What is personal insurance?
When we think of personal insurance, you should be thinking of car, homeowners, motorcycle, boat, life insurance, and more. Basically, it’s insurance for your family and individuals. Let’s run through a few definitions.
Boat Insurance in Minnesota – Boat Insurance protects you from damage and claims relating to your boat. Your contract with the insurance company can provide for liability, the boat itself, the motor, and trailer.
Car Insurance in Minnesota – Car insurance protects you from claims and losses related to your car. Bodily injury, property damage, personal injury protection, uninsured and underinsured are required under Minnesota law. Physical damages coverage like comprehensive and collision are optional.
Homeowners Insurance in Minnesota – Homeowners insurance can cover a house, personal property, other structures, loss of use, liability, and medical payments. Deductibles for $500, 1000 & $2,500 are common.
Life Insurance in Minnesota – Life insurance is a contract with an insurance company. A premium is paid to provide payment of the insured’s death. Popular types are term life, whole life, and universal life.
Motorcycle Insurance in Minnesota – Motorcycle insurance is a contract with an insurance company giving protection for motorcycle ownership losses. Coverage for insured’s medical, uninsured motorist and the underinsured motorist is not required in Minnesota.
Minimum requirements for Minnesota car insurance
It is illegal to drive in Minnesota without auto insurance. The coverage must meet the minimum levels set by the state of Minnesota:
- Bodily injury liability: $30,0000 for bodily injury or death of anyone person and $60,000 for all persons in any one auto accident.
- Property damage liability: $10,000 for anyone auto accident.
- Personal injury protection or PIP – $20,000 medical and $20,000 wage loss/disability.
- Uninsured Motorist Coverage – $25,000/$50,000
- Underinsured Motorists Coverage – $25,000/$50,000
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