Why Should I Have More Than Minimum Insurance Coverage?

Every state requires all drivers to carry auto insurance. And Obamacare now requires everyone to have health insurance. Facing these laws, many people’s first thought is to get the absolute minimum insurance required, in order to save money. While this may seem like the most fiscally responsible move in the short term, not having more than the minimum insurance coverage could end up costing you later. Covering More Than Your Car While terminology and penalties may vary, every state has laws requiring a minimum amount of auto insurance coverage. And of the many different types of coverage available, many of us choose the minimum. But basic collision coverage may only cover that — collisions — paying just the cost to cover the damage to your vehicle in a car …