How Does Minimum Auto Insurance Work

| April 8, 2019

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Almost every state requires you have car insurance coverage if you want to drive legally in your state. Most states outline a minimum level of coverage you must buy by law. What your state requires as minimum limits however, may not cut the mustard should you get into an accident. A car accident can cost WAY more than the minimum limits the state of Pennsylvania requires. On your declaration page from your insurance company, you may see a series of numbers which are what your coverage selections are. The numbers include what you have elected for your bodily injury liability maximum coverage for one person injured in an accident, your bodily injury liability maximum coverage for all injuries in one accident and your property damage liability coverage maximum for one accident. As an example, in the state of Pennsylvania the minimum liability limits required by law are $15,000 for bodily injuries to one person, $30,000 for all bodily injuries and $5,000 for property damage in an accident. Now let’s say you’re carrying minimum levels of coverage and are in an at fault accident where there are four people in the other car. If each person needs $20,000 in medical care, that’s a total of $80,000.

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OTHER ARTICLES

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COVID-19: How Insurance Can Help Mitigate Business Losses through the Crisis

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What’s Driving Innovation and Transformation in Insurance?

Article | March 5, 2020

According to Gartner analyst Kimberly Harris-Ferrante, in the report Innovation Insight for Artificial Intelligence in Life and P&C Insurance*, “Adoption and maturity of AI are increasing among insurance early adopters as they test new use cases and technologies. Insurance CIOs can benefit from greater awareness of AI fundamental use cases and the impact of AI to help guide innovation.” At Shift, we couldn’t agree more.

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Pure Insurance

Pure Insurance is a Moscow-based boutique corporate insurance broker which provides specialized insurance advisory, broking and placement services for SMEs & large companies across a wide array of industries.

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