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Auto Insurance in New Hampshire
What is auto insurance?
Operating vehicles comes with certain risks, especially when navigating New Hampshire’s mountainous and oft-snowy roads. For while drivers are on the road, there are seatbelts, all-wheel drive, traction control and other safety features. Should something still happen on the road, there’s auto insurance for afterward.
Auto insurance provides financial protection against unexpected incidents and accidents that may occur while driving a vehicle. It can offer coverage for the vehicle, driver, passengers, and others.
Who in New Hampshire is required to carry insurance?
Most drivers in New Hampshire need car insurance. Although state law doesn’t require it of drivers who can show fiscal reserves, insurance is often needed and highly recommended.
New Hampshire is one of two states that don’t actually require car insurance (the other being Virginia). In New Hampshire, drivers who can show that they’re able to be financially responsible if they cause an accident are exempt from any auto insurance requirement. Financial responsibility is defined as $25,000/person for bodily injury liability, $50,000/accident for bodily injury liability, and $25,000/accident for property damage liability. Drivers who choose to self-insure may be required to deposit some or all required funds with the state.
In the vast majority of cases, insurance is highly recommended and usually purchased. Depositing the requisite funds with the state is a financial burden for many drivers. Those that could afford to might be sued for much more than this, and no one wants to pay out-of-pocket as much as a major accident might cost. Insurance tends to be a more affordable and pragmatic way to protect oneself.
An insurance agent who specializes in auto policies can further explain why insurance is important regardless of state requirement.
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Coverages to Consider
- Personal Injury Coverage
- Medical Payments Coverage
- Bodily Injury Coverage
- Comprehensive Coverage
- Collision Coverage
- Property Damage Liability Coverage
- Uninsured/Underinsured Motorist Coverage
What are the coverages that auto policies make available?
Auto policies can offer a range of protections, including the following:
- Personal Injury Coverage: Normally applies to individuals in the insured vehicle who suffer injuries in an accident
- Medical Payments Coverage: Normally applies to medical expenses incurred by individuals in the insured vehicle
- Bodily Injury Coverage: Normally applies to injuries to other drivers, passengers or bystanders involved in an accident with the insured vehicle
- Comprehensive Coverage: Normally applies to non-collision damages, such as fire, theft or natural disasters, that the insured vehicle suffers
- Collision Coverage: Normally applies to collision damages, such as hitting another vehicle, that the insured vehicle suffers
- Property Damage Liability Coverage: Normally applies to damages that other vehicles or property suffer during an accident
- Uninsured/Underinsured Motorist Coverage: Normally applies to accidents caused by drivers who are either underinsured or have no insurance coverage
Underinsured/uninsured motorist coverage is important in any state. Drivers may want to give it special attention in New Hampshire, however, given the state’s laws on auto insurance.
Do auto loans and leases require insurance?
Regardless of state laws, most lenders require certain insurance coverages when a vehicle is financed or leased. The lender generally wants to make sure that their financial interest (the outstanding balance) is protected even if the vehicle is damaged.
To this end, lenders commonly require drivers who have an auto loan or lease to carry the following coverages: comprehensive coverage, collision coverage and gap coverage. Gap coverage typically applies to the difference that's owed on a vehicle versus what it’s worth.
How can drivers get auto insurance?
If you need help insuring a vehicle that’s New Hampshire-registered, contact the independent insurance agents at Portsmouth Atlantic Insurance. Our agents have extensive experience in helping drivers find solid car insurance policies that provide robust protections when driving.
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