Minnesota
requires all licensed vehicles to have PIP, Liability, Uninsured, and
Underinsured coverage in the following amounts:
Type
of Coverage
|
Minimum
Amount Required
|
Personal
Injury Protection (PIP)
|
$40,000
per person per accident
($20,000
for hospital/medical expenses and
$20,000
for non-medical expenses such as lost
wages,
replacement services, etc.)
|
Liability
|
$30,000
for injuries to one person
$60,000
for injuries to two or more people
$10,000
for physical damage to the other driver’s
vehicle
or for damage to property
|
Uninsured
|
$25,000
for injuries to one person
$50,000
for injuries to two or more people
|
Underinsured
|
$25,000
for injuries to one person
$50,000
for injuries to two or more people
|
If
you have a loan on your vehicle, the lienholder, as the legal owner of the car,
will require you to carry comprehensive and collision coverage. If you do not
purchase this coverage, the lien holder may buy it and charge you for the
premium. This is termed “forced insurance;” it is extremely expensive, it is
legal, and it does not include the required coverages listed above.