Mississippi Car Insurance Rates
If you are the proud owner of a vehicle, then you should know that in order to drive your car in the state of Mississippi, you will need to insure it. According to the Mississippi law on car insurance issued in 2001, the policy that you purchase for your vehicle needs to cover bodily injuries for other persons as well as property damage. While the liability coverage is mandatory, the other features such as collision, medical expenses, or comprehensive coverage, are optional.
If this is the first vehicle you have bought, or you just moved in the state of Mississippi, then it is important to note that you will not be asked to provide proof of the insurance coverage prior to registering your vehicle. However, you will need to carry the insurance policy in your vehicle at all times. The authorities in Mississippi take this aspect very seriously, and drivers who do not present proof of the liability coverage when they are pulled over by a police officer will have to pay a fine of one thousand dollars.
How are auto insurance rates determined?
When estimating the amount of cash that you will need to pay for your premiums, the first thing that you need to take into account is the value of your car. In addition, the value of your vehicle can also help you determine whether you need the basic Mississippi auto insurance, or you need to get the optional coverage as well. One thing that you should keep in mind when evaluating the worth of you car, is that its value tends to depreciate in time, and hence it is advisable to check your vehicle’s blue book value once every two years.
In addition to the current value of the automobile, insurance companies will also take a close look at your driving record. If you have speeding tickets or you were involved in a car accident in the past ten years, then you should expect to pay more on the premium. On the other hand, if you usually keep your car in a locked garage and have installed some safety features such as anti-lock breaks, alarms, seatbelts and so on; you are very likely to get discounts of up to ten percent.
Tips and tricks to lower your auto insurance premium
The best way to lower the price of your auto premium is to pay a higher deductible, which refers to the sum that you are willing to pay out of your pocket in case of an accident. Most insurance companies see this as an advantage and hence, they will be more willing to offer you better discounts on your premium.
Another way you can lower the price of the auto insurance premium is to modify the way you pay the premium. Consider that every time you make a payment, you are also paying interest, therefore it may be a better idea to change from a monthly payment method to an one time payment each year. While it is very unpleasant to make such a large payment, you will be saving a lot from not having to pay the interest rates.
From a broad perspective, the price of your auto insurance is determined by how much of a liability you present to the insurance company. In order to get important discounts, you can also enroll for and complete a safe driving course, and accept a certain millage limitation. The safety features and showing that you care about your car enough to park it in your personal garage, are also important aspects that can help you lower the price on the premium.
What are the consequences of not having auto insurance in Mississippi?
In the past, it was estimated that about a third of the Mississippi drivers did not have auto insurance, and this arises because it is not a mandatory to register your car in Mississippi. However, since the beginning of 2011, there is an auto insurance verification system implemented and drivers caught without insurance are starting to pay the price. As the state legislations dictates that you need to carry your policy in your vehicle at all times, in case you cannot provide proof of insurance, the first offense penalty is a fine of one thousand dollars. At the same time, you also risk getting your driver’s license suspended for one year or until you can provide proof of auto insurance.