You are legally required to have auto insurance in Iowa, but you may not know if you have enough coverage. Most people find they need more than the minimum coverage required by the state to be fully protected. At Brown-Hurst Insurance Agency Inc., we offer auto insurance.
Liability Coverage
Liability coverage is required by law. Iowa requires you to have 20,000 in bodily injury coverage per person and $40,000 per accident. You are also required to have $15,000 in property damage. Lastly, you’ll need $20,000 in bodily injury coverage per person for uninsured motorists and $40,000 per accident.
Serious injuries can quickly add up to major medical expenses, which may exceed the minimum requirements. Property damage can also exceed $15,000 per accident.
Experts recommend that you use your net worth to determine your coverage limits. To determine your net worth, add up your assets, including investments, retirement funds, and income. Then, subtract your debts. If your coverage limits equal your net worth, you are well protected from financial liability.
Full Coverage
If you have a lease or loan for your vehicle, you are required to have full coverage insurance. This consists of collision and comprehensive coverage. Collision coverage will pay to repair or replace your vehicle if an accident is your fault. Comprehensive coverage covers non-accident-related damage, including theft and vandalism.
When considering this coverage, be sure that you choose a deductible that you can manage if an accident occurs.
Gap Insurance
If you owe more on your vehicle than it’s worth, you should consider gap insurance. If your vehicle is totaled, this will cover the difference between its value and the loan amount.
Auto Insurance at Brown-Hurst Insurance Agency Inc.
If you need auto insurance in Iowa, contact us at Brown-Hurst Insurance Agency Inc. We offer auto insurance coverage to meet your needs.
