Any driver who is in an accident resulting in injuries or property damage exceeding $1500 must file an Accident Report within 72 hours with the Office of Driver Services. This is required whether you were at fault or not. If a police officer investigates the accident, he or she will file the report, letting you off the hook for the paperwork.
Proof of Insurance or financial responsibility is also required at that time, as well as a release from all involved parties, if applicable. Drivers who are uninsured often find themselves in court to determine who is at fault and liable for damages and medical costs.
Choosing to operate a motor vehicle without the proper insurance coverage could cost you far more in the long run than any insurance premiums. If you claim financial responsibility and prove unable to produce the money to pay for medical costs and damages, you may well lose your house and other valuables to cover such expenses. In short, to fail to obtain Iowa car insurance coverage is a very poor and irresponsible decision.
According to Insure.com, IA averages $886 yearly in auto insurance premiums. The site conducted a study comparing all 51 states, listing the #1 as the highest and #51 the cheapest. IA ranked #48 which entails that it is a great place to get insurance.
How Does An Iowa Car Insurance Policy Protect You?
Even basic liability coverage offers some protection in the case of injury or property damage. If you drive a late model vehicle or one that still retains a reasonable value, you want to be sure to have sufficient coverage in the case that vehicle should be totaled in an accident. You also want coverage sufficient to cover the costs of medical care for driver(s) and or passengers in the other vehicles involved. To have too little insurance coverage is almost as bad as having none at all. It could result in substantial financial loss to you and your family if it becomes a matter for litigation.
Liability insurance will cover the costs of injury to persons or vehicles for others who are party to an accident. Collision insurance will cover damages to your vehicle if you are at fault. Comprehensive coverage takes in any damages that are non-accident related, such as storm damage to your vehicle or vandalism.
Some people also like to get loan or lease gap coverage that pays at least partially the difference between the value of the vehicle and the amount still owed.
Whatever decision you make regarding auto insurance coverage should take into account the physical and financial ramifications to you and your family, as well as the moral ramifications should you be the cause of serious injury or even death to another driver.