Insurance Missouri: A Guide to Auto & Home Coverage
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Missouri residents can choose from various home and auto insurance options to meet their needs. However, before diving into the complex world of Missouri insurance, you should understand the different types of coverage available for auto and home insurance, the rules surrounding coverage, and how to find the best policies.
Below, we explore the key elements of Missouri insurance to help you make an informed buying decision.
Understanding Missouri’s Mandatory Auto Insurance Requirements
You must carry a minimum amount of car insurance in Missouri to remain within the bounds of the law. The minimum coverage amounts are:
- Bodily injury liability: $25,000 per person per accident and $50,000 total per accident for two or more people
- Property damage liability: $20,000 per accident
- Uninsured motorist coverage: $25,000 in bodily injury coverage per person or $50,000 total per accident for two or more people
Review the insurance requirements of your state:
The Importance of Uninsured and Underinsured Motorist Coverage
Missouri requires all state minimum liability auto insurance coverage to include uninsured motorist coverage, which protects you if a driver without insurance hits you.
This coverage is important because Missouri is well above the national average for uninsured drivers, at 16.4%.
Another similar coverage is underinsured motorist coverage. This coverage is optional in Missouri and covers you if the at-fault driver's insurance is insufficient to cover your damages.
This coverage is critical if you’re in an accident with someone from a state with low or no minimum insurance requirements. It protects you by filling the gap between the at-fault party’s coverage limits and your actual damages.
Home Insurance Considerations in Tornado-Prone Missouri
Tornadoes are a frequent threat in Missouri, so you must pay close attention to coverage limits and exclusions to ensure you have the coverage you need.
When selecting homeowners insurance in Missouri, consider the following:
- Dwelling coverage: Your coverage should be adequate to rebuild your home in case of a total loss. Some insurers only offer actual value instead of replacement value, which can leave you paying a large amount out of pocket to rebuild.
- Additional living expenses: If a tornado destroys your home, you’ll need to rent a new home while your home is being rebuilt. Verify your policy covers additional living expenses so you don’t have to pay this out of pocket.
- Exclusions: Look out for policies that explicitly exclude tornado damage. They may cover wind damage, but if they explicitly exclude wind damage due to tornadoes, you will not receive any payout for tornado damage.
- Deductibles: Check all your deductibles — some insurers have different deductibles for various perils — and make sure they are all affordable, specifically those covering tornadoes.
How To Compare Insurance Policies Effectively
When comparing insurance quotes in Missouri, key factors to consider during your comparison include:
- Coverage limits: Review what is included in each policy and their exclusions.
- Premium costs: Compare the monthly premiums, including any optional coverages you need.
- Deductibles: Review each policy’s deductible and see how it impacts the overall cost. If possible, try to have the same deductible on every policy so you can compare apples to apples.
- Reviews: Always compare customer reviews to select a reliable, responsive insurance company that is easy to work with.
Finding Affordable Insurance Options in Missouri
Discounts are a great way to find cheaper insurance options. Some typical discounts include:
- Multi-policy discounts: You can bundle several insurance policies, such as auto and home insurance, with one carrier for a discount.
- Safe driver discounts: Maintaining a good driving record shows a reduced risk, which can lead to lower rates.
- Home security discounts: Installing security systems mitigates risk, which can lead to lower homeowners insurance rates.
- Membership discounts: Memberships to various programs, such as AAA, may result in discounts.
Missouri-Specific Insurance Regulations You Need To Know
Missouri has a long list of insurance regulations to protect consumers and ensure fair practices. Some state-specific regulations include:
- Missouri auto insurance companies must send you a written notice that an auto insurance policy will renew or have reduced coverage at least 15 days before renewal.
- Policyholders have the right to appeal any denial of claims.
- Missouri has a five-year statute of limitations for filing personal injury or property damage claims.
You can stay current with Missouri insurance laws and regulations by periodically reviewing the Missouri Department of Insurance website.
Leveraging Online Resources To Obtain Quotes and Learn More
Where can you use all the information you’ve gained to find the best insurance in Missouri? You have several options:
- Insurance comparison websites: The internet has made it easy to search for and compare insurance quotes from various providers in one place.
- State resources: The Missouri Department of Insurance cannot provide quotes but offers consumer information and resources.
- Insurance company websites: Many insurers have online quote tools and detailed coverage explanations to guide you through selection.
- Local insurance agents: Local agents know the area's ins and outs, so they can focus on your needs while finding a great price.
Drive With Confidence: Secure the Right Car Insurance Today
Your goal is to find cheap car insurance in Missouri that meets your coverage needs. Fortunately, EverQuote makes this easy with its online tool that allows you to compare multiple auto insurance quotes in Missouri in one place. This allows you to quickly and easily find the best car insurance in Missouri.