Why do I need Auto Insurance?
Auto insurance is a legal requirement in the State of Wisconsin, and residents who garage a car in the state have to maintain minimum liability limits of $10,000 property damage, $25,000 for the death or injury of one person, and $50,000 for the death or injury of more than one person.
Auto insurance also protects a person’s personal assets in the event they are found responsible for bodily injury or property damage.
“If you are involved in an accident, and it is determined you are at fault, you could be held liable for the other party’s medical bills, auto damage, and suffering,” explained Ryan Arnoldy, Commercial Risk Agent at Marshfield Insurance. “This can easily top several hundred thousand dollars. Another benefit is the time factor. Negotiating with the other party can be very time consuming. Your insurance company will have a dedicated claims adjuster that will help you through this process.”
What Happens if I Don’t Have Auto Insurance?
Operating a motor vehicle without insurance may result in a fine of up to $500, and if involved in an at-fault accident, the operator will be personally responsible for any damages or judgements.
When researching auto insurance, there are a few tips that Marshfield Insurance recommends.
“In my opinion you should, at a minimum, insure to your total net worth,” said Arnoldy. “Consider all the assets you have: houses, cars, deposits, stock in a business. All of these could be at risk if you cause a serious accident and you don’t have enough insurance.”
He added that most policies have a $500,000 limit for property damage and injury, but this might not be enough for some individuals.
“A personal umbrella policy can mitigate this risk by adding additional limits of insurance on top of your regular auto policy,” he said. “Most umbrella policies are sold in increments of $1M and can go as high as you need. I strongly recommend you review your financial situation and discuss that with your agent. Most personal umbrella policies cost around $150-$200 annual. This is a small price to pay to get better sleep at night!”
Call Marshfield Insurance for Auto Insurance
Marshfield Insurance agents are happy to help determine the best options for anyone’s auto insurance – and any other insurance – needs.
“We have over 30 different companies and 22 associates with many years of experience to help you find appropriate coverage at an affordable price,” said Arnoldy. “We also provide online document access and a 24-hour claims reporting service, so, help is always around the corner.”
There’s a lot to auto insurance – let one of our friendly agents help! Give us a call at 715.387.4443.