According to Wisconsin state law, all motorists must carry insurance on their vehicles. If you do not have auto insurance, you could face a fine up to $5,000. Further, if you are in an accident and are uninsured, your driver’s license can be suspended, you may have to pay for damages and injuries you caused and you will have to purchase auto insurance before your license is reinstated.

In Wisconsin, drivers are required to carry the following minimum amounts of coverage:

  • Liability — $25,000 per person or $50,000 per occurrence
  • Property — $10,000

We’ve met with many people who, having been in an accident, tell us they “have full coverage.” Indeed, they may have the minimum required by law —but those minimums may not be enough. The costs associated with an accident can vary greatly and may include ambulance fees, ER visits, hospitalization, post-accident physician visits, physical therapy and lost wages. If you are uninsured or underinsured, an accident can have a serious impact on your livelihood.

We recommend the following minimums:

Liability Insurance — $100,000 for one person or $300,000 for all persons. This protects you from injuries you cause to people when using your car, including your passengers and those in the other vehicle. The policy will pay for medical expenses, lost wages, and the pain and suffering of others up to your plan’s limit. You are responsible for damages above that limit.

Uninsured Motorist Coverage — $100,00 per person or $300,00 per occurrence.This covers you, your family that lives with you and any passengers if an underinsured motorist hits you. It also covers you if you are a pedestrian harmed by an underinsured motorist.

Uninsured Motorist Coverage — $100,00 per person or $300,00 per occurrence. This covers you and your passengers if an uninsured motorist harms you. It also covers you if you are a pedestrian harmed by an uninsured motorist.

As you can see, the Uninsured coverage and Underinsured coverage is the insurance that helps you and your family when you’re hurt by another driver. Make sure that the coverage you buy for your family under these areas is AT LEAST equal to, if not more than, the liability coverage you buy to protect the other driver.

You may also want to consider the following optional coverages (some of which may be required if you take out a loan to purchase the vehicle):

  • Property Damage Liability Insurance — $50,000. This pays for damages to the other car and property such as homes, light poles, signs, etc. It does not cover damages to your car or damages to someone else’s car that you are driving.
  • Gap Insurance – Covers the difference in the amount you owe on a vehicle loan and the value of your vehicle if it is totaled, so you’re not left owing money on a loan for a vehicle that is gone.
  • Collision Insurance — Pays for damages to your car no matter who caused the accident.
  • Comprehensive Insurance — Pays for damage to your vehicle due to fire, theft, vandalism, etc.
  • Medical Payments Coverage — Pays medical and funeral expenses for your and your passengers no matter who caused the accident. These policies are not recommended if you already have health insurance coverage.

If you have questions, please contact us at 715.359.31388.