Mississippi Auto Insurance

Drivers in The Magnolia State should know

When you live in Mississippi, or about to live there, you’ll be required by law to have car insurance for you to drive, even if you don’t need it to apply for an MS driver’s license or to register your car. No matter which town in Mississippi you live in, the law would require you to have auto insurance.

As with most states, in order for you to register your vehicle and drive around town, you should at least the minimum level of car insurance coverage, which includes Bodily Injury to Others and Property Damage Liability. Learn more by reading down below:

Mississippi Minimum Car Insurance Coverage

As we have said, the state law of Mississippi requires you to carry the basic requirements of car insurance coverage. If you have failed to do so and drove your car without insurance, it may result in severe penalties which include jail time and monetary fines.

Under the tort system of Mississippi, you may also be accountable for the actual damages (both associated with medical costs and property damage), economic damages (lost of earning capacity and wages), and physical and emotional suffering and pain you have caused.

Here is the bare minimum insurance list that is required for Mississippi drivers:

  • Property Damage Liability: $25,000
  • Bodily Injury Per Person in Each Accident: $25,000
  • Bodily Injury for People in Each Accident: $50,000

The state doesn’t require you to carry extra coverage such as Comprehensive and Collision, Personal Liability, and uninsured/underinsured motorist insurance. However, if you have a property or any valuable assets, filling out the minimum Mississippi car insurance can help protect from monetary liabilities.

What are the Penalties for Failure of Carrying Car Insurance?

If you break the Motor Vehicle Safety and Responsibility of the Mississippi Code, it would already be considered a misdemeanor. It would only take you one car insurance law violation to face a $500 fine and driving suspension for one year, or until you have provided them with a proof that you’ve purchased the required car insurance. Reinstating your license will also create a financial burden for you.

Here are the penalties for your first offense:

  • $500 Fine
  • 1-year license suspension, or until the proof of insurance is provided

For Penalties to be Waived:

  • If you’ve provided a proof of insurance before the hearing,you may be reduced to up to $100.
  • If proof of insurance is provided before the hearing, your fine,suspension and court costs will be waived

Requirements for Reinstatement

  • Proof of financial responsibility should be maintained for 3 years
  • A $25 reinstatement fee with additional applicable fees to renew the license
  • $10 for a suspension, which is related to a bad check writing

Premium Car Insurance in Mississippi

As for the Mississippi car insurance premiums, it would be regulated by the Insurance Department of Mississippi. Most insurance companies are allowed to award discounts and charge premiums that are based on the factors. This may include:

  • Your age
  • Type of vehicle you are Insuring
  • How frequent you drive
  • How long you have been driving
  • Your driving record
  • Gender
  • Prior to your car insurance coverage
  • Whether or not you use your vehicle for office or business
  • Geographical location
  • Your current marital status

The state of Mississippi also allows their insurers to consider your credit history, which would determine your car insurance premium.

Alternatives for Proof of Financial Responsibility

There are various ways for you to provide a proof of liability insurance in the state of hospitality. However, the most convenient way for you to satisfy the Motor Vehicle Safety-Responsibility Law is by providing a car insurance policy, but proof of any of the following methods below will also suffice as well:

Certificate of Cash

Providing a Certificate of Cash as your proof of financial responsibility is the second most common method. You can have this certificate by depositing $15,000 cash with the state’s treasurer. A government note will also be accepted.

Once the state’s treasurer has confirmed that you have closed the past judgments against you, he or she will issue you the certificate you need.

Surety Bond

Look for a licensed surety company to issue you a surety bond, which is payable for $75,000 for paying an at-fault accident with bodily injuries, and/or property damages. Providing a copy of this bond would suffice if you are asked to provide one.

Unlike the usual MS auto insurance policy, a surety company will ask for any payments it made on your behalf before.

Real Estate Bond

You can look for two more individuals who own a real estate in Mississippi to be your sureties, and then file a real estate bond with the Revenue Department, which is signed by both people.

Specifically, they shouldn’t only list their properties on the bond as collateral, which in case you fail to make any payments you are accountable of within 60 days, but they should also prove that they have $150,000 in equity or stock together. The bond is only valid if you’ve filed it with a county clerk where the real estate is located.

How Can You Get the Cheapest Car Insurance Policy?

If you are wondering how you can lower the costs of your insurance premiums, you can try following some of the ways below:

Remove unnecessary car insurance coverage.Compare car insurance quotes from different providers.Ask for available discounts for multiple cars in on policy, auto or online payments, bundling car insurance with your renter’s policy or homeowners, driving an electric or hybrid car, anti-theft devices, and good driving habits.Check if you’re qualified for any low-cost car insurance, in which your state may offer.

Investing in car insurance with basic coverage is not only a state requirement, but it can greatly help you out with your financial liabilities in an accident, and would help protect you in certain situations. Therefore, it’s really important for you to always carry a proof of financial responsibility with you to avoid unnecessary legal charges.