|
A Guide to Auto Insurance in Kentucky (KY)Kentucky is one of the states with a no-fault automobile insurance program. When you purchase Kentucky auto insurance, since there is no fault, it means you will be able to get the costs of the accident back no matter which party is at fault. The Kentucky auto insurance laws state that you must carry proof of insurance with you when driving and show it when you register or transfer a motor vehicle registration at the Department of Motor Vehicles. Kentucky, as well as the rest of the United States, has a managed competition system for insurance pricing. Each company is allowed to set their own premiums for policies and the state will step in if they feel that the prices are too exorbitant. This is usually not a concern because all the different options that consumers have for selecting their provider ensure that the companies that have prices that are unaffordable or unusually high will not gain business. Clearly that is not to say that most people find auto insurance in Kentucky 'cheap', but nevertheless it is a fact that there is considerable competition in the market and that shopping around for different Kentucky Ato Insurance Quotes and comparing between them can certainly pay dividends in terms of the amount that you will end up paying for your cover.
The basic liability insurance that you must carry on your Kentucky auto insurance policy is 25/50/10. The $25,000 covers injury to a single person in the event of an accident. The $50,000 limit is on all bodily injuries in each accident. That is, if there were five people in an accident, their cumulative medical bills could only be $50,000 maximum. The $10,000 applies to property damage in each accident. You can optionally choose to get higher limits on your insurance policy to cover all bases in case the expenses exceed the minimum limits. And generally it is a good idea to get a policy that has higher amounts then those basic requirements. This is realy 'lowest common denominator' insurance cover, designed to ensure that even the poorest families can still drive legally. It is not really designed with optimum auto insurance cover in mind, so getting more cover would would almost certainly be a good idea. Kentucky does not require that drivers pay for a policy with uninsured or underinsured motorist coverage. This type of coverage protects drivers in the event that they get into an accident with someone who does not have any insurance at all or the limits on their insurance are exceeded. This is highly recommended as an option so that if you are in an accident where there are high medical bills or personal property damages, you won't have to worry about how you're going to pay for them. Kentucky is a tort state when it comes to insurance as well, which means that when a driver is at-fault in an accident and someone is injured, they must pay for their medical expenses and if they decide to pursue the case, they may also have to pay for lost wages as a result of the accident along with pain and suffering. However, the costs must exceed $1,000 for a claim to be filed. Personal injury protection, or PIP, is an optional type of coverage available with Kentucky auto insurance. This type of insurance pays up to a maximum of $10,000 for both medical expenses and lost wages in the event of an accident, again, regardless of which party has been deemed at-fault. Kentucky keeps an electronic monitoring system on auto insurance to know when someone's insurance policy has lapsed and they are no longer covered, which is considered a crime. Insurance companies are required to report when someone drops coverage to the DMV to aid in keeping track of the population. Penalties for violating Kentucky auto insurance policies include the possibility of your registration or license being suspended and a fine. The minimum fine for the first offense is $500, maximum of $1,000 and the possibility of 90 days in jail. In any case, punitive penalties aside for a moment, driving without insurance is both highly irresponsible and also a little like playing Russian Roulette every time you drive your car. If you get into any kind of accident then the expenses could well bankrupt you if you don't have car insurance. So don't take the chance. Simply get some Kentucky Auto Insurance Quotes right now, and immediately see how much cover might cost.
Copyright
© InsuranceAdvisoryService.com. All Rights Reserved. |
|
