What the law currently requires
Auto insurance. Mississippi.
Mississippi law, like nearly all states, requires drivers on its roads to carry proof that they can pay for the damages they cause in an accident. If you are involved in a driving accident causing bodily injury or property damage above $250, convicted of a serious driving offense or repeated minor offenses, or fail to pay final judgements arising from an earlier accident, you must show proof of financial responsibility.
In Mississippi, the minimum financial responsibility requirements are $10,000 per person and $20,000 per accident for bodily injury, and $5,000 per accident for property damage (10/20/5). You, as a Mississippi driver, can legally satisfy these requirements by:
Liability coverage pays for damage you cause to other people and their property. It protects your assets and wages from seizure and litigation. However, in today’s era of ever-rising medical costs and auto repair bills, the state- mandated minimum requirements of 10/20/5 may not be sufficient. It is a good idea to consider purchasing liability coverage with higher limits. Remember, if you are at fault in an accident, liability coverage will only pay up to your limits of insurance. You will be responsible for any damages over that amount. You will need to purchase other kinds of coverage if you want the insurance company to pay for your medical bills and vehicle repairs.
Shopping for auto insurance
Ultimately, you will be making your decision on how much auto insurance to purchase based on what you can afford. Insurance companies write policies in many different ways:
Also, it is a good idea to keep track of the discounts offered by each company. If your family owns two or more cars and have all your auto insurance with one company, you are often eligible for a discount under a “multi-car” plan. Some companies offer discounts to farmers, good students, and others. Often, a discount is offered for drivers over 55 who pass a special driving course.
Additional discounts are given on equipment in your car such as anti-lock brakes, anti-theft devices, air bags, and automatic seatbelts. On average, a five percent discount is given on such equipment. Taking a defensive driving course can reduce your liability and collision premiums. Young drivers who take driver education also can get a similar discount.
There are many things you can do to keep the cost of automobile insurance as low as possible. Here are a few tips:
While it is important to keep the cost of automobile insurance low, price should not be the only consideration when you are shopping for insurance. As the saying goes, you get what you pay for. In addition to comparing prices, it is a good idea to compare the financial strength of a company, its reputation for service, and specific coverages, discounts and other benefits that they offer.
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