Indiana Code Title 24. Trade Regulation § 24-4.5-4-301

Sec. 301. Property Insurance--(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:

(2) The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.

(3) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the amount financed or principal exclusive of charges for the insurance is three hundred dollars ($300) or more, and the value of the property is three hundred dollars ($300) or more.

(4) The amounts of three hundred dollars ($300) in subsection (3) are subject to change pursuant to the provisions on adjustment of dollar amounts (IC 24-4.5-1-106).  However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for October 1992.