How
Much Auto Insurance Do You Actually Need
In Texas?
Auto insurance - you can't live with it;
you can't drive with out it. Not legally
anyway. It is a nececssary evil. Many peoples
first priority is to get the bare minimum
requirements. Most states require that you
have liability insurance. This covers you
when you are at fault in an accident. If
you live in New Hampshire, South Carolina,
Virginia or Wisconsin, you aren't required
by law (yet) to have liability coverage.
For the rest of us, the mandatory coverage
varies by state. For Texas, the minimum
requirements are $20,000 of bodily injury
liability for one person, $40,000 bodily
injury liability for all people and $15,000
property damage liability. In addition,
Uninsured/Underinsured motorist coverage
is not required in Texas.
PIP
(Personal Injury Protection) is insurance
coverage that pays for your medical expenses
in the event of an accident regardless of
who is at fault. PIP will cover the policyholder
and household members and all authorized
drivers and passengers. PIP insurance is
a mandatory coverage in the state of Texas,
however, you can sign a waiver declining
the coverage.
If
you have sufficient health insurance that
will cover your necessary medical expenses
in the event of serious injury, you may
not want PIP coverage. Before electing to
sign off on PIP insurance, however, consider
whether you can afford any lost wages from
a job if you were not able to return to
work for an extended period. In addition,
PIP insurance covers substitute help and
funeral expenses, which your other insurance
may not help with.
If
these expenses are not of major concern
to you, then you can safely choose to waive
PIP insurance coverage.
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