Auto Insurance
The State of Arkansas began tracking registered motor vehicles within the state in 1997 with the help of their vehicle liability insurance. This means that Arkansas’ vehicle identification number (VIN), must match the insurance policy on the States Office of Motor Vehicle database. The state requires that all vehicles registered in Arkansas have minimum liability insurance.
The required amount for bodily injury to one person is $25,000 per incident. The required amount for bodily injury to more than one person per accident is $50,000
Property damage per accident is $25,000
Drivers who drive on the roads, highways and streets of the state are required to carry their insurance cards. They must also present the card to any officer of the law in the event of an accident or traffic stop.
All insurance companies must notify the States Office of Motor Vehicles of any policy lapses, cancellations, or non-renewal. Your vehicle registration will be automatically suspended if your insurance ceases to be valid. If you wish to legally use your insurance, you will need to show proof of liability and reinstate it.
Home Insurance
Arkansas homeowners generally select from three types of home insurance: the basic, broad, and the specific.
Basic home insurance covers the home against the most common perils such as fire, lightning and hail, windstorm, theft, and windstorm. The broad home policy protects your home against the six most common perils as well as the six additional perils such as fire, lightning, hail, windstorm, and theft.
Home insurance covers your home against all perils, except earthquake and flood. Insurance companies may offer additional coverage if you need protection against earthquake and fire.
The state’s home insurance premium depends on several factors. These include the size and location of fire departments, crime rates, and how many people live in the vicinity. These are all common factors that impact the premium rate. You can reduce your premium by taking advantage of discounts. Homeowners should shop around for insurance to find the best deal. They can also inquire about the discounts that they are eligible for.
Life & Health Insurance
It is vital to have health insurance because of the rising cost of healthcare. There are many ways that Arkansas residents can find affordable insurance. It is important to shop around for insurance that covers health. You will find many insurers that offer affordable health insurance. Next, make sure you get major medical coverage.
Insurance companies cannot deny or limit coverage under group plans, according to the state law. Insurance companies are also prohibited from cancelling policies due to illness. The Arkansas Comprehensive Health Insurance Pool can provide coverage if you are unable or unwilling to obtain health insurance due to a preexisting condition.
The most common life insurance types are cash value and term insurance. If you die within the coverage period, you will receive the death benefit.
Cash value insurance provides lifetime coverage. You can also borrow money from your insurance policy or the insurance. This comes with a higher premium.
