Saturday, December 20, 2014

Minnesota Car Insurance




Minnesota Car Insurance: What MN

Residents Need to Know

When you register your vehicle in Minnesota, the authorities
automatically establishes that you have the minimum financial
responsibility as set by state laws.
MN state law requires its drivers to have mandatory bodily injury
liability, property damage liability, personal injury protection, and
uninsured and underinsured motorist coverage.
 
The law requires a minimum bodily injury liability of $30,000 per
injured person per accident and a total of up to $60,000 for all
injuries in an accident. The property damage liability coverage is set
at a minimum of $10,000 per accident. The lower limit for uninsured and
underinsured motorist coverage is $25,000 per injury per accident and
$50,000 for all injuries per accident.
 
This basic coverage plan is referred to as 30/60/10 coverage with 25/50 UM limits.
The personal injury protection coverage (PIP) that pays for injuries
sustained by you and your passengers has a minimum limit of $40,000 per
person per accident out of which $20,000 is for medical expenses and
$20,000 is for non medical expenses such as lost wages, funeral expense
and survivor's other economic loss.
This is the basic car insurance plan required by state authorities of
Minnesota. You can opt to add more coverage to it. If your car were
financed through a loan then you would require collision and
comprehensive coverage also.
 
Minnesota follows a “no fault” system, which means that your insurance
company will pay for your injuries regardless of whose fault the
accident is.
The victim of the accident is not entitled to sue the guilty driver
unless the cost of damages exceeds the coverage or if the accident
results in permanent disability, disfigurement or death.
Every Minnesota driver involved in an accident, which results in injury
or death, or property damage worth more than $1,000 must file a crash
report to the Driver and Vehicle Services within 10 days of the
incident.
 
More information on MN auto insurance can be obtained by contacting
Minnesota Dept. of Commerce in St. Paul by calling 651-296-4026 or
visiting there website available at http://www.state.mn.us.
If you have a bad driving record and are facing difficulties in
obtaining car insurance through regular channels, ask your insurance
agent about the Minnesota Automobile Insurance Plan. You can get
insurance through this plan as it takes care of high-risk individuals.
You can also use our free quotes tool available at the end of this
article to check on available insurance companies in your area.
The average car insurance premium for residents of Minnesota in the year
2009 is $1,855, which is more than the national average rate of $1,807.

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