Serving Chesapeake, Portsmouth, Norfolk, & Virginia Beach

Finding a high quality yet affordable car insurance policy can be hard, but choosing insurance is one of the most important safety and financial decisions a driver will probably ever make. A great auto insurance policy is able to protect a driver from losing all of his or her assets and protect him or her from being overwhelmed by the medical bills, personal damage bills, and other consequences of being in a car accident.

What is the Minimum Coverage Requirement?

All states require drivers to hold a valid car or truck insurance policy whenever they drive any kind of motor vehicle on a public road. There are a lot of coverage choices currently available on the auto insurance market. Among these policies, the amount and type of coverage, as well as the cost of insurance can vary greatly.

In general, a car insurance policy that meets only a state’s minimum requirements will be the cheapest policy available. For a lot of young drivers and/or people who need to restrict spending on essentials in their budgets, though, a minimum coverage policy can be a good idea. If provides a driver with the knowledge that they have some protection in the event of an accident.

Drivers with more assets to protect may want to consider increasing the minimum coverage amounts. Furthermore, a person may also want to consider protecting their own vehicle with a collision policy. Collision policies are the only type of car insurance that will pay for the damage to the driver’s car after an accident in which they are at fault.

Some people choose to go even further and get a comprehensive auto policy. These policies cover a car or truck if it stolen, damaged by a natural disaster, and/or vandalized. Some of these policies will even pay out for items stolen from a car, such as a laptop or stereo.

How Much Coverage do I Have to Have?

Each state sets its own minimum coverage standards. In general, though, they provide around one hundred thousand dollars of coverage for medical bills and about half that amount for property damage. Of course, there is a lot of variety in the exact amounts of coverage required by each state.

A driver needs to know that a policy that meets the minimum requirements will only pay out to the victims of an accident. No state requires a driver to have a minimum coverage amount for a driver of an at-fault vehicle. In other words, a basic insurance policy will not provide any money for medical bills or property damage for the at-fault vehicle or its driver. This is the main reason why many people choose to get more coverage in the form of either a collision or a comprehensive policy.

If you are just starting to shop for auto insurance, start by finding out what the minimum requirements for your state are. Then, carefully consider what your insurance needs are. Collision and comprehensive policies will usually cost more, but many people find that the added peace of mind is well worth the cost.