Like most states, Mississippi requires drivers to have at least a minimum level of liability insurance coverage. Despite this legal requirement, Mississippi has the highest estimated rate of uninsured motorists in the country. This could be one of the reasons insurance costs in Mississippi are higher than the national average. It is estimated that over 29% of drivers drive without insurance in the state of Magnolia, but driving without insurance is a serious offense and can have major legal and financial consequences.
Minimum Insurance Required in Mississippi
Mississippi auto insurance laws require that drivers carry at least a minimum amount of liability insurance. The minimum coverage needed to drive legally is:
$ 25,000 civil liability for bodily injury per person
$ 50,000 in civil liability for bodily injury per accident
$ 25,000 liability for property damage per accident
Mississippi auto insurance companies are also required to provide you with coverage for uninsured motorists and coverage for medical payments, although you have the option to decline these in writing.
Keep in mind that these are just the minimum types and levels of coverage required to keep a driver legally covered. There are many other types of coverage to consider for better financial protection. You should also be aware that if you are leasing or financing your vehicle, the financial institution will most likely require you to purchase full coverage and collision coverage, which add coverage for damage to your vehicle. Even if you own your vehicle, you may want to consider adding these types of coverage in order to have a “full coverage” policy.
You may also want to consider gap insurance if you have a loan or lease for your vehicle. If you are in an accident and your vehicle is destroyed or your car is stolen, gap coverage is designed to pay the difference between the amount you still owe and the value of your vehicle depending on the insurance company.
Penalties for driving without insurance in Mississippi
Because liability insurance is mandatory for drivers in Mississippi, getting caught driving without insurance carries hefty fines and penalties. Your license can also be suspended until you pay a reinstatement fee and show proof of insurance.
Mississippi Online Insurance Verification System Fees
Mississippi uses the Mississippi Insurance Verification System (MSIVS) to validate driver liability coverage. This system allows the police to extract, in real time, information on a driver’s insurance coverage. However, failure to present proof of insurance can still be subject to fines and penalties, given that at least the state’s minimum insurance coverage limits are required by law.
Have an accident without insurance
Being in an accident without insurance has even more serious consequences than being caught driving without insurance. In addition to the fines and other penalties you could incur if you drive without insurance, you will also be responsible for the financial impact of any damages and injuries you cause.
Even if the other party has uninsured motorist coverage on their policy, you could still be held legally responsible for damages and medical bills associated with the accident. If you are unable to pay, you could be sued.
Frequently Asked Questions
What if you provide false insurance information?
Driving without insurance is serious, and providing false information about insurance is even worse. Giving false insurance information is considered fraud. If you are charged with fraud and found guilty, you can likely face hefty fines. Your license can be suspended or revoked and you risk a prison sentence.
How Much Does Auto Insurance Cost in Mississippi?
The average cost of auto insurance in Mississippi is $ 492 per year for minimum coverage and $ 1,782 per year for a full coverage policy, according to Bankrate’s 2021 study of annual listed premiums. This average is higher than the national average of $ 1,674 for a full coverage policy. However, your exact fares may be higher or lower than average depending on personal factors such as your zip code, driving history, and vehicle.
What is the cheapest car insurance in Mississippi?
While Mississippi may have higher than average premiums, some insurance companies offer competitive rates. Bankrate analyzed rates obtained from Quadrant Information Services to determine which carriers offered the cheapest auto insurance in Mississippi. Our research found that USAA, State Farm, and Southern Farm Bureau are on average among the cheapest companies.
How Can I Save Money on Auto Insurance Rates in Mississippi?
There are many ways to save on auto insurance in addition to taking advantage of discounts. One of the best ways is to compare quotes from multiple companies to find the one that offers the coverage you need for the lowest premium. Just make sure the quotes are the same in terms of coverage levels and amounts so you can compare them fairly. If you have full coverage, you may also want to consider increasing your full and collision deductibles, which usually lowers your premium. Before you do this, make sure you can afford whatever level of deductible you choose, so that if you file a claim for damage to your vehicle, you can pay your fair share.