About Idaho Insurance Laws, Auto Insurance and Health Insurance Industry…
Idaho Department of Insurance regulates the various insurance companies that do business in the state. As in other states, companies wanting to do business in Idaho must comply with these regulations or risk facing harsh penalties. The state’s regulations are meant to allow businesses to operate freely within the state while also mitigating their potential for malicious activity. These regulations also protect consumers from such activities that would take advantage of them or damage their financial stability.
Idaho Auto insurance is required to be purchased by residents. Failure to carry auto insurance coverage could result in the suspension of a driver’s license. Unlike some other states, Idaho has extensive auto insurance regulations. The minimum level of coverage any driver can have in the state are $25,000 for injury or death of a single person; $50,000 for the injury or death of two or more people; and $15,000 for damage to property. This coverage requirement extends to rented vehicles and all such vehicles must carry liability insurance with the same minimum limits at those required of vehicle owners. The cost for rental car insurance is typically higher.
Minimum Liability Limits for Idaho Auto Insurance: $25,000/$50,000 Bodily Injury and $15,000 Property Damage
All auto insurance policies sold in Idaho after January 2009 must include coverage for uninsured motorists. This is to ensure that drivers are protected against potentially massive financial losses if falling victim to an accident with an uninsured driver.
As in other states, property insurance is not required in Idaho, but it is tightly regulated. The state works to ensure that Idaho homeowners insurance rates remain as reasonable as possible while also allowing for businesses to operate in their best interests. Homeowners are advised to attain some form of coverage to protect their properties from natural disasters and other catastrophic events. Typically, those interested in purchasing a home or property are required to have some kind of property insurance if they are receiving financing through a financial institution, but this is not required by the state.
Idaho is one of the states that remains officially undecided concerning the issue of a health insurance exchange. A state committee recently ruled that the state should pursue its own exchange instead of allowing the federal government to operate such a system. Lawmakers have not yet decided whether to take action on the initiative.
A Idaho health insurance exchange would provide residents with access to affordable health insurance policies offered by companies that wish to participate in the program. These policies would account for an absolute minimum level of coverage as defined by the state and would be offered in a tiered structure. Policies in higher tiers will offer more benefits than those in lower tiers, which would account for only the minimum level of coverage as required by the state.
Idaho Insurance Resources:
Idaho Department of Insurance Website: http://www.doi.idaho.gov/
Idaho Insurance Commissioner: Bill Deal
File a complaint: http://www.doi.idaho.gov/Consumer/Report.pdf
Idaho Insurance Agent Resources: http://www.doi.idaho.gov/producer/licensing.aspx