In Mississippi, you need $25,000 in bodily injury coverage per person ($50,000 per accident). Bodily injury liability insurance pays for other people’s injuries after a car accident that you cause, and it can also cover your legal fees if you are sued after a crash.
In addition to bodily injury liability insurance, drivers in Mississippi need to purchase $25,000 in property damage liability insurance. Property damage liability coverage pays for damage to others’ property after an accident caused by the policyholder.
Together, these Mississippi liability insurance requirements are often written as 25/50/25. Even though Mississippi only requires 25/50/25 in liability insurance, it’s a good idea to purchase more coverage if you can afford it. Buying higher coverage limits can protect you financially if you cause a serious accident.
You need enough liability insurance to cover the full value of your assets. Your bodily injury liability coverage should be as much as your net worth, while your property damage liability insurance can be slightly lower since property damage claims are usually less expensive. Purchasing enough liability insurance to cover the value of your assets protects you from financial ruin if you cause a serious car accident.… read full answer
When to Carry Only the Minimum Liability Coverage
Although almost every state requires drivers to carry liability insurance, the minimum coverage is not always enough to cover the cost of an accident. It’s always best to carry as much liability coverage as you can afford, especially if you have a high net worth.
If you don’t have many assets or think the risk is worth it, you might be comfortable with carrying only the minimum coverage. But no matter what, make sure you’re carrying enough insurance to comply with state law and avoid paying fines for driving uninsured.
Liability Limits on Auto Insurance
Liability limits on auto insurance are the maximum amount that your insurance company will pay for injuries and property damage in accidents that you cause. Liability limits are typically written as three numbers divided by slashes.
For example, Arizona’s liability coverage requirements are 50/30/10. That means drivers need to carry $50,000 in bodily injury liability coverage per person, $30,000 in bodily injury liability coverage per accident, and $10,000 in property damage liability coverage overall.
Why You Need More Liability Insurance Than the State Minimum
Your insurance company will never pay for anything beyond the limits of your policy. Using the Arizona example, if you cause an accident that leads to $70,000 in medical bills for the other driver, you will have to pay for $40,000 if you are only carrying the minimum insurance required. And if you can’t afford to pay the full amount, the other driver can sue, and you can have your assets seized or wages garnished to cover the remainder.
Mississippi is an at-fault state, which means that the at-fault driver is responsible for paying for everyone injured in the accident. There are no restrictions on the right to sue after an accident in at-fault states, even if the insured buys personal injury protection (PIP).
On average, state minimum coverage costs $513 per year in Mississippi, but there are many factors that can affect how much you pay for a policy. Any coverage above and beyond what is required by Mississippi law is optional, but it’s usually worth the money to get some additional protection. The biggest reason is that state minimum coverage doesn’t protect your personal vehicle. For insurance to pay for damage to your car, you’ll need full coverage.
In Mississippi, full coverage refers to a policy that includes collision and comprehensive, plus higher coverage limits than what is required by state law. Full coverage car insurance costs about $1,460 per year in Mississippi. There may be cases when you don’t need full coverage insurance, but Mississippi drivers should buy as much coverage as they can afford as a general rule.
Most policies offer coverage for six months to one year at a time and can be paid in a variety of ways, including monthly payments. The best car insurance companies in Mississippi balance affordability with quality coverage and strong customer service. You can easily get a quote from top companies like State Farm, Geico, Nationwide, Erie Insurance, Alfa Insurance, and Farm Bureau Insurance online or over the phone, or use WalletHub’s comparison tools to find the best car insurance policy for your needs.
Car insurance in Mississippi costs $48 per month, on average, or $578 per year. The average cost of car insurance in Mississippi is 19% lower than the national average auto insurance premium, and Mississippi ranks 23 out of 50 for the most affordable car insurance rates in the U.S.
There are several factors that affect how much you’ll pay for car insurance in Mississippi, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from. On average, the cheapest insurance companies in Mississippi are Geico, Direct Auto, and USAA. But every insurer has their own way of calculating premiums, so it’s a good idea to get quotes from at least three different companies to make sure you find the best deal.
Finally, it’s worth noting that car insurance premiums in Mississippi are average, compared to the cost of coverage in neighboring states like Arkansas and Tennessee. You can find more details in the table below.
Cost of Car Insurance in Mississippi vs. Neighboring States
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