PKSD Newsletter: Tips for Reviewing Your Auto Coverage
Insurance protection is only as good as the policy you purchased. Even when you think your insurance limits are enough; regular check-ups are a good idea. A lot can happen in a year, so it never hurts to make sure that your needs have not changed and you still have enough of the right kind of coverage.
In this month’s PKSD newsletter, we talk about auto insurance policies, including what options may be valuable to add and which ones may be less important to your family.
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Reassess Your Current Coverage
Auto insurance companies offer many types of coverage, but how much do you actually need? In nearly every state – including Wisconsin – there are minimum requirements for coverage that are required by law.
What You Have
In Wisconsin, all drivers must carry the minimum coverage, which includes:
- $25,000/$50,000 in bodily injury protection – per person/per incident
- $10,000 in property damage liability protection – per accident
- $25,000/50,000 uninsured motorist coverage per person/per incident
Are these limits enough to protect you, your family – and your assets – if you are involved in a serious accident? These minimums may sound like a good deal of money, but medical costs, vehicle repairs and other damages add up quickly. If you are found at-fault for a collision, you could be personally paying out of pocket for any remaining costs. In other words, an injured person could come after your personal assets, such as your savings – or even your house.
Other Coverages to Consider
Be sure to check out the rest of the tips for analyzing your current auto insurance coverage in our monthly newsletter. After getting a good picture about the protection your current policy provides, some other optional coverages that may be worth your consideration include:
- Personal Injury Protection (PIP) or Medical Payments Coverage (MedPay): Both of these options offer policyholders some assistance for medical costs and lost wages after being injured in an accident. However, PIP coverage is not available in all states – including Wisconsin. In Wisconsin, MedPay is a good optional coverage to consider. It provides payment for medical costs up front – and with no deductible to pay. That said, the minimum available coverage in Wisconsin is just $1,000, which will not cover much, so you may want to consider larger limits.
- Uninsured/Underinsured Benefits: While Wisconsin already requires a minimum amount of uninsured motorist coverage, you may want to add underinsured motorist protection as well. Additionally, with one out of every eight Americans driving without insurance today, you may want to consider increasing the premiums on both.
- Other Extras: There are other types of extra insurance that you may want to consider adding, reducing or even eliminating as well. However, before making any changes, it is always a good idea to consider your budget, what assets would be at risk if you had an accident and certain life events – such as adding a new teen driver – that may warrant increasing – or decreasing your limits.
Why You Should Shop Often
In addition to purchasing optional protection or increasing the coverage on some of the coverages you already carry, it is a good idea to do some additional research. Check out the financial health of your current insurance provider and talk to an insurance agent to learn about other ways you can save money – such as good driver discounts.
Insurance policies are designed to provide peace of mind, but do not count on an insurance company giving you the whole story without being asked.
Doing all the background work may seem tedious, but if it saves you a lot of money and protects your assets, it is time well spent.
Looking for an Experienced Lawyer? PKSD is Here to Help
At PKSD Law, you will find our Milwaukee car accident lawyers are both experienced and deeply committed to helping our clients. Our proven track record – we have recovered millions for our clients – speaks volumes about how hard we are prepared to work for you.
Learn if you may have a case in a confidential and free legal consultation. There are no upfront costs to pay if we represent you – and no attorney fees. We do not get paid unless we first recover compensation on your behalf. Call our firm today. We are ready to learn more about your situation and answer any questions you may have about the car accident claims process.
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