Do I have enough auto insurance?

Determining how much auto insurance to put on a new car or to purchase in a new state is a tough call. For residents of the Huntington, MD area and beyond in the Old Line State, a minimum amount of liability insurance and underinsured motorist coverage is required. To make sure you purchase enough insurance and consider any additional coverage options, contact the Monterey Insurance Group Inc. to discuss your auto policy needs. 

How much insurance does the law require?

In Maryland, state statute requires 30/60/15 liability coverage. This breaks down to coverage for bodily injury per person, bodily injury per accident, and property damage. Bodily injury per person is limited to $30,000, and the total bodily injury coverage provided per accident is $60,000. Property damage caused in an accident is covered up to $15,000. The policy funds can go toward legal costs for you, medical bills lost wages claims, and settlements up to the policy limit. 

Uninsured motorist coverage in Maryland features the same limits and also includes underinsured motorist coverage. This type of coverage provides you with protection if you’re in a wreck with someone without coverage or with inadequate coverage. For example, if you were in a wreck with a person with a minimum level policy but accumulated $50,000 in medical bills and lost wages, the first $30,000 in liability would be covered by their policy, and then your policy would step in to help.

Do I need more insurance than the minimum? 

Unless you 100% own your car, your lender is likely to require additional insurance coverage. This includes comprehensive and collision options to cover the cost of repairing or paying off your automobile in a wreck. Even if your vehicle is paid for, you may want to purchase these coverage add-ons to help you fix or replace your car should you hit an animal or total it in a wreck. Collision covers accidents with other vehicles while comprehensive steps in for wrecks involving animals or other loss situations like vandalism or auto theft.

The Monterey Insurance Group Inc. serving Huntington, MD is here to answer your questions regarding auto insurance. Contact us today to discuss policy options.