#1 Best Value for Car Insurance in Mississippi, 2016
Co-operative Insurance Companies was named the Number One Best Value for car insurance in 2016 for the state of Mississippi. Co-Operative Insurance Companies won with a ValChoice score of 100. The company beat out 62 other companies for this prestigious honor.
The ValChoice grading system reviews every insurance company, in every state. Each year we identify the best company, by state. Companies are chosen solely based on our independent, unbiased analytics.
In Alabama, both auto insurance prices and homeowners insurance prices are going up fast while incomes are going down. See the table below for details.
When insurance rates go up faster than income, it's time to shop for better insurance. Our analytics provide the most reliable information available on insurance companies. Best of all, we don't sell insurance. That means we're independent and unbiased.
Why I Founded ValChoice
Car and Home Insurance Average Rates and Three-Year Trend
|Average Price*||3-Year Change|
|Median Household Income**||Not Applicable||11.2%|
|*Insurance Information Institute (iii.org). The most recently published data from the III is through 2015. **U.S Census Bureau (https://census.gov). Data used matches the same three-year period that is available from the III.|
"ValChoice, a data analytics company that aims to bring some transparency to the opaque insurance industry."
ValChoice is “Carfax for...insurance”
Auto Insurance In Mississippi
The five largest auto insurance companies in Mississippi are shown in the table below. The market share of each company is shown in the second column. The third column shows their most recent ValChoice Score. ValChoice Scores are only presented for companies with above average performance. For the companies where the needle on the gauge is missing, you can order a free report to get the ValChoice Score. This information is presented so you can reliably compare Mississippi auto insurance companies in order to understand your options for the best car insurance.
The ValChoice scoring system takes into account how they price, their historic performance for claims handling and the level of service they provide. This scoring system uses high quality data and grades on a curve. This approach to grading yields companies that score as high as 100 and as low as 0. Only a system like this gives consumers a true picture of the performance of car insurance companies. For more details on any given company, order a ValChoice report.
Compare Auto Insurance Companies in Mississippi
|Market Share||ValChoice Score|
|Southern Farm Bureau Casualty||11.87%|
|GEICO (Berkshire Hathaway Insurance )||6.28%|
|ValChoice only comments publicly on companies that are above average. For any company that is below average we don't publicly display the score. For those interested, scores on all companies are available with free reports. All analysis based on quantitative, high-quality data. Data sources include: SERFF, state insurance commissioners, National Association of Insurance Commissioners and AM Best Company. Data used by permission.|
Mississippi laws require drivers to have the minimum insurance coverage shown in the table below. The important point to know about auto insurance coverage amounts is they define the maximum amount any Mississippi car insurance company is obligated to pay. If the costs are more than the amount of insurance coverage you purchased, you will be personally responsible for the costs above your coverage limits. More information on how insurance coverage protects you is included below the table.
Minimum Car Insurance Coverage Required in Mississippi
|Bodily Injury, per person||25,000|
|Bodily Injury, per accident||50,000|
Types of Mississippi Car Insurance
Under Mississippi insurance laws, the costs of an accident are allocated to the driver who is at fault. This means, if you cause an accident, your insurance pays the medical bills, lost wages and cost of repairing the cars and property you damaged. If you don't have insurance, or don't have enough insurance, you are personally responsible.
Bodily Injury Protection
Bodily injury protection is a type of liability insurance. Liability insurance means it pays for the other party, not you. In the table above the minimum bodily injury coverage you can buy in Mississippi is specified in the first line of the table. The minimum bodily injury coverage amount you can purchase to pay the bill when more than one person is injured in an accident is shown in the second line of the table.
Property Damage Protection
The property damage protection that is required under Mississippi law is also liability insurance coverage. Property damage liability insurance pays for repairs to the other person's vehicle or property, not your own. The maximum amount the car insurance company will pay on your behalf is the coverage limit that you purchased. If you want coverage above the minimum amount, that can be purchased but is not required.
Protecting Yourself, Your Passengers and Your Car
Coverage for your own vehicle, yourself and your passengers can also be purchased. However, this type of accident insurance is not required by law. Instead, it's optional. Reasons you may not want this additional car insurance could be that you have an old car that isn't worth repairing if something happens. You may not want bodily injury coverage for yourself if you have a good health insurance policy. However, don't forget that when you are the driver, you need to protect your passengers too. When you take the option to buy bodily injury insurance for you and your passengers, it is sometimes called personal injury protection. Personal Injury Protection (PIP) is a type of accident insurance where your own car insurance company pays first. This is not required in Mississippi. Don't let the different terms confuse you.
Many people wonder what coverage they have for a vehicle that gets damaged by floodwater. Floodwater damage protection is part of your comprehensive insurance. For more details on insurance coverage for flooded vehicles, read our blog post titled "Does Your Car Float Like a Boat? What to do if it Won't!"
Uninsured Motorist and Underinsured Motorist
Despite laws that every driver have auto insurance, not everyone does. Or, they don't have enough coverage to pay the costs of a serious accident. Uninsured motorist coverage will pay the costs the other drivers insurance should have paid when they don't have insurance to cover the cost of an accident. Uninsured or underinsured motorist insurance changes the arrangement so your auto insurance company will pay the costs the other drivers insurance doesn't cover.
Getting an Auto Insurance Quote
When you get a car insurance quote, be sure to get an example of the insurance policy, or the declarations page. This will be proof of how much insurance you're actually buying. Also, be sure to keep a copy of the insurance policy so you know the full extent of your coverage.
Always ask your agent to provide you with a ValChoice report. ValChoice reports are the only reliable way to know how well insurance companies perform for providing a good value, their performance when handling claims and the level of service they provide.
Car Insurance Blog
Homeowners Insurance In Mississippi
Mississippi Home Insurance Rates and Trends
The five largest home insurance companies in Mississippi are shown in the table below. The market share of each company is shown in the second column. The third column shows their most recent ValChoice Score for homeowners insurance. ValChoice Scores are only presented for companies with above average performance. For companies where there is no needle on the fuel-gauge-style image, you can order a free report to get the ValChoice Score. This information is presented so you can reliably compare Mississippi homeowners insurance companies in order to understand how to get the best homeowners insurance.
The ValChoice scoring system takes into account how they price, their historic performance for claims handling and the level of service they provide. This scoring system uses high quality data and grades on a curve. This approach to grading yields companies that score as high as 100 and as low as 0. Only a system like this gives consumers a true picture of company performance. For more details on any given company, order a ValChoice report.
Compare Homeowners Insurance Companies in Mississippi
|Market Share||ValChoice Score|
|Southern Farm Bureau Casualty||16.53%|
|Liberty Mutual Insurance Companies||7.37%|
Many companies that offer homeowners insurance also offer renters insurance. The ValChoice grading system applies to renters insurance as well as home insurance. To get a report on renters insurance, simply select homeowners insurance and choose the type of insurance report card you would like to have.
Flood insurance is offered separately from homeowners insurance. Talk to your insurance company or insurance agent if you wish to purchase flood insurance. At this time ValChoice does not grade any flood insurance offerings. For more information on flood insurance, read our blog post titled "10 Facts About Flood Insurance, Without Drowning in Details."
State law in Mississippi allows for hurricane deductibles. Under MS law the trigger for these deductibles going into effect is when a named storm or hurricane watch goes into effect anywhere in the state.
Hurricane and named storm deductibles mean you are likely to pay much more if wind damages your home than if something else damages your home. For more information on hurricane and wind/hail deductibles read our blog post "How to Get Hurricane Insurance Without Getting Blown Away."
Getting an Insurance Quote
When getting a homeowners insurance quote, be sure to consider the following important items.
Amount of Coverage
The dollar amount of insurance coverage to purchase should be equal to the estimated cost of rebuilding the home. Do not include the property value when determining the amount of insurance to buy.
Extended Dwelling Endorsement
This coverage is often referred to as “extras.” This is additional coverage that addresses the problem that occurs when the actual cost to rebuild the home is more than was estimated when buying the insurance. In situations where there is a catastrophic event such as a flood, tornado or hurricane, building costs can increase significantly due to building materials increasing in price and contractors being scarce. Extended dwelling endorsements cover this higher than expected building cost. Extended dwelling endorsements are typically offered as a percentage of the coverage amount. The amount offered is commonly 10%, 25%, 50% or 100% of the coverage.
Building Code Coverage
When rebuilding a home, local laws will require that you rebuild to current building codes. If building damage is extensive, sometimes the laws even require you to upgrade the undamaged portion of the home to meet current building codes. This can be a significant additional expense. It's common that a homeowners insurance policy will exclude or limit the coverage for conforming to current building codes. Be sure to understand this important point about the insurance you buy.
Loss of Use
This specifies how much and how long the insurance company will pay for you to live somewhere else while your home is being rebuilt or repaired. One year in loss of use coverage is common. If your home requires a total rebuild, it’s wise to plan on a couple years for the project to be completed.
Covering Your Personal Items (“Contents”)
Your personal items will commonly be covered by what’s known as “replacement cost” coverage. This means you only get paid when you actually replace the item. There are two important items to understand here. 1) You must have a detailed home inventory to know what you had in order to replace these items, and 2) if you had $200,000 worth of contents and only replaced $20,000 worth of items, you would only receive the $20,000. “Replacement cost” sounds good. In reality, it may leave you far short of what you expected.
Home Insurance Blog
Mississippi Homeowners Insurance Rate Calculator
This calculator is an average of insurance prices across the state. Individual prices will vary depending on factors such as deductibles, coverage and the risks associated with the specific area where you live.
Use this calculator to estimate home insurance prices in Mississippi. Just enter the replacement value (cost to rebuild, not including the land).
Mississippi Homeowners Insurance Prices Yields 21st Worst Value of All 50 States
Compared to other states, the average price of insurance in Mississippi is one of the highest of all 50 states. However, the value Mississippi homeowners get is slightly below average. We measure value by looking at home much of the amount paid in premiums is used to pay claims. We do this over several years to account for catastrophic events.
For the ten-year period from 2007 to 2016, Mississippi residents had the 21st worst value from their homeowners insurance of all 50 states. The combination of very high prices and below average value, Mississippi home owners need to shop carefully in order to get a good value on their home insurance.
Important Insurance Laws - Mississippi
Mississippi Insurance Regulation
The Mississippi Insurance Department develops and enforces insurance laws for the state. Consumers can contact the department with questions and complaints about their home and auto insurance. If you do not receive the service you expect from your insurer, you can file a complaint directly with the Department of Insurance. The state of Mississippi does not publish complaint data for consumers to use when making purchase decisions.
The insurance commissioner in the state of Mississippi is elected by the voters of the state. Being elected by voters makes the commissioner directly accountable to the citizens. This is beneficial to consumers when dissatisfied with the performance of an insurance company.
A summary of the driving safety laws for the state of Mississippi can be found at this link. The information includes a summary of the laws affecting people driving cars, or riding motorcycles or bicycles while using cell phones or texting. Also included are the requirements for child safety seats, wearing a helmet and being under the influence while operating a vehicle in the state of Mississippi.
The Mississippi Statute of Limitations defines the time limit following an accident when you can file a lawsuit. Once this time limit has passed, you can no longer file a lawsuit.
State law in MS allows for homeowners insurance companies' to invoke hurricane and named storm deductibles. This type of deductible means you will pay a percentage of your homes value before the insurance company pays for losses. This different type of deductible goes into effect when a named storm or hurricane warning is issued by the National Hurricane Center.
Resources Available to Consumers
The Mississippi Small Claims Court is available for you to resolve issues, without needing to hire an attorney. This link to the small claims court provides more information, including the dollar limit of claims that can be made in this court.
The Federal Emergency Management Agency (FEMA) is for disaster victims who are uninsured, underinsured or the victim of a flood.