What is standard auto insurance coverage?
Standard auto insurance coverage is the basic insurance required to legally operate an automobile. This level of insurance is applicable to drivers who have an average risk profile and do not want to pay a considerable monthly premium for extensive insurance coverage.
What are the liability requirements for standard auto insurance?
The liability component of standard auto insurance is typically shown in ratio form. As an example, a 100/200/50 policy covers $50,000 worth of property damage, $200,000 of injuries to multiple individuals, and $100,000 for the injury of a single individual. However, this is not to say standard coverage has these exact minimums.
What should be included in standard auto insurance?
However, standard coverage should include uninsured and underinsured motorist coverage. This form of coverage pays for the driver and his or her passengers’ medical expenses as well as damaged property when the driver involved in the at-fault collision lacks auto insurance.