Auto Insurance Regulations in Missouri

No matter where you live, auto insurance is likely to be a part of your life. But did you know that insurance regulations vary greatly from state to state? In fact, some states don't even require auto insurance, while others set very strict mandates on the type of insurance and documentation that all drivers must carry. Before shopping for Missouri car loans, consumers in the Show Me state also should consider insurance regulations and guidelines.

Insurance experts strongly recommend taking out insurance that far surpasses state minimum guidelines. Remember that your insurance policy can only provide the coverage you pay for - if you're liable for $50,00 in expenses and your policy only covers $25,000, you are responsible for the remaining amount. You may want to seek out several competitive insurance proposals to ensure you're receiving the best coverage available for your budget.

Missouri auto insurance laws

• All Missouri residents who wish to register a vehicle must provide proof of financial responsibility, which means they are able to cover any financial costs associated with a motor vehicle accident. You can satisfy this requirement by showing an insurance card, a receipt/statement for your insurance policy, your insurance binder, or a state-issued Financial Responsibility card.
• Missouri has minimum requirements for auto insurance. Remember that your policy should likely far exceed these standards. You may be surprised at how affordable another $50,000 or $100,000 in coverage can be. The state minimum guidelines are:
• • $25,000 bodily injury (per person)
  • $50,000 bodily injury (per accident)
  • $10,000 property damage (per accident)
  • $25,000 uninsured motorist bodily injury (per person)
  • $50,000 uninsured motorist bodily injury (per accident)
• The state of Missouri has the right to suspend your license for a year if you fail to meet insurance regulations.
• For your protection, always carry proof of insurance, such as your insurance card, in your vehicle at all times.

Consumer tips

Insurance premiums can be an extremely costly part of life, but they are important. Remember that your insurance can protect you and your family from great financial harm in the event of an accident. There are some methods you can use to save overall on your auto insurance premiums. Be sure to review your policy and ask your insurer if you think there might be a way you could lower your annual insurance costs.

• Raise your deductible: Your premiums will go down if your deductible is higher. But if you file a claim, you will be responsible for more out-of-pocket expenses.
• Combine policies: Your homeowners or renters policy could help you save money. Many carriers offer multi-policy discounts. Ask your insurer whether this is an option for you.
• Get competitive quotes: Review quotes from several insurers to make sure you're getting the best coverage for your money. Compare and contrast quotes, and select the one that best fits your needs.
• Consider the future: Teen drivers can significantly increase a family's auto insurance premiums. If you have children, prepare in advance. Your insurance premiums may automatically rise when they reach driving age.