We frequently hear from neighbors and friends that auto insurance is an option here in our great state. Of course, if you purchase a new vehicle, the lien holder will most definitely mandate appropriate coverage to protect the automobile, as their investment is on the line. If you do not have a lien are you then free to do whatever you want when it comes to coverage and accountability?
That is not exactly the way the state of New Hampshire sees it. While New Hampshire does not have a mandatory insurance law, the state does require you to pay for costs of bodily injury or property damage resulting from a car accident you caused. In fact, you must provide proof of financial ability to meet the costs of the at-fault accident, or risk suspension of your driver’s license until you can.
Luckily, most NH residents do decide to purchase insurance, keeping our uninsured motorist rate lower than that of the national average. While a policy may not be mandatory, it is extremely wise to protect yourself and others out on the roadways. For anyone choosing to purchase auto insurance your policy must include the following:
Your New Hampshire car insurance policy must include liability coverage, which will help you pay for costs associated with bodily injury or property damage to others resulting from an accident you caused.
Your liability insurance must meet the following minimums:
- $25,000 for bodily injury, per person.
- $50,000 for bodily injury, if multiple people are injured in an accident.
- $25,000 for property damage.
Medical payments Coverage
Your policy must also include medical payment coverage to help pay for your own medical costs in case of a car accident. You must have at least $1,000 in medical payments coverage.
Uninsured Motorist Coverage
Although New Hampshire has a relatively low rate of uninsured drivers, your insurance policy must include uninsured motorist coverage to help cover your injuries and damage to your property that may result from being in an accident with an uninsured driver (or a driver whose insurance is not sufficient to cover your costs). Your uninsured motorist coverage must match your liability coverage amounts.
As previously mentioned, your bank or financial institution may require additional insurance under the terms of your loan. Typically, you will be required to also hold collision and comprehensive policies. Even if you are not making payment on your vehicle, but your car has some value, or it would be a large out of pocket expense to repair, it may still be in your best interest to select collision coverage.
This policy type provides coverage that helps pay for damages to YOUR CAR resulting from an accident.
Provides coverage for damages to your car resulting from non-accident-related events, such as fire, theft, or vandalism.
We understand that selecting to right type and amount of insurance can be confusing and time consuming. Our expert agents are here to assist in understanding the laws, as well as the best providers to get you exactly the right coverage for your needs. If you would like more information, please contact our office for your FREE quote and consultation. Email Marie@brownellinsurance.com to set up your appointment.