Wisconsin requires all drivers to maintain certain amounts of car insurance. This includes liability coverage that pays for damage you cause to other parties’ properties if an accident occurs and uninsured motorist coverage in case an uninsured motorist hits them while driving.
Collision and comprehensive policies offer additional coverage options that help ensure the actual market value (AMV) of your car after an accident, while medical or funeral expense coverage could provide much-needed assistance in such instances. You might also consider medical pay coverage.
Liability Coverage
Liability coverage covers costs related to your negligence in a car accident, such as medical expenses for yourself and others and property damage. Wisconsin requires minimum liability limits of 25/50/10 (insurer lingo for $25,000 in bodily injury liability per person; $50,000 total bodily injury liability per collision, and $10k property damage per collision).
Increased limits and uninsured/underinsured motorist (UM/UIM) coverage should provide compensation for injuries sustained from drivers without sufficient coverage or without sufficient liability protection. You should also consider adding collision and comprehensive insurance to protect your car against accidents, theft, vandalism and weather events like hailstorms and tornadoes; many lenders require such coverages on cars that are leased or financed.
Though Wisconsin does not mandate minimum coverage requirements, it’s wise to carry more than the required coverage in order to protect both yourself and your personal assets in case of an accident. Leasing companies often impose their own insurance requirements that go beyond state minimums.
Consider also including personal injury protection (PIP) or medical payment coverage to your policy, though not mandatory in Wisconsin. PIP pays for treatment in at-fault accidents as well as lost wages and child care costs should an injury occur on the job. Although not available everywhere and sometimes not necessary with comprehensive and collision policies in place; most often though it will prove significantly cheaper to have this protection than cover your own medical bills yourself out-of-pocket.
Uninsured Motorist Coverage
Uninsured/underinsured motorist coverage, commonly referred to as uninsured/underinsured motorist, is mandatory in Wisconsin and covers your medical claims and vehicle repairs in the event of an accident with an uninsured or underinsured driver, or those with insufficient coverage such as hit-and-run incidents and drivers with inadequate liability limits for an incident they caused. Wisconsin insurers typically define underinsured motorists using “limits-to-limits” comparison, so your UIM limits must exceed that of their counterpart.
Wisconsin’s minimum bodily injury and property damage liability limits may be lower than in many other states, yet they still provide an important layer of protection for both drivers and passengers. If you own an expensive vehicle or have significant assets to safeguard, increasing these limits is often worth doing; usually only incurring minimal premium costs.
Car insurance companies in Wisconsin may legally use multiple factors to determine your rate, including credit score and gender. Therefore, drivers with low credit scores and men pay more than those with excellent credit or women. Insurers may also charge extra for comprehensive and collision coverage.
Wisconsin is widely known for having low motor vehicle theft and traffic fatality rates, helping keep auto insurance prices below the national average. But these lower premiums may tempt drivers to skimp on coverage – potentially placing themselves at serious financial risk in case they cause an accident without adequate coverage, miss payments or have their policy lapse.
Underinsured Motorist Coverage
Uninsured motorist coverage (UM) protects you and your family if they are involved in an accident with an uninsured or hit-and-run driver, or one who does have insurance but does not carry enough coverage to cover their injuries and property damages. UIM coverage (commonly referred to as UIM coverage) may be purchased alongside physical damage coverages such as comprehensive and collision policies or separately.
Although Wisconsin’s minimum liability limits may be higher than many states’, they still leave you vulnerable to costly medical bills and property damage from an at-fault driver who lacks adequate coverage. With a small additional premium payment you can increase these limits to more accommodate for your individual needs.
As well as purchasing UM/UIM coverage, consider adding Medical Payments Coverage (Med Pay). Med Pay offers up to $10,000 of coverage per person in an accident with an uninsured driver – an important addition as this type of policy often covers for expenses like lost wages and funeral costs that health insurance doesn’t.
If you own multiple cars under one policy with the same insurer, stacking UM/UIM limits may also be possible; however, most car insurers include language prohibiting this practice within their policies; it would be wiser to discuss your options with one of our Milwaukee auto accident attorneys as this way we can make sure your coverage meets your needs and provides all protections allowed under Wisconsin law.
Collision Coverage
Wisconsin does not mandate collision coverage, but is one of a select few states which allows its inclusion. Collision covers you if an accident caused by you or another driver damages your car, hail, falling objects, flooding, vandalism or theft damages it too – making Wisconsin an excellent state for this coverage! Additionally, including collision in comprehensive policies often provides better deals.
If someone you know borrows your car and gets into an accident, your liability coverage typically pays for damages and medical costs associated with their injuries and medical costs if they were at fault in the collision. But because Wisconsin is an at-fault state, your expenses will only be reimbursed if found at fault in the incident. In these situations “follow the car” coverage may also help;
As Wisconsin has low minimum liability limits, they could quickly be exhausted in an accident involving you, friends, or family causing serious injuries to others. Therefore, for a small premium increase you may wish to increase your coverage limits for greater peace of mind.
Uninsured/underinsured motorist coverage provides medical claims coverage if an uninsured or underinsured driver causes you harm, according to the Insurance Information Institute. This feature is particularly important as over 13% of drivers in Wisconsin are uninsured – potentially risky if involved in an accident with such individuals and can result in expensive medical expenses, repairs, and losses for all parties involved. Progressive’s Snapshot program uses devices and mobile apps that monitor safe driving habits and reward good behavior with reduced premiums; saving both you time and money on premiums by tracking safe driving habits over time using devices or mobile apps and tracking safe driving habits over time and rewarding good behavior with reduced premiums!
Comprehensive Coverage
When purchasing a vehicle, there are many considerations to take into account; safety ratings, fuel economy and seating preferences all must be taken into account. Vehicle insurance should also be an important factor. Wisconsin offers minimum coverage requirements; however it would be prudent to add extra coverage and increase limits.
Liability coverage protects you if you cause damage or injuries to others due to an accident you cause. Limits typically appear as three numbered ranges: (25/50/10), (20/40/15). Each number represents either the bodily injury maximum per person or accident damage maximum, respectively.
As well as liability coverage, you can also add uninsured motorist and collision coverage. Uninsured motorist coverage covers you in instances when another driver lacks any form of insurance while underinsured motorist protection can help if their policy doesn’t cover enough expenses to cover them.
Collision coverage is essential when it comes to repairing or replacing your vehicle after colliding with another vehicle or object, such as a tree, such as collision. Comprehensive insurance provides damages from storm damage, theft, vandalism and natural disasters like flooding, fire or animal collisions (Wisconsin sees over 5,000 collisions per year with deer alone!) plus lenders typically require both collision and comprehensive coverage along with liability insurance when financing a car loan.
If you’re in Wisconsin looking to save on car insurance premiums, using an app or device that measures your driving habits could help customize rates based on them. Snapshot(r), an incentive program which rewards safe drivers with lower premiums could also be effective.