State Minimum May Not Be Enough For Car Insurance

In every state there is a minimum requirement for owning car insurance. Each state, assuming various degrees of financial responsibility, has established laws requiring drivers to cover both injury to themselves and others, as well as damage to cars and other property.

But is it safe to drive with just the minimum required insurance policies? Most people in the automobile insurance industry say no. It has been found that with the risk of serious accidents it is by far wiser to purchase adequate coverage above that required by the law. In a serious accident where you are at-fault, minimum levels of liability insurance may not be enough to cover the costs.

It is also recommended that you consult your automobile insurance agent or company after making major purchases. While you may have the appropriate insurance to cover a new home or an expensive piece of jewelry, often in the case of a serious accident where you are at-fault you may have to sell personal belongings to cover the costs left over after your car insurance coverage is fully used.

Insurance experts recommend buying at least $100,000 covering individual occurrences and $300,000 for multiple occurrences. Some experts even suggest buying more due to our highly litigious culture and escalating medical and repair costs. For those who own new cars, it comprehensive and collision coverage is advisable. This will cover your car if it is stolen or harmed by natural causes.

It is important to recognize that state laws governing the required levels of car insurance are based on minimum standards, not those advisable to most car owners. It is best to purchase enough liability insurance to cover yourself in case of a serious accident where you are at-fault.

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