Badger State motorists must now purchase quite extensive automobile policies in order to be in compliance with the state’s Financial Responsibility laws. In order to operate a motor vehicle legally, a Wisconsinite must purchase a car insurance policy consisting of Bodily Injury Liability, Property Damage Liability and Uninsured/Underinsured Motorist coverage. The limits for each type of protection are quite high compared to other states, but can prove to be beneficial if a motorist is involved in a traffic accident.
On January 1st of 2010 the minimum Wisconsin auto insurance coverage requirements were increased and policies must consist of liability limits of $50,000 for bodily injury or death of one person, $100,000 for bodily injury or death to two or more people and $15,000 for property damage liability, which will pay for bodily injury and property damaged caused to another party and is commonly abbreviated as 50/100/15. In addition, a policy must also contain uninsured and underinsured motorist coverage in the amounts of $100,000 for bodily injury per person and $300,000 for bodily injury per accident (100/300); this will cover injuries sustained by the policyholder and/or passenger if involved in a traffic with a driver that lacks a policy, has inadequate liability policy or if the insured is victim of a hit and run.
Although the state requires a bit of coverage at high limits, abiding by the law does not mean breaking the bank. The average auto insurance premiums being paid in the state are some of the most inexpensive in the country and a motorist has more than one way to be in compliance with the law. There are circumstances where the state will allow Financial Responsibility to be satisfied with the purchase of a surety bond or a cash deposit of $60,000 with the Wisconsin Department of Transportation. Due to the large amount of money that may need to be deposited, it is for good reason that the majority of motorist choose to purchase automobile coverage to be in compliance.
In addition to being financially responsible for injuries and/or damages that are caused as a result of a traffic accident, as of June 1, 2010, it became mandatory for Wisconsinites to carry documentation proving that the vehicle being operated is covered by a car insurance policy. Proof of coverage will need to be provided when requested by law enforcement or if involved in a traffic accident. If unable to provide proof of a valid policy to a law enforcement officer the motorist may be issued a $10 fine. Although a $10 fine may seem to be a laughable amount for not having proper documentation, being caught without coverage can result in a fine of up to $500. It may be a wiser choice to purchase a policy rather than having to pay a fine and obtain coverage as well.
Source: http://www.onlineautoinsurance.com/wisconsin/
