With major highways like I-80, I-90 and I-69 stretching across it, the state of Indiana offers plenty of convenient routes for people traveling near and far. There are millions of drivers in the Hoosier State, and they are all required to carry liability auto insurance. Without doing so, drivers face serious penalties and may end up owing thousands of dollars in the aftermath of auto accidents. Fortunately, it's not terribly difficult to buy auto insurance in Indiana. Collecting quotes online certainly helps, but doing a little research first is even better.
Drivers who take the time to study up about who drives in Indiana and the minimum insurance requirements for the state have an easier time finding excellent coverage. It pays to zero in on high-quality policies because they offer the most protection under the broadest range of situations. By meeting the minimum insurance requirements, drivers are able to obey the law. However, most go above and beyond these minimums to protect themselves as much as possible. Understanding who is on the road at any given moment helps to emphasize the importance of maintaining decent coverage at all times.
Indiana Drivers: The Basics
The U.S. Census Bureau reports that Indiana had an estimated population of 6,537,334 in 2012. Out of that number, the Federal Highway Administration reports that 6,569,665 were licensed to drive as of November 2012. There is no explanation in the available reports for how more people are licensed to drive in the state than actually live there. At any rate, 3,329,965 people, or 50.69 percent of all licensed drivers, were male. 3,230,700 people, or 49.31 percent of all licensed drivers, were female. Insurance providers don't take gender into consideration when calculating premiums, so this information is just provided to paint a clearer picture of who is driving in Indiana.
The more driving experience a person has, the less likely he is to get into an accident. Based on that logic, it stands to reason that younger drivers are riskier propositions for insurance companies. As a result, they pay much more for insurance than their older counterparts. In Indiana as of November 2012, there were 147,775 drivers aged 19 and below, which equals 2.5 percent of all licensed drivers in the state. There are plenty of experienced drivers on the road too, with 621,163 people, or 9.5 percent of all licensed drivers, between the ages of 50 and 54.
Auto Insurance Requirements in Indiana
Drivers must make sure that their insurance policies adhere to the minimum car insurance requirements for the state of Indiana. It's wise to learn the basics to avoid inadvertent buying insurance that misses the mark. There are technically other ways to show proof of financial responsibility, which is required by law. Drivers may make deposits in the amount of $40,000 with the state treasurer or show that they have trust funds valued at $40,000 or more. However, liability insurance continues to be the most popular option.
Most Indiana drivers purchase liability auto insurance. For such policies to meet the legal requirements of the state, they must include the following:
- At least $25,000 in uninsured motorist coverage for one person and at least $50,000 for two or more people
- At least $25,000 in underinsured motorist coverage for one person and at least $50,000 for two or more people
- At least $10,000 in property damage coverage
Drivers who have been turned down for regular insurance policies may be eligible for the Indiana Auto Insurance Plan.
The Electronic Insurance Forms Submission program ensures that all drivers in the state of Indiana remain compliant with the basic auto insurance requirements. Drivers who are caught operating vehicles without valid insurance are issued Certificates of Compliance and have 40 days to demonstrate that insurance was in effect at the time. Those who can't do so face registration suspensions of 90 days for first offenses and up to one year for subsequent offenses. Fines range from $100 to $300, and the amount depends on whether or not it's a first offense.