Vermont Auto Insurance
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Vermont Auto Insurance Requirements
Just as other states have done, Vermont has passed its own laws regarding the minimum liability limits drivers must maintain at all times in order to legally operate a vehicle. Vermont’s minimum liability limits are 25/50/10. These limits represent two categories of liability: bodily damage and property damage.
Bodily Injury liability pays a victim’s medical expenses. But it also pays for loss of wages and pain and suffering. When minimum limits are chosen, it means the insurer pays $25,000 per person and a maximum of $50,000 in combined bodily injury claims when the accident involves more than one person.
Minimum property damage limit
When the minimum Property Damage limit required by Vermont is chosen, it means the insurer pays a maximum of $10,000 towards repair or replacement costs of any property damaged in the accident. Property damage includes things like the other person’s car, or a building and other types of property.
More required coverage
Vermont law also requires drivers to maintain Uninsured/Underinsured Motorist coverage. This coverage pays your bodily injury expenses if the at-fault driver does not have insurance. It also pays when you’re involved in a hit and run accident. Should the at-fault driver have insurance, but not enough to cover all your expenses, Underinsured Motorist coverage may pay the difference.
Choosing higher than Vermont mandated limits
Other than Bodily Injury Liability, Property Damage Liability and Uninsured/Underinsured Motorist coverage, any other auto insurance coverage you add to your policy is optional. Choosing higher than Vermont mandated limits is also optional. Although you pay more for optional coverage, the extra protection could easily end up saving you money. That’s because without the protection insurance offers, you’ll have to pay for damages out of your own pocket or pursue what could be a lengthy and costly lawsuit.
Optional Comprehensive and Collision pays the costs to repair your vehicle (minus your deductible) if the damage is caused by an at-fault collision or by reasons deemed out of your control. That means things like vandalism and fire, earthquakes and floods, and animals.
Vermont Department of Banking, Insurance, Securities and Health Care
More information about state mandated auto insurance is available at http://www.bishca.state.vt.us or by calling the Vermont Department of Banking, Insurance, Securities and Health Care Administration, 802-828-3301.