All automobile owners in the United States, except for those living in the states of Wisconsin, South Carolina, Tennessee, and New Hampshire are required by law to have at least the minimum liability coverage. Certain states also require car owners to purchase Personal Injury Protection (PIP) or Medical Payments (MedPay), which will usually compensate you for medical treatment in case you are injured in a car accident. And in some states still, car owners are required to have auto insurance to deal with instances wherein the driver of the other car is either uninsured or underinsured.
Aside from the basic coverage mandated by state law, it would be advisable for drivers to get more types of auto insurance. The question is how to determine how much auto insurance coverage is right for you. Perhaps for some people, basic coverage is enough. But for many other types of people, minimum insurance will hardly be able to compensate for the costs resulting from a car accident.
Take for instance, bodily injury liability. Although there is only minimum or no requirements for this type of auto insurance in every state, getting one with higher coverage limits would be advisable - especially for those who are in possession of sizeable assets. This is because if by your own fault, you injure another motorist in an accident, your minimum insurance might not be enough to cover the other party's medical costs. If they sue you, you risk losing your assets to pay for their costs. But if you're the type of person with hardly any assets, then basic coverage may be sufficient, since the other party won't be likely to waste time trying to get what you don't have.
People who are often on the road or those who live in or travel to accident-prone areas should also consider getting collision and comprehensive insurance. If you run into another car (or any other object for that matter), collision insurance will foot the repair bill. Comprehensive insurance, as its name implies, will cover the costs of repairing or replacing your car in a host of events, such as theft, natural disasters, and civil disturbances.
How much auto insurance coverage is right for you is something to be determined by you, perhaps in consultation with your insurance agent or broker. Take into mind several factors like the kind of driving you do and the places you go before deciding. Also, review other types of insurance you already have, such as your health insurance, to avoid getting duplicate and unnecessary coverage.
http://insurance2010.com/articles/How-Much-Auto-Insurance-Coverage-Is-Right-for-You.html
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