Minimum auto insurance requirements to increase in 2010
Every state makes it mandatory to have minimum auto insurance coverage. For research
auto insurance online is here. Reports suggest that the eligibility requirement for minimum coverage will be raised in some states. For example states of Louisiana as well as Wisconsin are expected to undergo these changes. Effective January 1st 2010, all new policies written will have to meet the new requirement.
Wisconsin will experience the following changes
Liability coverage will be obligatory and the limits are expected to escalate to USD$50,000 death or injury for a single person. In case of more than one, the coverage amount will be USD$100,000. As far as damage of property liability is concerned, it will be USD$15,000.
There is one more addition to the new requirements. Effective June 2010, a driver or a owner will be required to provide proof of the new auto insurance coverage when asked for by any law enforcement official. If you are driving a vehicle without insurance, it may attract a fine of up to USD$500. Not having it in person when asked for can cost you USD$10. Finally, if you are caught producing fake papers, you will be fined a sum of USD$5,000
How will increase in minimum auto insurance coverage affect Louisiana?
Currently the auto insurance premiums paid by residents of Louisiana are one of the highest in the country. With the introduction of new requirements, these rates are expected to escalate further. The percentage increase is yet to be implemented. According to the insurance commissioner “I would not be surprised to see it go to 15 percent”.
Bodily injury liability limits for a single person will escalate to USD$15,000. For more than one person, it will increase to USD$35,000. Property damage liability will be USD$25,000 as per the new requirements.
If you intend to renew your auto insurance policy, make sure you shop around for the same. Auto insurance carriers will want your business. So, opt for the insurer who is willing to work with you as per favorable terms.
Posts
