Every state has different requirements for the minimum amount of motor vehicle insurance that you need to carry when you own a motor vehicle. Motor vehicle insurance policies cover you as the insured party, your spouse, other relatives living in your home, and anyone whom you give permission to drive your vehicle. Wisconsin’s financial responsibility law requires that you maintain the following types of coverage, at a minimum:
- $10,000 for property damage
- $25,000 for the injury or death of one person
- $50,000 for the death of more than one person
- $25,000 in uninsured motorist coverage for the injury or death of one person
- $50,000 in uninsured motorist coverage for the injury or death of more than one person
You can, of course, maintain an insurance policy with higher limits and more coverage, if you choose. If you buy a new vehicle by taking out a loan, then the loan company often will require you to maintain an insurance policy with significantly more coverage than the minimum coverage. Even if you don’t take out a loan, you may want more coverage to protect your investment in a new vehicle. If you purchase a new vehicle and then are involved in an accident two days later, your minimum required insurance policy may not be enough to pay for your vehicle, which will result in your losing all of the money that you paid for the vehicle.
The Department of Motor Vehicles (DMV) does not require that you produce proof of insurance when registering a motor vehicle or obtaining a driver’s license. The only exception is if the DMV requests it and it is required for you to reinstate your driver’s license after suspension or revocation. You will need to show your proof of insurance, however, at law enforcement’s request during traffic stops and accidents.
Boller & Vaughan are experienced Madison personal injury lawyers who know Wisconsin law and know how to effectively represent your interests in any personal injury claim stemming from a traffic accident, whether it involves a motorcycle, semi-truck, or a passenger vehicle. Contact our office today and learn how our attorneys can help ensure that you receive the compensation in your case to which you are entitled.