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Arkansas Auto Insurance FAQ
Car insurance laws can be quite confusing. Thankfully, the Arkansas Insurance Department has put together a list of frequently asked questions regarding the mandatory liability insurance laws and other Arkansas auto insurance-related questions.
What coverages are mandatory?
Every automobile owner must have liability coverage. Liability coverage pays for any claims when you are at fault in an accident. The minimum liability you are required to carry by law is $25,000 per person for bodily injury, $50,000 per accident and $25,000 to cover property damage to other’s property. Almost all insurers offer higher limits. When you apply for liability coverage, you must be offered an opportunity to purchase coverage for uninsured motorist bodily and property damage, underinsured motorist coverage for bodily injury and personal injury protection coverage.
Uninsured motorist coverages cover you and your automobile if the other driver is at fault and does not have liability insurance.
Underinsured motorist coverage gives you additional protection if the other driver is at fault and doesn’t have enough coverage to cover your injuries.
Personal Injury Protection provides you with wage loss, death benefits and medical coverage regardless of fault.
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What other coverages are available?
You may also purchase comprehensive and collision coverages. Comprehensive coverage protects against damage to your automobile from acts of nature or other events not associated with operating the automobile. Collision coverage protects against damage to your automobile when it is involved in an accident.
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Are there any discounts that must be offered?
Yes, the College Graduate Discount and Defensive Driver Discount for those insureds 55 and over who have successfully completed a course approved by the Office of Driver Services. Check with your agent for any other discounts your insurer may offer.
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Why have my rates gone up when I haven’t had an accident and/or claim?
Probably because the insurer increased its overall rates because it has paid out more losses than expected. You may personally receive a lower or higher rate based upon various factors.
Why haven’t my physical damages premiums decreased as my vehicle ages?
The price of repairing vehicles does not go down as a vehicles ages.
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What do I need to do if I need to file a claim in Arkansas?
It’s important to know what to do if you are involved in an a car accident in Arkansas. According to the Arkansas Department of Finance and Administration, you must file a Safety Responsibility SR-1 Accident Report within 30 days of the accident if there is damage in excess of $1,000 or it results in the injury or death of any person regardless of who is at fault.
According to the DFA, Financial Responsibility After An Accident Requirements Are:
- An SR-21 proof of liability insurance in force form filled out by your insurance company.
- A deposit of security as tabulated by the DFA office.
- A written release of liability signed by the other party in the accident.
- A final civil adjudication of non-liability from a court of competent jurisdiction. Trial in traffic court over a traffic citation is not an adjudication of non-liability.
- A covenant not to sue signed by the other party which must be notarized.
- A written statement which has been accepted by the appropriate parties to the payment of damages in installments.
- A written statement by the adverse party or his liability insurance carrier that they have reimbursed you for your property damage.
- A written request to this department for a hearing to determine if there is a reasonable possibility that a judgment may be rendered against you as a result of the accident. If the hearing indicates a judgment does not seem reasonable, then the department will not require the security deposit.
- A copy of a bankruptcy petition with a list of creditors naming all parties.
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