In most states, federal car insurance law does state that all drivers must secure some type of insurance policy in order to be able to drive a vehicle. The purpose of car insurance is to protect drivers against property damage and injury expenses that can occur as a result of a car accident or claim. Each state has its own department of insurance that creates and enforces rules to regulate how insurance is sold. These regulations include minimum insurance coverages, competition, the rights ...
Is car insurance regulated by the government?
In reality, the federal government leaves much of these car insurance regulations up to each state to implement. As a result, each state has its own set of laws that govern auto insurance. In most states, federal car insurance law does state that all drivers must secure some type of insurance policy in order to be able to drive a vehicle.
Is car insurance mandatory?
Car insurance is required in almost all states. Known as a mandatory minimum, drivers must purchase and maintain a certain level of car insurance from an insurance company in case of an accident or injury to another person or property. If you fail to maintain coverage, you could be in violation of the law.
What is state insurance regulation?
One of the key areas of state insurance regulation pertains to rate-setting. Rate-setting refers to the means by which companies decide on the costs for the insurance coverage they provide. The state laws in this area usually require that insurance rates be adequate, non-excessive, and non-discriminatory.
Can I buy a car insurance policy directly from the insurance company instead of the dealer?
Yes, buying car insurance directly from the insurance company is more fruitful than buying the policy from a dealer.For example, buying car insuran...
Buying which type of car insurance policy is mandatory by law in India?
Buying at least the Third-party Liability policy is mandatory by law in India.