Over the past couple of decades, the state has moved away from its roots in agriculture and has worked to expand its market to include a number of businesses, like biotechnology, manufacturing, finance and insurance. Speaking of insurance, let us take an inside look at Iowa auto insurance laws, policies and other items that are helpful bits of information for people who reside within the Hawkeye State.
Iowa follows the ‘tort’ system for their car insurance laws, like a number of other states across the nation. This implies that if a collision occurs, the driver who caused the incident will likely be declared the ‘at fault’ party, and will undoubtedly be subject to insurance claims and suits. State law requires that drivers protect themselves financially by buying a minimal of two different types of Iowa auto insurance: Bodily Injury Liability and Property Damage Liability.Iowa Map
Bodily Injury Liability insurance covers the costs associated with injuries coming from a crash that you caused. This insurance does not cover the driver that possesses the policy; if you’re the one that is responsible for the mishap it is intended to pay out claims to other drivers. The minimum number of Bodily Injury Liability coverage required by law is $ 20, 000 for a single party, per accident and $ 40, 000 for all celebrations in a single accident. With today’s high costs for hospitalization and clinical treatment, motorists would do well to buy much higher coverage than this if they can manage it.
The other sort of mandatory Iowa auto insurance is known as Property Damage Liability. This insurance covers costs coming from damages to another automobile, or someone’s property in an accident that you cause. Motorists in Iowa must have a minimum of $15,000 in Property Damage Liability protection.
As of July 2011, there is nowhere in the country that compares to Iowa’s amazingly low rates for car insurance. There is absolutely no doubt that motorists in Iowa are finding a very good deal on the insurance costs, in comparison to the national average of $ 1440 per year for car insurance. As may be the situation with the remainder of the state, those that live in Iowa’s larger cities end up spending a little more for their car insurance.
With regard to crash statistics, the news is great for Iowa’s driving people. In 2009 (the most recent year in which official numbers are available), the state saw a total of 56,518 vehicle crashes, with 337 of those resulting in a fatality and 14,520 resulting in some sort of physical injury. These numbers are down over the past number of years, and the 2nd lowest annual total from any year in the past decade. 2008’s totals found 369 fatalities, more than 16,000 injuries and 61,500 crashes; the downward trend shows that Iowa’s focus on motorist security, as well as increased law enforcement presence on highways and freeways, is having a positive impact on the amount of vehicle crashes that occur.
As it pertains to vehicle thefts throughout the state Things are also going very well for Iowans. In 2009, simply 3,888 vehicles were stolen, down from 4,376 the year past and well down from the decade’s peak of 5,823 in 2002. As high quantities of stolen autos can have a negative effect on automobile insurance costs, this downward trend bodes well for the future. As long as drivers continue to lock up their vehicles and be mindful to prevent thefts from happening, Iowa vehicle insurance rates will continue to stay low.
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