Coverage required by law

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Updated: 3/27/2003 4:09 pm
Automobile insurance is required by law in most states. These laws require drivers to prove they can pay up to a certain amount in the event that they are found responsible for an accident. In addition, a minimum amount is often required to pay for the other party's property damage. It is important to note that minimum limits required by state law are probably too low to cover all of the potential losses. Remember, you are still financially responsible for any expenses that exceed your coverage. It is recommended that the average driver carry coverage of at least one hundred thousand dollars per person and a total of three hundred thousand dollars per accident. For property damage, a minimum of twenty five thousand per accident is recommended. Depending on the total value of your assets, you may want to consider even higher limits. For more information about auto insurance requirements in your state, contact an insurance professional.

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