Minimum Car Insurance
In the State of Minnesota is $30,000/$60,000/$10,000. These are bodily injury liability limits. This means that if you are at fault in an accident that you have $30,000 to pay for one person’s medical bills. $60,000 total to be paid for two or more people injured in the accident. $10,000 is for Property Damage. This is the amount to pay for someone else’s vehicle that is damaged. These limits are considered underinsured.
These are very low limits of car insurance liability. $10,000 adds up pretty quickly for vehicle body damage. $30,000 does not go very far for someone that is injured as a result of an accident. After that, you may be responsible and have to pay for someone else’s damages.
Car Insurance Limits You Should Carry
We recommend carrying a minimum of $250,000/$500,000/$100,000 of liability. These are also the limits that help protect you from lawsuit. If you are negligent in an accident and someone is partially disabled and not able to work again, you can be sued for lost wages. These are the large lawsuits. This is your largest car insurance risk. To be sued from a large loss.
Umbrella Insurance Policy
This risk of being sued is also the reason that we recommend carrying an Umbrella Insurance Policy. An Umbrella policy is an additional $1 Million or more of liability insurance. This excess insurance policy covers you above and beyond of your auto and home insurance.