Mandatory Auto Insurance Coverage in Wisconsin
Reader’s Question:
What is Wisconsin’s mandatory auto insurance coverage?
Gary
Milwaukee, WI
Wisconsin’s financial responsibility law is intended to make sure that all licensed drivers in Wisconsin are liable for the damages that may arise from getting into an accident to which they are found to be at fault. This financial responsibility may come in the form of a vehicle liability insurance policy, certificate of self-insurance, surety/guarantee bond, or personal funds.
If you decide to satisfy the required financial responsibility by getting a vehicle liability insurance policy, you have to abide by the state-mandated minimum coverage requirements. Your policy must be able to cover 25 thousand dollars for the injuries or death of one person, 50 thousand dollars for the injuries or death of two or more persons for a single incident, and 10 thousand dollars for property damage and vehicle repair. The policy must also have uninsured motorist coverage worth 25 thousand dollars/50 thousand dollars to cover bodily injuries only.
If you feel the need to protect your assets, you may opt to get coverage that is beyond the required minimum set by the state. Your additional coverage will depend on your needs; therefore make sure that you get the appropriate policy for you. You may also check for deductibles that are applicable to your policy. Deductibles are additional payments that you make to pay for the damages. Your payment plus the payment made by the insurance company compose the total amount for a certain portion of the claim. To better understand this add-on and your other options, try seeking advice from different insurance agents.
Minimum Car Insurance Coverage in Wisconsin
Reader’s Question:
Hi there, I just moved to Wisconsin and I hear that the minimum insurance required to drive a vehicle here is different. Can anyone tell me the minimum insurance I need?
Elle
Milwaukee, WI
Hi, Elle. You’re right. Wisconsin does have a different car insurance policy than other states in the US. You see, most US states will only require certain amounts of bodily injury and property damage liability insurance. However, in Wisconsin, the state requires liability insurance and uninsured motorist insurance as well.
Here are the amounts that you will need for each type of insurance: a minimum $25,000 per person and maximum $50,000 per accident of bodily injury liability insurance plus $10,000 for property damage. For uninsured motorist coverage, you will also need the minimum $25,000 with a maximum $50,000 per accident insurance coverage. The bodily injury insurance will cover injury of other people in an accident up to the amount as specified in your coverage. The property damage insurance will pay for any damages to other people’s property in case of a crash. The Uninsured motorist insurance will keep you covered for accidents caused by the negligence of an uninsured driver or a hit and run driver.
Failure to have the required amounts of insurance required in Wisconsin can result in fines, suspension of licenses and impounding of your vehicle. So please make sure that you have enough car insurance coverage and that you keep proof of your insurance coverage in your vehicle at all times.
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