Drivers can take advantage of all options, including state minimum liability and full coverage. In addition, there are many optional coverages available to help you protect your truck, including roadside assistance.
Full coverage includes a combination of liability, collision, and comprehensive.
Liability provides third-party benefits, paying for damages and injuries sustained by third parties. In turn, collision pays for damages due to a wreck, regardless of who is at fault. Comprehensive pays for damages related to events such as falling tree limbs, vandalism, theft, and natural disasters.
Other optional selections include rental car reimbursement.
Expect to pay several hundred dollars more annually to receive greater peace of mind knowing you are covered against a broader range of scenarios.
State Minimum Liability
State minimum liability refers to the minimum coverage required by state law. In addition, they provide third-party benefits, covering the cost of damages or injuries sustained by other drivers who are not responsible for an accident.
Every state sets its minimum liability requirements. For example, all California private passenger vehicles must carry $15,000 in bodily injury liability per person, $30,000 in bodily injury liability per accident, and $5,000 in property damage liability. In turn, Texas drivers need much higher limits (30/60/25).
Keep in mind that these are only minimums. Most insurers recommend purchasing additional liability with a 100/300/100 policy, an excellent starting point when the average cost of a new vehicle is over $40,000. A single accident can easily blow past a $5,000 property damage liability, forcing out-of-pocket cost with the ever-looming threat of lawsuits by third parties due to lack of protection.
Some states, especially no-fault states, require their drivers to carry some form of medical coverage, such as medical payments (MedPay) and Personal Injury Protection (PIP). If your state does not require underinsured/uninsured motorist coverage (UIM/UM), you should consider adding it to your policy. Given all the uninsured motorists driving around, this coverage is cheap for the protection it offers.
Remember that state minimum liability does not include optional selections such as collision and comprehensive, providing first-party benefits.
If you can afford it, go for higher liability limits. A single at-fault accident today quickly results in $55,000 worth of medical expenses and $34,000 of property damage, all of which would blow past California’s minimums, forcing opposing drivers to file lawsuits to recover the rest. Garnished wages and other ways of fund recovery are not out of the question. Consider a 100/300/100 policy for greater peace of mind.