More and more people are dropping their insurance in order to reduce their expenses. Though car insurance is expensive, it is necessary because it prevent you from having to pay for all the expenses in a car accident. According to a study conducted by the Insurance Research Council (IRC), there is approximately 17% of people that are uninsured. Everyday, there are a lot of cars traveling on the highway so it is not safe to be uninsured.
Most people only want to meet the minimum car insurance requirement. If you only want to meet the minimum requirement, you will not get the full protection. If you want to make sure that you will be covered fully, you should buy more than the minimum coverage. The liability insurance is necessary in the state of Alaska. You will have to buy bodily liability insurance for one person, bodily liability insurance for multiple persons and property damage liability for one accident.
The minimum amount of car insurance coverage is determined by the state department. You should buy at least $50,000 of bodily injury insurance coverage for per person. For coverage per accident, the insurance must worth at least $100,000. You must buy $25,000 of property damage insurance for per accident. The property damage refers to damage that is done to the car and property. Alaska does not require the drivers to possess the PIP (Personal Injury Protection) insurance and uninsured/underinsured motorist coverage.
You should purchase higher limits of car insurance. In this way, if you are responsible for causing the accident, you don't have to pay for their medical costs. If you only buy the minimum liability coverage, the insurance will not be enough to cover the medical expenses. The medical expenses can be expensive and cause you to become bankrupt. If you don't have many personal assets, you can buy the minimum insurance coverage.
Before buying an insurance coverage, you must read the insurance policy. If you don't read the insurance policy, you will end up purchasing the wrong insurance plan. Besides buying the liability insurance, you can buy the uninsured/underinsured motorist coverage. Even if you have a full medical coverage, purchasing the uninsured/underinsured motorist coverage can help to pay for your injury costs. The uninsured/underinsured motorist coverage will pay for your damages if you are being hit by someone that is not covered. The mechanical breakdown insurance can be purchased to if you own a leased car or a car that is still being financed by you.
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