In an “at-fault” state like Wisconsin, the driver determined to be at fault in an accident is responsible for covering the damages, whether they involve property damage, injuries, or both. This means the type of insurance coverage you choose impacts your financial protection. It’s easy to ask yourself, “I’m a careful driver, do I really need so much coverage?” It only takes a single catastrophic accident to turn your life upside down.
Minimum Legal Coverage in Wisconsin
The law requires drivers to have a minimum insurance coverage of $25,000 per person and $50,000 per accident for bodily injury. While this is the legal minimum, it’s often insufficient, especially if the accident involves serious injuries or multiple parties.
How Much Insurance Should You Get?
People commonly ask, “How much insurance should I get?” The answer to that depends on your circumstances and how much risk you are willing to take. Consider these factors:
Your driving habits: Do you have a long commute? Have you been in accidents before? Are you a careful or negligent driver?
Potential risks: Think about the worst-case scenarios. The costs could easily exceed the minimum coverage if you accidentally hit someone. Would you be financially prepared for that?
Liability concerns: If you own significant assets or have a higher income, you should protect yourself with higher liability coverage. Duffy, for example, has coverage up to 2-3 million dollars.
Types of Insurance to Consider
- Liability Insurance – Covers damages to others if you’re at fault. It’s essential to have enough liability coverage to protect your assets.
- Uninsured Motorist Coverage – Protects you if you’re hit by a driver who doesn’t have insurance.
- Underinsured Motorist Coverage – This is crucial because if the at-fault driver’s insurance is insufficient to cover your damages, this coverage kicks in to make up the difference. Otherwise, you could be stuck with just the $25,000 the other driver has, which may not cover all your expenses.
- Umbrella Coverage – This additional liability coverage goes beyond your regular insurance’s limits. It’s particularly valuable for those with significant assets to protect.
Real-Life Scenarios
Think about a scenario where you hit your own car in your driveway. The damage might be minor, and the cost is manageable. But now, consider hitting a pedestrian or another driver. The same degree of negligence could result in severe injury or even death, leading to significant legal and financial repercussions.
The key takeaway is to ensure your insurance coverage is robust enough to protect you in the event of a serious accident. It’s about balancing your coverage with your level of risk, and in an “at-fault” state like Wisconsin, that balance is everything. If you’re interested in learning more about your liability or need representation after an injury, reach out to Dillon Grube Law by calling 608-373-5560.
