Get the right automobile insurance for your safety and your property.
Iowa law requires minimum liability coverage:
- $20,000 of bodily injury to or death of one person in any one accident;
- $40,000 because of bodily injury to or death of two or more persons in any one accident; and
- $15,000 because of injury to or destruction of property of others in any one accident.
Many drivers find that the right amount of insurance coverage for them may be above those minimums for liability and may also include coverage for property damage in the form of comprehensive or collision coverage.
Talking with a licensed insurance agent can not only help make sure that you in compliance with Iowa law, but that both you and your property are adequately covered. In addition, the Iowa Automobile Insurance Plan may provide you access to automobile insurance coverage if you are unable to obtain coverage in the voluntary market.
Rental Cars and Travel Insurance
The last thing any of us want to think about while planning our summer road trip is insurance. However, a carefree trip can get very expensive if something goes wrong and you aren’t covered. Consider discussing rental car insurance and travel insurance with a licensed insurance agent to see if you are adequately covered for your trip.
Drivers and Passengers of Transportation Network Companies (Uber, Lyft, etc.)
Many Iowans utilize Transportation Network Companies (TNCs), such as Uber or Lyft, to get where they need to go simply through a click on a TNC’s app on their phone. Some Iowans opt to use their vehicle to make some extra cash by driving for a TNC. Unfortunately, many of the TNC drivers have failed to realize that their personal automobile policies are not in effect when the vehicle is being used for a commercial purpose. This can be very bad news for TNC drivers, TNC passengers, and any people or property that TNC drivers may happen to hit with their vehicles.
In 2016, Iowa passed legislation outlining in detail protections for TNC passengers as well as the many responsibilities of the TNC and the TNC driver, including insurance coverages. This gives TNC passengers certainty that their ride will be insured. TNCs are now required to provide disclosures to TNC drivers regarding what insurance coverages the TNC will provide for the TNC drivers and when. The TNC driver should talk with a licensed insurance agent if the coverages provided by the TNC do not meet the minimums required by state law or if a TNC driver wishes to have insurance coverage beyond what the TNC is providing. If the TNC driver does not fully own the vehicle being used (example: the driver has a loan on the vehicle), the TNC driver must notify the owner (example: the bank or credit union that made the loan) seven days prior to using the vehicle for TNC purposes or the TNC driver will be subject to fines.
Insolvent Property and Casualty Insurers
“The [Iowa Insurance Guaranty Association] provides coverage in the event a property and casualty insurer becomes insolvent.... The Iowa Insurance Guaranty Association was created by the Iowa Legislature in 1970. . . . When a member is declared insolvent by a court order, the [Iowa Insurance Guaranty] Association is charged with providing protection, subject to the terms of the law, to Iowa residents who are insured by the insolvent insurer or have claims against those insureds. The funds the [Iowa Insurance Guaranty Association] uses to pay the policy obligations of insolvent insurers is derived solely from assessments made on member insurers. The [Iowa Insurance Guaranty Association] receives no public funds or tax revenues.” --Iowa Insurance Guaranty Association
For more information, go to the Iowa Insurance Guaranty Association’s website.