WI Making Mistake with Adjustments to Auto Insurance Minimums?

Many states have examined their minimum requirements for auto insurance coverage. A majority of these states have increased their requirements or have lowered them slightly in order to give drivers some relief. The state of Wisconsin is taking the radical step by lowering their minimum requirements by half.
Drivers in the state will now be required to have $25,000 in liability coverage per person and $50,000 for each accident. The new law was instituted in response to drivers wanting lower car insurance premiums.
Drivers who have poor driving records will save a lot of money each month on their car insurance premiums but people with excellent driving records will barely see a change in their insurance premiums and they will have half as much coverage.
The question that many people are posing is whether or not this move will be a colossal mistake. The economy is terrible right now and many families are struggling but reducing the auto insurance minimums by half seems like it is a move that will have serious consequence for drivers when they are involved in accidents.
Wisconsin is a state that has issues with high unemployment so yes people want their auto insurance premiums to be reduced. However, there are other ways to go about this without cutting the minimum coverage requirements in half.
Drivers will face consequences if they do not have enough coverage if they are ruled at fault for an accident. In many cases, people get sued when they do not have enough auto insurance coverage to cover all of the damages and expenses caused by an accident.
We live in a time where even getting a broken leg fixed can run you $10,000 so having only $50,000 worth of insurance coverage on your vehicle is not very reassuring for you financially. One even somewhat minor accident can have more than $100,000 in damages and medical bills. This will end up hurting drivers who are hit by uninsured drivers the most because their coverage might
not be enough and they could end up going bankrupt due to these changes.
Wisconsin drivers need to really weigh the pros and cons of having lower insurance coverage amounts. Auto insurance coverage is supposed to protect you financially in the event of an automobile accident. If you reduce your premiums by a few dollars each month and reduce your coverage by half then you are not gaining anything. You are losing valuable coverage that you might need someday soon. Accidents are unpredictable and anyone can be involved in one so it is better to be safe than sorry and have more than the new minimum amounts of coverage on your vehicle. It will pay off in the end and you will sleep much better at night knowing that you have done the right thing.
Source:
WJFW News Watch