Minnesota Auto Insurance
Requirements of Motorists under MN State Law
Everyone has an opinion about insurance. Some people
believe it is a conspiracy to con hardworking people out
of money. You can not imagine how much you need insurance
until you something happens that you were not prepared
for.
Weather its a car accident, a flu, a fire,or a theft
these things happen all the time. You never know if or
when something might happen to you. Don't be caught off
guard by life's unpredictable events.
There are certain "requirements" that are applicable
to each state and varies accordingly. We have attempted
to compile all of the relevant information in to this
single resource to help visitors know what is expected
of them in regards to insurance.
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Minnesota
Car Insurance Requirements
Coverage Minimum - 30/60/10
Coverage Explanation - Car insurance
coverage in Minnesota must provide a minimum of $30,000
for injury liability for one person in an accident, $60,000
for all injuries in an accident, and $10,000 for property
damage in an accident.
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Important Minnesota
Auto Insurance Laws!
1. All MN State motorists are required to buy and maintain
a "no-fault" insurance policy.
Important to Note:
Minnesota auto insurance law requires all licensed vehicles
to have PIP, Liability, Uninsured, and Underinsured coverage
in the following amounts:
Personal Injury Protection (PIP)
- $40,000 per person per accident ($20,000 for hospital/medical
expenses and $20,000 for non-medical expenses such as
lost wages, replacement services, etc.)
Liability
- $30,000 for injuries to one person
- $60,000 for injuries to two or more people
- $10,000 for physical damage to the other driver's
vehicle or for damage to property
Uninsured
- $25,000 for injuries to one person
- $50,000 for injuries to two or more people
Underinsured
- $25,000 for injuries to one person
- $50,000 for injuries to two or more people
Although they are not required under Minnesota auto
insurance law, if you have a loan on your vehicle, the
lien holder, as the legal owner of the car, will require
you to carry comprehensive and collision coverage.
If you do not purchase this coverage, the lien holder
may buy it and charge you for the premium. This is termed
"forced insurance"; it is extremely expensive,
it is legal under Minnesota auto insurance law, and it
does not include the required coverages listed above.
Read
our review on Lowering your Auto
Insurance
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