Even though Missouri was recently ranked as a state with the 10th worst drivers in the US, this statistic apparently has not affected its insurance rates. As the 18th most populous it is well under the national average in insurance costs per driver at 35th. An average cost of $1112 is 15% less than the national average.
At Fault State
Missouri as most states is an at fault state concerning accidents and insurance claims. Those involved in an accident can elect to claim their own insurance, put in a direct claim against the person that is thought to be at fault or take their claim for damages directly to the courts in a civil lawsuit.
The at fault status in Missouri has not led to higher insurance premiums. Its population is in the top 20 states and it has an urban center, St. Louis that is within the top 20 largest population centers in the US as well. However, its unique insurance requirements or lack of lawsuits have kept the state’s average insurance costs lower than its demographic position would dictate.
According to latest reports, the state is listed as having the 18th highest percentage of uninsured drivers at 13.5% almost a full percentage point higher than the national average of 12.6%. This rate does not seem to be affecting insurance prices in the state.
Proof of Payment Requirement
Unlike many states that require specific auto insurance, in Missouri a driver is merely required to proof they can meet the minimum liability requirements as set out by law. Although most drivers fulfill this requirement by carrying insurance coverage there is a percentage of driver’s that opt to cover it by other means as explained below.
The law in Missouri requires drivers to provide proof of payment for costs associated to injury or property damage to another vehicle or person in the following amounts:
$25,000 for bodily injury per person
$50,000 for total bodily injury in a multiple person accident
$10,000 for property damage.
The law also states that driver’s must carry insurance for uninsured coverage in the same liability amounts as stated above except for property damage, where none is required for uninsured coverage.
However for individuals there is an alternate way to cover these minimums. By providing the Department of Revenue with one of three other items to proof financial responsibility ability in the case of an accident, you can forgo insurance premiums in Missouri. The options include a surety bond, a real estate bond or a cash deposit or deposit of negotiable securities that amount to the same coverage amounts.
For businesses and organizations a certificate of self-insurance is also available.
Being able to increase your coverage for unexpected emergencies give many people the peace of mind they need. Instead of being caught unawares and unprepared financially the following optional coverages can help mitigate big one-time financial costs. Coverages include collision and comprehensive, rental car and roadside assistance and medical payment coverages. From theft and vandalism to covering your own vehicle in an accident to having your own medical bills covered, these insurances can often mean the difference between financial ruin and simple hardship.
Proof of Insurance
Even though you are not specifically required to carry insurance in the state, you are required to show proof of coverage if pull over by an enforcement officer. Proof of insurance includes a proof of payment provided by the DOR for those that have elected to put up a bond or cash deposit. These certificates must be carried with the driver at all times and provided to authorities when requested. License suspension can result if proof cannot be provided.