, particularly in difficult financial times when people are looking to cut corners and save money any way they can. The question is, with auto insurance mandatory in every state and every state have different legal requirements in terms of minimum coverage, what is the legal minimum in Missouri and is it really adequate for your individual situation?
First, let’s look at the legal requirement for minimum auto insurance coverage in Missouri. Liability insurance is mandatory. This ensures that you are covered in case you cause an accident that results in damage to another person or property. The rate ratios for this are $25,000 to cover bodily injury, $50,000 for bodily injury per accident, $10,000 for property damage per accident, $25,000 coverage for uninsured motorist coverage per person to cover cost incurred for bodily injury and $50,000 uninsured motorist coverage per accident.
You can meet Missouri’s minimum requirements by purchasing motor vehicle liability insurance, but is it really sufficient? As always, it is important to get a number of quotes from different companies and try changing your deductibles to see if this affects your premium. Often, if you increase your deductible, your premium rate will be considerably lower.
Also, examine the various discount schemes that many companies operate, for example multi-car discounts, and policy combination discount, which means consolidating all of your insurance on to one policy.
You may also want to consider making your vehicle as safe as possible by fitting safety features, such as a decent locking and anti-theft system, airbags and anti-lock brakes. All of these will lower your premium.
Be certain to drive as carefully as possible as well, as a good driving record is one of the first factors that will guarantee a low premium.
Married couples can also investigate married driver discounts, and students have an added incentive to work harder, as a minimum of a ‘B’ grade average will indicate to the insurance companies that you are responsible and therefore more likely to be a responsible driver. So, exercise caution and do your research either offline or online at various helpful websites specializing in auto insurance as thoroughly as possible.