The Major Types of Automobile Insurance
Contrary to what many people believe, auto insurance is actually made up of several different types of insurance, each of which covers a different aspect of the potential dangers a driver is likely to experience on the road. While proof of insurance is required to drive in Wisconsin, many motorists may not know what type of car insurance they’re required to have, and which types they aren’t.
If you’ve been injured in an automobile accident, you shouldn’t have to face your injury alone. Contact the Wisconsin car accident lawyers of Habush Habush & Rottier S.C. ®, by calling 800-242-2874 today.
Three Types of Insurance
Although there are many different insurance options available to drivers, the three that you will need to be most familiar with are:
- Uninsured/underinsured motorist insurance: All Wisconsin drivers are required to have this form of insurance, which provides coverage in the event that you are in an accident with someone who does not have sufficient insurance to cover the property damage and injuries. Without this insurance, victims of accidents would have to pay for their medical expenses and repair bills out of pocket.
- Liability insurance: Liability insurance covers bills and expenses for which you are legally responsible. It prevents you from having to pay the often gigantic medical and repair bills with your own money. As of June 1, 2010, Wisconsin requires liability insurance to cover at least $50,000 for injuries suffered by a single driver, $100,000 for injuries to all occupants, and $15,000 for property damage.
- Collision insurance: Collision insurance covers the damages to your own car in an accident, so that you are not paying the money for your repairs yourself. Usually, there is a deductible on this type of insurance. A deductible is the amount for which you personally are responsible. For example, in a policy with a $1,000 deductible, you are personally responsible for the first $1,000 in repair costs, with the insurance company paying for the rest. In general, the higher the deductible on your policy, the lower the monthly premium.
If you or someone you love has been injured or worse in an automobile accident, contact the Wisconsin car accident attorneys of Habush Habush & Rottier S.C. ®, by calling 800-242-2874 today.