Rhode Island Car Insurance Laws, Rates, and Minimums
In order to find affordable policies, it is important to compare auto insurance quotes in Rhode Island. According to multiple surveys that were conducted, the average premium in RI is among the highest in the United States. The state's department of business regulation strongly suggests that residents comparison-shop in order to save. Providers vary in both price and service to policyholders, therefore it pays to shop around.
Cheap Rhode Island Car Insurance
Getting the proper coverage at the cheapest rate possible is most consumers' priority. Unfortunately, according to the state's Consumer Guide to Auto Insurance, many people do not compare the prices for policies as diligently as they should and therefore over pay for coverage. This is often due to the fact that motorist are unaware that premiums can vary greatly with each provider. While comparing companies may seem like it could be time consuming, it can locate the cheapest rate and doesn't have to take up much time at all.
Completing an online auto insurance comparison is a fast and effective way to locate lower premiums. When comparing RI car insurance quotes make sure to take advantage of any discount that may be available. Certain discounts can lower rates as much as 20%. If some still seem a little high, keep comparing. Quotes are free and do not require any obligation to buy; so compare different coverage options and limits to see if they become more affordable. The more choice a person has, the better chance they will find what they are looking for.
Rhode Island Auto Insurance Laws
The state follows the tort system. This means that required coverage is not to protect the insured, but other drivers in the event that the policyholder is found legally responsible for injuries or damages that they caused as a result of a traffic accident. This is known as financial responsibility and most comply with the RI car insurance laws with the purchase of liability policies which consist of three major parts;
Bodily Injury Liability (BIL) with limits of $25,000 per person and $50,000 per accident;
Property Damage Liability (PDL) $25,000 per accident and;
Uninsured/Underinsured Motorist coverage (UM/UIM) $25,000 per person and $50,000 per accident.
Bodily injury liability coverage pays for injuries to other persons caused by an accident where the insured is at fault whereas property damage liability pays for damages to other people's properties. Neither pay for any damages or injuries sustained by the covered person. Furthermore, uninsured motorist coverage protects the insured in the event that they are injured or sustain property damage by a hit-and-run driver or a motorist who is underinsured or does not have a policy.