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State Minimum Auto Liability: Is it Enough |
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You’ve read countless stories about the subject. Automobile accidents are common and sometimes tragic. They can destroy lives and property – often times in the same collision. So if you were to ask yourself, ‘What would be enough for my own personal policy?’ how would you respond? Would you know the required legal limits in Pennsylvania?
Most states have minimal insurance requirements.
Pennsylvania is currently one of the states with lesser requirements. A legal driver would only need to purchase $15,000/$30,000/$5,000 for bodily injury per occurrence, bodily injury aggregate and property damage. Those limits, however, could change in the future.
Insurance Agents & Brokers of Pennsylvania Chairman Greg Gunn recently testified alongside the IA&B government affairs team in support of increasing the state’s minimum auto liability limits to $30,000/$60,000/$10,000.
It’s important to realize how these limits could affect you if you were to become involved in an accident.
According to the 2010 census, the median family net worth exceeded $200,000. Included in net worth are assets such:
- House
- Car
- Savings
- Retirement Fund
- Cash in the Bank
- College Savings
If someone were underinsured for liability, this same net worth could be vulnerable in a lawsuit based on injuries or property damage sustained in an accident. Any person driving the car, plus the owner, would be held accountable for the accident.
Your Assets are Your Excess Insurance Coverage
This means that when the limits of your policy are reached, your assets are at risk. An excess insurance policy – referred to as umbrella coverage – can protect you from added liability concerns. Umbrella coverage provides legal limits above your underlying auto liability and home liability limits.
How much coverage is enough?
It is different for each person’s situation, so call a Gunn Mowery representative to talk about limits. Our team of seasons professionals will work with you to provide tailored coverage at the most competitive cost among the dozen of carriers we represent.
For information on adequate coverage, contact a Gunn Mowery representative at (800) 840-1243 or e-mail us at
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