Posts Tagged ‘Wisconsin car insurance’

Wisconsin Auto Insurance Coverage

Tuesday, August 2nd, 2011

Wisconsin auto insurance coverage has been a legal requirement for drivers since June of 2010. Under the law, drivers must have at least $50,000 in bodily injury liability coverage in place to compensate a single accident victim and $100,000 to pay for injuries sustained by all victims of the same accident. This type of coverage pays for medical bills and rehabilitation expenses for the occupants of the other vehicle in an accident. It also pays out a funeral benefit if the accident was a fatal one.

Property damage coverage of $15,000 is also required under state law. It is used to pay for repairs to the other driver’s vehicle, as well as any public property damaged in the accident. Public property includes fences, guard rails, sign posts, light stands and mailboxes. It does not pay for damage to the other driver’s personal property in the vehicle; his or her homeowner’s or tenant’s policy should cover this type of claim.

Physical damage insurance (collision and comprehensive coverage) is not required by law, but if the car has been financed the lender may insist that the driver keep it in place until the loan has been paid off in full. Collision coverage pays for damages sustained in an accident where the insured’s vehicle strikes an object. Comprehensive coverage pays for damage caused by other events, including hail, flooding, falling objects and stones striking the car’s windshield or windows. It also pays out when the car is stolen and not recovered.

 

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Posted in USA, Wisconsin |

How Wisconsin Auto Insurance Companies Set Rates

Tuesday, May 3rd, 2011

When Wisconsin auto insurance companies are setting rates for their customers, a number of factors are considered. A driver who applies for coverage will be rated for the level of risk that he or she presents. The factors that insurance companies look at for this purpose include the following:

  • Driving record
  • Make and model of the vehicle
  • Driver’s age
  • Driver’s marital status
  • Length of time the driver has been licensed
  • Location where the car will be garaged

Young drivers and people who have recently obtained their license pay more for their coverage than mature drivers. Maintaining a clean record is important, since being involved in an accident or accumulating moving violations means higher rates for coverage.

The make and model of the vehicle is an important consideration when Wisconsin auto insurance companies are setting rates. Some cars cost more to insure due to high repair costs or because they are more likely to be targeted by thieves. Drivers who choose a sports car can expect to pay more for their coverage as well.

Marital status is a consideration when insurance providers set rates because they consider people who have said “I do” to be more mature and responsible than their single counterparts. Couples who are planning a wedding may want to make a note to inform their insurance provider of the change in their marital status after the big day.

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Posted in Car Insurance Rates, USA, Wisconsin |

Average Cost of Wisconsin Auto Insurance 2011

Friday, March 4th, 2011

Wisconsin auto insurance customers paid an average of $1,060 for their coverage in 2011. This amount is significantly below the national average for car insurance premiums, which is $1,432, but that doesn’t mean drivers in WI can’t do better on the cost of their insurance.

Comparing rates from several providers is an important factor in finding the best deal on your coverage. Each company licensed to sell policies in the state sets its own rates for customers, and the cost can vary significantly between insurers. To find a company that can offer you the right combination of a good level of coverage and affordable rates, be prepared to shop around.

The Internet makes it easy for car insurance customers to learn about their options. A customer can visit individual web sites to find learn about the companies offering coverage and the products they offer to customers. While on the insurance company’s web site, a customer can request a free quote to find out how much he or she will be paying for coverage.

It’s a good idea to gather quotes from a number of providers before making a decision about where to buy Wisconsin auto insurance coverage. Before making a buying decision, take the time to review them carefully to confirm that all the quotes are for the same type and level of protection.

Keep in mind that maintaining a clean driving record is one of the best things you can do to keep your Wisconsin auto insurance costs down, so slow down and be careful while on the road.

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Posted in Car Insurance Rates, USA, Wisconsin |

Wisconsin Auto Insurance and Tort System

Friday, February 25th, 2011

Wisconsin is a tort state for car insurance purposes. People who have been injured as the result of an accident or who have sustained property damage have the right to sue the at-fault driver to receive compensation. As of June 1, 2010, all drivers in Wisconsin are required to have third party liability coverage in place. Unfortunately, not everyone on the road is obeying the law.

As a result, drivers in Wisconsin must have uninsured and underinsured motorist protection in place. Uninsured motorist coverage pays for injuries and property damage caused by a driver who does not have insurance in place. The minimum level of coverage required in the state is $100,000 to pay for injuries sustained by one person and $300,000 to protect all victims of a single accident.

Underinsured motorist coverage is a bit different. It bridges the gap between the at-fault driver’s policy limit and the amount of the actual damages stemming from the accident. The at-fault driver’s policy would be used up to the limit and the underinsured motorist coverage is used to make up the difference. The minimum level of coverage for underinsured motorists is $100,000 for a single accident victim and $300,000 for all victims of the same accident.

The policyholder’s insurance provider will pay for claims made under this part of the policy and then may seek to recover the money from the at-fault driver.

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Posted in USA, Wisconsin |

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