How much can insurance companies charge for uninsured motorist coverage in Missouri?

In Missouri, the amount that insurance companies can charge for uninsured motorist coverage is variable and based on their individual policies. This means that different insurance providers may set their own rates for this type of coverage, taking into account factors such as the driver's risk profile, driving record, the amount of coverage desired, and the company’s underwriting guidelines.

Insurance companies are allowed to use actuarially sound practices to determine premiums, so the rates can differ significantly from one insurer to another. This flexibility allows consumers to shop around for the best coverage that fits their needs and budget, which is a key aspect of the insurance market.

The concept of a fixed rate established by law does not apply here, as insurance rates in Missouri are not strictly regulated to one set price, enabling a competitive environment among providers. Similarly, charging only a flat percentage of the overall premium or providing coverage for free as a courtesy are not options that align with how insurance pricing operates, particularly for uninsured motorist coverage.