Minneapolis, MN is best known for its lakes and parks that create a balance between city life and nature. The Mall of America is another attraction that draws thousands of tourists to the city every year.
With so many newcomers and short-term visitors, you may begin to wonder if your insurance policy is enough to accommodate the steady flow of people. Calhoun Risk Management can help you figure out a few things.
Minnesota Auto Insurance Requirements
The state of Minnesota requires all residents operating a motor vehicle to have auto insurance. The specific requirements of the rule are as follows:
- Auto owners should have coverage that pays at least $30,000 for bodily injuries in an accident;
- Insurance holders must have enough coverage to pay for at least $10,000 worth of property damage;
- An overall policy limit must be for at least $60,000 for damages in an automobile accident.
Of course, if you are fully responsible finance-wise for all damages incurred by yourself and the victims if you are found at-fault for an auto accident. The above stipulations should be considered as the bare minimum for drivers.
Should You Go Beyond The Minimum?
Some drivers find that they do not have enough insurance to cover an incident after the catastrophe has occurred. Imagine yourself thinking that your indemnity policy will be enough to pay for you rear-ending someone only to learn that you must come up with thousands to cover the portion of the cost that your assurance company did not pay out.
After an accident is not the time to discover that you are underinsured. You should speak with a representative at Calhoun Risk Management today to learn about the policies and procedures regarding auto insurance so that you can find the policy that is right for your lifestyle. Speak with an agent today!