Minimum Coverage vs. Full Coverage
Don’t make the mistake of thinking that having the state minimum coverage is having full coverage. Remember that state liability laws don’t cover your own vehicle. Full coverage means that you have protection for others and yourself.
This includes additional coverages: collision insurance, comprehensive insurance, uninsured motorist coverage, and medical expenses coverage/personal injury protection for medical bills. It doesn’t include gap insurance, roadside assistance, or rental car reimbursements, or any other type of insurance like health insurance.
Note that collision coverage also covers the cost of any lost wages you incurred as a result of an at-fault accident, up to your limit. Beyond that, you’ll have to pay out of pocket.
Is State Minimum Coverage Enough?
While the state minimum coverage is enough to prevent you from getting a ticket for not having insurance, it may not cover all the liability you could incur in an accident, nor will it cover your car’s damages in a claim. Evaluate your needs by talking to an auto insurance agent.
If the state minimum coverage is 15/30/5, this means you are protected only from liabilities of $15,000 in injuries per person, $30,000 in total injuries per accident, and $5,000 in property damage. A fender bender can often cause more than $5,000 in damages, which you may be liable for.