Mississippi Auto InsuranceMississippi Auto Insurance Mississippi is a tort state with regard to auto insurance laws. What that means is that the state requires drivers who cause an accident to carry insurance to pay for damages to health and property. Mississippi Auto Insurance Coverage RequirementsMississippi state law requires drivers carry minimum liability coverage of at least 25/50/5. This means that Mississippi auto insurance liability coverage will pay $25,000 for each person hurt and up to $50,000 for all people involved in an accident. This also means Mississippi car insurance coverage will pay $5,000 for any damage to property. Although Mississippi doesn’t require collision, comprehensive, or uninsured motorist bodily injury protection, it is advisable to protect yourself and your vehicle. Car Insurance PremiumsA recent survey of national auto insurance costs showed that Mississippi ranked 31st in average annual premiums. On average, Mississippi drivers paid $709.45 for a year of coverage. More specifically, Mississippi residents paid $390.44 for liability coverage, $294.59 for collision coverage, and $168.11 for comprehensive coverage. How do insurance carriers figure individual premium costs? The companies use a formula to calculate individual premiums based on two sets of factors. First, they calculate the cost of providing coverage to the state of Mississippi as a whole. This includes such variables as:
Next, the insurers calculate individual risk factors for drivers. Some of these factors include:
All of these variables are then combined into complex formulas to determine individual rates. Most insurers use the same set of variables, but they may determine risk differently based on those variables. This can have a major impact in premiums from one company to the next. Mississippi Auto Insurance CarriersBecause Mississippi auto insurance rates can fluctuate so much from carrier to carrier, you should always comparison shop regularly to make sure you're not overpaying for coverage. Some of the highly-rated companies who offers coverage in Mississippi are:
Additional MS Auto Insurance Information and ResourcesFor more information on Mississippi auto insurance, contact the Mississippi Department of Insurance at the following address:
Mississippi Insurance Department |