What is the Required Minimum Auto Insurance?
The minimum auto insurance you are required to have differs from state to state. In every state, the minimum refers to liability, which covers the expenses of the other driver and the damage to their vehicle. There is a certain formula that is given by each state to the insurance companies who write your policy. For example, in California the formula is 15/30/5. To those not in the insurance business, this may look like numbers and slashes. To an insurance agent, it means much more. Each number corresponds to a monetary figure.
The first number refers to the amount in thousands that must be carried for one person in the other vehicle who is injured in the incident. The second number is the amount in thousands of dollars that you must carry on all passengers injured. Then the last number refers to damage to the vehicle or other property in the accident. Therefore, in California your policy would require a minimum of $15,000 bodily injury liability, $30,000 on the passengers bodily injury and $5,000 for property damage. This is merely an example and your state may have very different requirements.
You can learn your state's minimum insurance requirements by searching the Internet, this is information that should be easy to find. Once you are aware of the minimum requirements you need to decide if you want the minimum or more than that. There are other types of insurance to consider. For example, collision coverage takes care of damage to your vehicle regardless of whose fault the accident was. There is medical coverage also for you and your passengers, and even comprehensive coverage that covers off-the-road damage. This might be from storm damage, theft or some other cause.
Some states require underinsured or uninsured motorist insurance. This means if you are hit by a motorist who does not have car insurance or does not have enough to cover your damaged car and/or medical expenses, your policy will pick up the costs. This is actually a good thing to have because you would be surprised how many drivers are running the roads with the bare minimum or no coverage at all. So, before making a decision about whether you want the required minimum auto insurance or more than that, consider the costs and what makes you feel safe.
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