Automobile Insurance Rate Iowa City Iowa IA

 

October 3, 2008 by carinsurance · Leave a Comment
Filed under: Auto Insurance Quotes, Auto Insurance Tips, Insurance Quotes 

Reader’s Question:

My cousin was involved in a car accident in Iowa City, IA. It was a minor accident and both parties agreed not to report it. My question is, when is the right time to report an accident? And what does auto insurance has to do with car accidents in Iowa?

Ricky

Iowa City, IA

The state of Iowa does not have a compulsory law that requires every driver to purchase auto insurance. But if you’re license is suspended or you are involved in a vehicular accident in Iowa City (whether you are the driver or owner of the vehicle) then you will be required to show financial responsibility. And financial responsibility can be any of the following:

  • Proof that you have auto insurance at the time of accident;
  • File an agreement saying that you would pay the damage or injury of the other party on installment;
  • File proof of complete settlement of the damages and/or injuries
  • Cash, bank draft, check (cahier’s, certified), or postal money order payable to Office of Driver Services;
  • Obtain releases from the damaged or injured parties;
  • Execute a warrant for confession of judgment that includes an agreement of payment schedule; or

Get a decision resulting from a civil damage action relieving you of all liability.

Now going back to your question, when should you report an accident? If a vehicular accident results to damage (be it property damage, bodily injury, death etc) amounting to $1000 or more, then it must be reported to the Office of Driver Services within 72 hours, regardless if you are at fault or not. But, you are not required to file a personal accident report if a police is already investigating said accident. However, you must provide proof of financial responsibility if you cause damage or personal injury of more than $1,000 to the other party.

For additional information about Iowa’s law concerning motor vehicle financial responsibility you can always check with Iowa Department of Transportation, Motor Vehicle Division or even check their website.

Tags: ,

Tags:

Comments are closed.