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The state of Iowa differs from many states in that it does not have a compulsory insurance law. This means that Iowa motorists are not required to carry Iowa car insurance to protect them from damages stemming from auto accidents.
However, if you decide not to purchase Iowa car insurance, you will need to show another form of financial responsibility.
The Motor Vehicle Financial Responsibility Law
The Financial and Safety Responsibility Act protects you from financially unstable drivers by forcing motorists to provide proof of financial responsibility. If you do not wish to carry Iowa car insurance, you will need to provide proof that you have unlimited resources at your fingertips to cover damages arising from an accident. However, if you are stopped by an officer and do not carry proof of Iowa car insurance, you may still be subject to a monetary fine.
For those with a lot of money at their disposal, driving uninsured may not be a large risk to take. But many people can't come up with that type of cash following an accident. For those individuals, Iowa car insurance is the only way to provide proof of financial responsibility.
Requirements for Iowa Car Insurance
Under Iowa law, motorists that choose to provide proof of financial responsibility with Iowa car insurance must be covered for liability and property damage. The lowest amount of coverage allowed is commonly referred to as 20/40/15. This means that you must carry $20,000 for bodily injury per person, $40,000 for bodily injury per accident and $15,000 for property damage per accident.
Keep in mind that these are the minimum amounts allowed for Iowa car insurance, and that they may not be enough to cover damages if you are responsible for a serious accident. It is for that reason that you may want to consider purchasing higher amounts of Iowa car insurance.
While liability and property damage are the only forms of coverage required by the State of Iowa, there are other forms of coverage you can add to your Iowa car insurance policy to increase your protection.
Collision coverage can be added to your policy to cover damage to your car resulting from a collision with another car. However, if you have taken out a loan to purchase your car, your lender may require you to add this coverage to your Iowa car insurance for the duration of the loan.
Comprehensive coverage covers non-accident related damage. Those damages would include hail, flood, fire, theft and vandalism.
Other services such as rental and towing coverage may also be available. Be sure to ask your Iowa car insurance agent if these coverages can be added to your policy.
Discounts are the most popular way to save money on Iowa car insurance. Be sure to ask your agent about the following to put cash back in your pocket:
Remember to be forward about this information so it is not overlooked when your agent figures your quote for Iowa car insurance!
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