MADISON, Wis., Dec. 23 /PRNewswire/ –The states of Wisconsin and Louisiana will be raising minimum liability limit requirements which may cause a raise in current premiums. As of January 1, 2010, these states will require that all new policies written meet these new requirements and consumers may want to compare their current carrier’s rates with those of others to ensure that their policy remains competitive.
As of the 1st of the year, liability coverage will become a requirement in Wisconsin and the limits will increase to $50,000 for the injury or death of one person, $100,000 for the injury or death of more than one person and $15,000 for property damage. In addition to the new limit increase, beginning June 1, 2010, drivers and owners will be required to provide proof of such coverage when requested by law enforcement; caught operating a vehicle without insurance may result in a fine up $500, failure to have proof on hand may be subject to a $10 fine and providing fraudulent proof of coverage can end in a fine of up to $5,000.
Source: http://www.dot.wisconsin.gov/drivers/vehicles/ins- req.htm
Residents of Louisiana currently pay some of the highest premiums in the nation and the new increased limits are expected to push these rates even higher. Although some have expected the rate increase to be in the 20 percent range, insurance commissioner Jim Donelon stated, “I would not be surprised to see it go to 15 percent.” The limits for bodily injury liability to one person will increase to $15,000, $35,000 for more than one person and $25,000 for property damage liability.
For those who will be up for policy renewal after the New Year, it may be wise to shop around before renewing their policy. Websites such as OnlineAutoInsurance.com allows visitors to complete an auto insurance comparison online to help ensure that their current rate is still the most affordable. In order to avoid policy lapse while shopping around, rates should be compared well in advance of policy expiration dates.
Consumers can visit http://www.onlineautoinsurance.com/compare/ for a free quote comparison and assistance in keeping the new coverage requirements affordable.
SOURCE Online Auto Insurance, LLC
Originally published by Online Auto Insurance, LLC.
(c) 2009 PRNewswire. Provided by ProQuest LLC. All rights Reserved.