What is Auto Insurance?Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Auto insurance provides property, liability and medical coverage. An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.
Most auto policies are for six months or a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.
Missouri Motor Vehicle Insurance
Missouri law requires that all motor vehicle drivers and owners maintain some type of motor vehicle liability insurance coverage. Unfortunately, each year thousands of Missouri citizens are involved in automobile accidents with drivers who have not maintained the required automobile insurance. This results in unpaid damage claims and higher insurance premium rates for all Missourians.
Missouri motor vehicle owners are required to show proof of insurance when registering a vehicle and renewing their license plates. Liability insurance covers your legal liability when injuries or property damage happen as a result of your actions. The minimum level of coverage required by state law is:
- $25,000 per person for bodily injury
- $50,000 per accident for bodily injury
- $10,000 per accident for property
The law also requires you to have uninsured motorist coverage of $25,000 for bodily injury per person and $50,000 for bodily injury per accident.
Nonresidents must maintain insurance that conforms to the requirements of the laws of their state.
You must keep some proof of insurance in your vehicle at all times. If a law enforcement officer asks for proof of insurance and you cannot show it, the officer may issue you a ticket.
The Department of Revenue will be notified that you do NOT have insurance on your vehicle or the vehicle you drive if you are in an accident or a police officer asks you to show proof of insurance. At any time, the Department of Revenue may also ask you to prove you have insurance. (Source: Missouri Dept. of Revenue)
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