A new study released by the Insurance Research Council reveals that almost a third of Americans (28%) are looking at their car insurance and checking into ways to cut those premium payments.
Over half of these folks have already upped their deductibles or cut their coverage to save money, according to the IRC. Some of them (9%) reportedly are driving around without insurance coverage because they can’t afford it.
State Law Requires Minimum Car Insurance Coverage
Illinois – 20/40/15
Which means that those living in Illinois must buy automobile insurance coverage that covers at the minimum:
- $20,000 in bodily injury liability for one person in an accident;
- $40,000 in bodily injury liability for all people injured in an accident; and
- $15,000 in property damage liability for one accident.
Uninsurance/underinsured motorist coverage is also required by Illinois law. This is insurance to cover the insurance policy holder’s medical expenses, pain & suffering, etc. when the accident involves a driver who was at fault and does not have insurance coverage (or doesn’t have enough).
Indiana – 25/50/10
Which means that those living in Indiana must buy automobile insurance coverage that covers at the minimum:
- $25,000 in bodily injury liability for one person in an accident;
- $50,000 in bodily injury liability for all people injured in an accident; and
- $10,000 in property damage liability for one accident.
Uninsurance/underinsured motorist coverage is not required by Indiana law.
If these numbers sound low to you, you’re right: they are. In serious car crashes, these policies probably will not be enough to cover medical injuries or property damage.
With the bad economy, however, it appears that more and more Americans are opting to roll the dice against having a wreck in order to save some money in their monthly budget. For some of these folk, sadly, this will prove to be a very serious mistake.
