OnlineAutoInsurance.com Discusses Reasons to Increase Coverage Levels
Orlando, FL, July 27, 2011 --(PR.com)-- It may be tempting to save a few bucks on car insurance premiums by purchasing only the minimum liability coverage required by your state, but the writers at OnlineAutoInsurance.com point out that future costs could far outweigh short-term savings.
A recent FAQ posted to the site makes clear why consumers with existing policies and those who are looking to buy car insurance online or in person should consider carrying more than just the bare minimum.
Nearly all drivers nationwide must carry financial protection to pay for any damages they may cause in an accident. This typically covers bodily injuries and property damages, up to the limits of the policy.
Many industry and consumer groups recommend motorists carry $100,000 in bodily injury coverage per person and $300,000 per accident. But requirements vary between states, with many state minimums falling short of that.
Basic policies in Florida, for example, initially require drivers to carry no bodily injury liability at all and only $10,000 of property damage liability.
Source: http://www.flhsmv.gov/ddl/frfaqgen.html
Maine, on the other hand, requires a minimum $50,000 for bodily injury to a single person, $100,000 for bodily injury per accident and $25,000 for property damage liability.
By increasing their policy limits—and perhaps paying for collision or comprehensive coverage that is not required in any state—motorists can be better prepared financially for serious accidents.
Industry experts say it is particularly important for drivers in states with low liability requirements to consider upping their protection to safeguard themselves against financial hardship.
Several states have recently considered legislation to increase minimum liability limits.
A Nevada bill prompted by concerns that existing liability levels were too low to cover damages from serious accidents died in that state’s legislature in April. The proposed legislation had sparked fears that potential premium increases would force some motorists to forgo coverage altogether.
Similar proposals have proven unsuccessful in Connecticut, Nebraska, Illinois, Ohio and Pennsylvania. In Wisconsin, the governor recently signed a bill that would actually slash the total liability coverage drivers in the state are required to carry.
To read more about this and other auto insurance issues, go to http://www.onlineautoinsurance.com/buy/, where you will find informative resource pages and a free-to-use quote-comparison generator.
To access the full FAQ, follow the “Questions” link located at the top of any page on the site.
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A recent FAQ posted to the site makes clear why consumers with existing policies and those who are looking to buy car insurance online or in person should consider carrying more than just the bare minimum.
Nearly all drivers nationwide must carry financial protection to pay for any damages they may cause in an accident. This typically covers bodily injuries and property damages, up to the limits of the policy.
Many industry and consumer groups recommend motorists carry $100,000 in bodily injury coverage per person and $300,000 per accident. But requirements vary between states, with many state minimums falling short of that.
Basic policies in Florida, for example, initially require drivers to carry no bodily injury liability at all and only $10,000 of property damage liability.
Source: http://www.flhsmv.gov/ddl/frfaqgen.html
Maine, on the other hand, requires a minimum $50,000 for bodily injury to a single person, $100,000 for bodily injury per accident and $25,000 for property damage liability.
By increasing their policy limits—and perhaps paying for collision or comprehensive coverage that is not required in any state—motorists can be better prepared financially for serious accidents.
Industry experts say it is particularly important for drivers in states with low liability requirements to consider upping their protection to safeguard themselves against financial hardship.
Several states have recently considered legislation to increase minimum liability limits.
A Nevada bill prompted by concerns that existing liability levels were too low to cover damages from serious accidents died in that state’s legislature in April. The proposed legislation had sparked fears that potential premium increases would force some motorists to forgo coverage altogether.
Similar proposals have proven unsuccessful in Connecticut, Nebraska, Illinois, Ohio and Pennsylvania. In Wisconsin, the governor recently signed a bill that would actually slash the total liability coverage drivers in the state are required to carry.
To read more about this and other auto insurance issues, go to http://www.onlineautoinsurance.com/buy/, where you will find informative resource pages and a free-to-use quote-comparison generator.
To access the full FAQ, follow the “Questions” link located at the top of any page on the site.
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Contact
Online Auto Insurance
Gregor McGavin
909-784-2476
http://www.onlineautoinsurance.com/
Gregor McGavin
909-784-2476
http://www.onlineautoinsurance.com/
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