The first thing that you want to be sure of is that your car has basic auto coverage. This is what is mandated by the state. At Kriener Insurance in Woodbury, MN, we are independent insurance agents who work for our customers. We ensure we find the right policy at the right price to meet your particular needs.
In Minnesota, the basic auto insurance requirements are liability coverage of 30/60/10, PIP of 40/20/20, and underinsured and uninsured coverage of 25/50. This covers other people who might be injured in an accident you are responsible for. It is $30,000 for one person injured, $60,000 total for all injuries in an accident, and $10,000 for damage to their vehicle.
PIP is personal injury coverage for hospitalization and loss of wages etc. Uninsured and underinsured are self-explanatory. But what about if you have a loan on your vehicle? The lien holder will require you to cover the car they are still interested in.
Even if you don’t have a car loan, your vehicle may be necessary for your daily life. If you have enough money to be able to afford to repair your vehicle yourself, then you may not need to have collision and comprehensive coverage. But if, like most people, paying a few thousand dollars would be a hardship, then adding collision and comprehensive to your policy would be a good idea. It will pay for the repair or replacement of your vehicle minus a deductible.
If you are purchasing a new vehicle, you should consider gap insurance. It will cover the difference between the amount the insurance company will pay to replace your vehicle and the amount you owe on your auto loan. Your vehicle decreases in value when you drive out of the showroom.
Contact Kriener Insurance in Woodbury, MN if you have questions about auto insurance. We are here for you.
