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Underinsured or uninsured motorist (UM/UIM) coverage pays for you, members
of your family in your household and occupants of your automobile for personal
injuries caused by a hit and run driver or an uninsured motorist. UIM coverage
is not required under Wisconsin auto insurance law. Insurance companies are
required to notify you of its availability. The minimum limits of UIM coverage,
if accepted after notification, are $50,000 per person and $100,000 per accident.
Wisconsin has a financial responsibility law. It is designed to make sure that
any motorist licensed to drive in Wisconsin has insurance or enough money to
pay for damages to others that may be caused by a motor vehicle. These requirements
may be met through a motor vehicle liability insurance policy, a surety bond,
personal funds, or certificate of self-insurance.
Bodily injury liability does not protect you or your car directly in a claim
brought by someone else against you. It does however apply in an accident for
which YOU are liable (at fault). This protects you in claims for damages including
medical expenses, lost wages and pain and suffering. This coverage also applies
for a member of your family driving your car or someone else driving with your
consent. For example, Wisconsin requires a minimum of 25/50/10 liability coverage.
You may also purchase a bond in the same amounts as the regular insurance. The
first number is the amount that the insurance will cover for any one person
($25,000). The second number is the total amount the insurance will pay for
all persons injured in an accident ($50,000).
Next, you want to be sure that you are covered in the event any property damage
is done. Property damage protects you against a claim for damages to either
another vehicle or property in an accident for which you are liable. The third
number (25/50/10) tells you how much your insurance will cover for property
damage in any one accident.
When calculating your automobile insurance, you must take into consideration
the following factors; your driving record, moving violations and previous accidents
will increase the cost of your insurance. Other factors include age, gender
and marital status. Finally, the county you live in will also affect the cost
of your insurance as well as the driving record of any family members covered
under your insurance.
