Owning a vehicle is a significant responsibility; part of that responsibility involves making sure you have adequate auto insurance. Auto insurance is necessary because it may provide property, liability and medical coverage for covered incidents. 

How Does Auto Insurance Work? 

When you have auto insurance, your insurer agrees to provide coverage in exchange for a premium. For example, you may submit a claim to your insurance provider if a covered incident, such as an accident or theft, occurs. If your insurance provider approves the claim, they will help reimburse you for the costs up to your policy limits. For some coverages, a deductible may apply. Auto insurance may also provide liability coverage if you are responsible for third-party property losses or bodily injuries.  

How Much Auto Insurance Do I Need? 

Each individual’s auto insurance needs are unique, and policyholders can generally choose which coverage options best suit them. The following coverages are typically available:

 

• Bodily injury liability

• Property damage liability

• Medical payments (MedPay)

• Collision

• Comprehensive

• Uninsured and underinsured motorist coverage

What Auto Insurance Is Required by Law? 

Every state has unique legal requirements when it comes to auto insurance. In Iowa, the law requires drivers to carry a minimum amount of liability coverage. However, having only the minimum amount of insurance may not be adequate for your needs. It’s imperative that you discuss auto insurance requirements and your circumstances with a licensed insurance agent to ensure you are in compliance with the laws in your state, and to ensure that you are properly covered. 

How Long Does It Take to Lower Your Car Insurance? 

Insurers analyze many variables when determining insurance rates. Depending on your insurance provider, teen drivers are typically the most expensive to insure and drivers in their 50s tend to benefit from the lowest rates. If you have a driving accident or other violation on your record, you may see higher rates, but they may decrease after three to five years, depending on how your state handles driving violations, the severity of your offenses and your overall driving record.  

Auto Insurance in Waterloo, IA 

If you are interested in learning more about auto insurance, contact Elliott Hartman Agency. We have been helping customers find the insurance coverage they need since 1959.