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.
Liability Insurance Coverage Requirement in Wisconsin
Reader’s Question:
Is it required for the motorist to have a liability insurance coverage? I live in Wisconsin.
Rain
Thank you for asking Rain.
Wisconsin has a financial responsibility law that pertains to any licensed drivers to operate a vehicle in Wisconsin. This law is intended to make sure all drivers operating a motor vehicle has car insurance or enough money to pay for damages to others that may have been caused by a motor vehicle accident. By acquiring an automobile liability insurance policy, a surety bond, personal funds or a certificate of self-insurance, these requirements may be met.
If the driver decides to satisfy the financial responsibility law requirements by purchasing car insurance there are certain minimum liability limits that must be bought. These limits include: $25,000 for injury or death of one person; $50,000 for injury or death of two or more people; and $10,000 for property damage. The law also requires uninsured motorist coverage of $25,000/$$50,000 for bodily injury liability coverage only.
Goodluck!
MariCAR
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