For those who drive in Wisconsin, auto insurance is a financial responsibility to be taken seriously. Top priority should be to have Wisconsin’s minimum insurance requirements.
Minimum WI liability insurance requirements:
$25,000 for bodily injury to one person (BI)
$50,000 for bodily injury to multiple people in one accident (BI)
$10,000 for property damage in one accident (PD)
Unfortunately, there are still a small percentage of uninsured drivers on the road, there is additional minimum uninsured driver insurance required in Wisconsin. (In addition to liability insurance.) This coverage will ensure that you receive medical care if needed in the event of an accident involving an uninsured motorist.
Minimum uninsured driver insurance requirements:
$25,000 per person (UMBI)
$50,000 per accident (UMBI)
If you are stopped by law enforcement or involved in a crash, you must be able to prove that you have driver’s insurance in place that at least meets Wisconsin’s minimum car insurance requirements.
Lenders May Require More
If you have a car note or are leasing a vehicle, your lender may require collision and comprehensive insurance in addition to Wisconsin’s minimum insurance requirements. This would help cover such things as vandalism, flood damage, fire damage, riots, or collision with animals. (According to the Dept. of Natural Resources, there are more than 5,000 collisions with deer each year.) When involved in an accident with an animal or say… an underinsured driver, there is a risk of damage or injuries that exceed the cost of repair or medical services. To protect yourself from worst case scenarios, it is recommended to purchase higher policy limits than bare minimum.
Additional Insurance Coverage
Additional insurance coverage above and beyond Wisconsin’s minimum coverage for liability and uninsured driver are available, and purely optional. Additional coverage can be purchased through your insurance broker. Your broker may automatically offer at least (2) insurance coverage options- typically Underinsured Motorists (UIMBI) or (MED) Medical Payments which can even cover funeral expenses. Clarify with your broker about the benefits of additional coverage and the minimum limits necessary to purchase them. Although you can reject this additional coverage, they are utterly worth serious consideration to protect you and your assets in the event of an accident.
Because laws can change, it is always good advice to address your questions to an insurance broker or personal injury attorney directly. If you are in an accident that is not your fault, contact Action Law Offices for a free, no strings attached, accident lawsuit consultation. You may be eligible for more monetary compensation than what the insurance companies are willing to pay. #InjuredTakeAction