You already know you have to carry liability insurance coverage. But how do you know that you have enough? And are state minimums acceptable or should you have more than that? Here’s a bit of information from our Pizano Insurance team to consider.<\/p>\n
What Liability Insurance Covers<\/strong><\/p>\n Liability insurance is considered a third-party coverage. This means that, if you’re in an at-fault accident, this type of coverage would help to pay for the other person’s vehicle, property, and\/or medical bills. It is required by law and the basis of what you see on your policy documents.<\/p>\n Should You Have Higher Than State Minimum Limits?<\/strong><\/p>\n The next question many people ask is whether they should have higher than state minimum limits. In most cases, the answer is yes. State minimum limits are designed to help provide just a small amount of financial help if you’re involved in a bare-bones at-fault accident.<\/p>\n If you’re in a serious accident with multiple vehicles, newer vehicles, or injuries, you would be responsible for everything over your liability limit. That’s why it is important to have a high enough limit in case this type of scenario happens.<\/p>\n And if you don’t have enough insurance coverage? You could be sued personally for everything the claim does not cover.<\/p>\n Budget Considerations<\/strong><\/p>\n Before you raise your liability insurance coverage, it is important to first take into account your personal budget. A higher level of policy equates to a higher policy premium. However, it most cases the difference is only a few dollars a month. That’s why it is best to speak with your agent about your particular situation and budget before making the change.<\/p>\n Ready to learn more? Contact our team at Pizano Insurance team in Wayzata, MN to schedule a no-obligation<\/p>\n","protected":false},"excerpt":{"rendered":" You already know you have to carry liability insurance coverage. But how do you know that you have enough? And are state minimums acceptable or should you have more than that? Here’s a bit of information from our Pizano Insurance team to consider. What Liability Insurance Covers Liability insurance is considered a third-party coverage. This […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[127,240],"class_list":["post-474","post","type-post","status-publish","format-standard","hentry","category-insurance","tag-pizano-insurance","tag-wayzata-mn"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t