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Auto insurance is not cheap. Everyone knows that. An increasing number of Americans are dropping car insurance altogether to save money according to Insurance Research Council. It has been determined that if the unemployment continues to increase at the same rate, the rate of the uninsured will increase from
the 2007 rate of 13.8 percent to 16.2 percent by 2010 easily. So how much auto insurance is really required?
Many people are obviously getting cheap car insurance by opting for bare minimum insurance coverage that is compulsory in their state. But those bare minimums might not protect you if you file a claim. Unless your car is not worth much we advise getting yourself a little more than the minimum. Mandatory coverage is different in different states although every state except Wisconsin and New Hampshire requires you to have the liability insurance:
- Bodily injury – for single person injured in the accident
- Bodily injury – for all persons in the accident that were injured
- Property damage – for one accident at least
In Alabama, $25,000 is the minimum requirement for bodily injury for a single person, $50,000 for bodily injury for all persons and $25,000 for property damage.
Medical Payments or Personal Injury Protection pays for medical expenses in some states, lost wages and other costs that arise when you are hurt due to an accident. It pays for around 80 percent of losses incurred including a death benefit. PIP is necessary in Utah, Pennsylvania, Oregon, North Dakota, New York, New Jersey, Minnesota, Michigan, Massachusetts, Maryland, Kentucky, Kansas, Hawaii, Florida, Delaware and Arkansas.
Some states require that you purchase insurance that covers your medical expenses, losses and damages if the other driver in the accident is responsible or is underinsured or uninsured.
Though all those of you who feel the financial pinch with regard to insurance rates are opting for affordable auto insurance, it is in your best interest to buy higher limits for maximum benefits. Although if your total personal assets do not amount to much the cheap car insurance with minimum benefits might actually work in your favor and save you money. How? In case someone is hurt and you are responsible for it the minimum liability may not cover their expenses and so their attorney will come after your personal assets.
It is but natural to resent the money you spend on insurance even if it is affordable auto insurance. But remember that car insurance will be the only thing to rescue you in case of an accident even if it isn’t you who is hurt. This is why it is necessary to buy yourself a solid foolproof and maximum benefit policy. Be well informed about what type of coverage you should have and what type of additional coverage best fits your lifestyle and your pocket. And given the statistics of the IRC would you want to risk not being well insured with that many other uninsured drivers on the road? Change your mind for your own good.