What Are Some of the Kentucky Auto Insurance Laws?
It is required by Kentucky, and all other states in the United States, that all drivers own a certain amount of Auto Insurance. Each state has decided what their specific limits will be. As different Auto Insurance companies sell you insurance, it is mandated that they sell you at least what the state requires.
While most companies will quote you their cheapest rates, which are the minimums required, every driver must understand their own needs and be willing to pay a little more if they need to so they can get the coverage that best suits them. In the state of Kentucky, it is required that you have a minimum medical coverage of $25,000 for each individual in the accident, if a maximum amount able to be paid at $50,000. It is also required that you have $10,000 of protection in property damages.
While the minimum required by Kentucky is $25,000/$50,000 $10,000 you must evaluate your own situation and decide if you need more coverage than that. Many drivers choose to put their limits much higher, even though it makes the premiums more expensive, in order to be fully covered in the case of a catastrophic accident.
What makes Kentucky different from most other states is the fact they it is considered a “no-fault” state. In other words, when there is an accident, no one is cited as being at-fault. Every separate party is responsible for their own damages caused by the accident.
Being a “no-fault” state is beneficial because it lessens lawsuits and the confusion that comes with them. It also takes care of other undesirable problems that come with accidents where one particular person is considered at-fault. Many of the states with other policies in place are considering making a change.
At this moment there are twelve states including Kentucky that practice the “no-fault” system. Utah Pennsylvania, New Jersey, and Kansas are some of the other states who have these policies. Every state in the union has been using the “Managed Competition System.” Under this system, each company regulates their own prices, yet the prices are managed by the state so they don’t become unbearable.
Although Kentucky does its best to make sure people aren’t paying too much for car insurance, if you have a horrible driving record or if you drive an expensive car, you can expect your premiums to be much higher. If you are on a budget and are concerned with high prices, driving and affordable car along with driving safe can make your payments less that $600 every six months. As you search with different companies, make sure that you are being offered the coverage you need and not just the minimums required by Kentucky.
Tags: Insurance