Insurance

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If you caused a major car accident and the other driver sued you to cover their medical costs, would you have enough liability insurance to pay the damages? In a financially disastrous situation like this one, an umbrella insurance policy could help.

Umbrella insurance offers extra liability coverage beyond what’s on the policies you already have, such as auto or homeowners insurance. But there can be big differences from one umbrella policy to the next, including coverage details and maximum limits. Here’s how to find the best umbrella insurance for you.

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How to find the best umbrella insurance

When comparing umbrella insurance options, consider the following questions.

What’s covered?

A standard umbrella insurance policy will cover injuries or property damage you cause to others, as well as your legal defense for such claims. But the nitty-gritty details may vary between policies.

For example, if your idea of a fun vacation is renting a Jet Ski and hitting the water, know that some umbrella insurers won’t cover these kinds of personal watercraft. The best umbrella insurance coverage for you will include your hobbies and other activities.

Many umbrella policies offer coverage anywhere in the world, which could be useful if you often travel overseas. But some policies may pay only for lawsuits brought in the U.S. or Canada.

You might also see some insurers offering excess liability policies, which tend to be similar but not identical to umbrella policies. Excess liability policies essentially boost the limits on the coverage you already have, while umbrella policies may also offer extra types of coverage that aren’t available on your existing policies.

An independent insurance agent can help talk you through exactly what’s covered and what isn’t by each policy you’re considering.

How much underlying coverage is required?

Insurers often require a minimum amount of liability insurance on your underlying policies before you can buy umbrella insurance.

For instance, to add umbrella coverage to your car insurance, your policy may need to have $250,000 of bodily injury liability coverage and $100,000 of property damage liability coverage. To add umbrella coverage to a homeowners policy, you often need $300,000 of liability insurance.

If your existing policies fall short of these limits, increasing your coverage amounts will likely raise your premiums.

Can you buy your policies from different companies?

Before they sell you an umbrella policy, many insurers require that you carry your auto, homeowners, condo or renters insurance with them, too. RLI and Auto-Owners Insurance are two companies that offer stand-alone umbrella insurance policies, meaning you could carry your auto or homeowners coverage with someone else.

How much coverage should you buy?

Another factor to look at when shopping is the maximum limit a company offers. Most umbrella policies stop at $5 million, but some go higher. Farmers, for instance, offers umbrella insurance up to $10 million in most states, while Chubb‘s umbrella limits go up to $100 million.

When choosing your coverage limit, add up the value of your assets, such as savings, investments and real estate. These are things you could lose if someone files a lawsuit against you. Consider choosing an umbrella liability limit at least high enough to cover all your assets.

Where to buy umbrella insurance

Many major carriers offer umbrella insurance. A good first step is to call your current auto and home insurer and request an umbrella insurance quote. Remember that you may have to increase the coverage limits on your underlying policies, which could raise your total cost.

If you have coverage with multiple companies, ask how much it would cost to move all your policies to that company, including the new umbrella. See if a bundling discount could reduce the total cost of your premiums.

🤓Nerdy Tip

Take this opportunity to shop around. Since you’re adding a new type of insurance and potentially raising the coverage limits on your existing policies, you may find that your current insurer no longer offers the best value.

We recommend getting quotes from at least three companies before making a decision. An independent agent or broker can shop around on your behalf and explain the coverage differences between policies.

Umbrella insurance companies to consider

Below are some of the major umbrella insurance companies in the U.S., along with details about their coverage limits and eligibility requirements. Keep in mind that smaller regional insurers may also offer solid coverage at an affordable price. A local insurance agent can help you find them.

Allstate

Coverage limits: $1 million to $5 million.

States available: Washington, D.C., and all states except Alaska, Massachusetts, Nevada and New York.

Eligibility requirements: You must have underlying policies with at least the following limits:

  • $300,000 of liability coverage.

  • $250,000 bodily injury liability per person.

  • $500,000 bodily injury liability per accident.

  • $100,000 property damage liability.

  • $500,000 combined single limit.

Amica

Coverage limits: $1 million to $5 million.

States available: Washington, D.C., and all states except Hawaii.

Eligibility requirements: Requirements vary by state. Generally, your underlying policies must meet the following minimums:

  • $300,000 of liability coverage.

  • $250,000 bodily injury liability per person.

  • $500,000 bodily injury liability per accident.

  • $50,000 property damage liability.

  • $500,000 combined single limit.

Auto-Owners

Coverage limits: $1 million to $5 million, with additional limits potentially available.

States available: Alabama, Arizona, Arkansas, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia and Wisconsin.

Eligibility requirements: Eligibility requirements differ depending on underlying policy, underlying carrier and where you live.

Chubb

Coverage limits: $1 million to $100 million.

States available: All 50 states and Washington, D.C.

Eligibility requirements: Minimum limits for underlying policies vary by state.

Note: Chubb’s policy is technically an excess liability policy, not an umbrella policy.

Farmers

Coverage limits: $1 million to $10 million, except in Florida and California, where the maximum limit is $5 million.

States available: All states except Alaska, Delaware, Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, New Hampshire, North Carolina, Rhode Island, Vermont, Washington, D.C., and West Virginia.

Eligibility requirements: Farmers must insure at least one car with bodily injury liability limits of at least $250,000 per person and $500,000 per accident. You can insure your home with any company as long as it has at least $300,000 of liability coverage.

Geico

Insurance type

NerdWallet star rating

Auto insurance

Homeowners insurance

Coverage limits: $500,000 to $10 million. (Limits above $2 million require additional eligibility requirements.)

States available: Washington, D.C., and all states except Alabama, California, Georgia, Montana, Nevada, New York, Texas and Washington. In the states where Geico doesn’t currently sell umbrella insurance, it can offer a policy through a partner carrier.

Eligibility requirements: You generally must have all vehicles insured with Geico and have the following minimum coverage limits on any relevant underlying policies:

Auto, RV, motorcycle or golf cart

  • $300,000 bodily injury liability per person.

  • $300,000 bodily injury liability per accident.

  • $100,000 property damage liability.

Property (homeowners, renters, etc.)

$300,000 of liability coverage.

Boat (26 feet or longer, or over 50 horsepower)

$300,000 of liability coverage.

Boat (under 26 feet with motor of 50 horsepower or less)

$100,000 of liability coverage.

Liberty Mutual

Coverage limits: $1 million to $5 million.

States available: All states except California, Georgia, Louisiana and New Jersey. Coverage limits and requirements vary by state.

Eligibility requirements: You generally must have a Liberty Mutual auto policy with at least the limits below, but requirements may vary by state. The other policy types are optional, but if you have any of them, the liability limit must be at least $100,000.

  • $250,000 bodily injury liability per person.

  • $500,000 bodily injury liability per accident.

  • $50,000 property damage liability.

  • $500,000 combined single limit.

Homeowners, dwelling, watercraft, farmer’s personal liability or general personal liability

  • $100,000 of liability coverage.

Nationwide

Coverage limits: $1 million to $5 million.

States available: Washington, D.C., and all states except Alaska, Hawaii, Louisiana and Oklahoma.

Eligibility requirements: It depends on where you live. In most cases, all vehicles and your primary home must have Nationwide policies with at least the following limits:

  • $300,000 of liability coverage.

  • $250,000 bodily injury liability per person.

  • $500,000 bodily injury liability per accident.

  • $100,000 property damage liability.

  • $300,000 bodily injury liability per person.

  • $300,000 bodily injury liability per accident.

  • $100,000 property damage liability.

USAA

Coverage limits: $1 million to $5 million, with higher limits available through the USAA Insurance Agency.

States available: All 50 states and Washington, D.C.

Eligibility requirements: USAA policies are available only to veterans, active military and their families. The following limits apply to underlying policies:

Homeowners, renters or rental property

  • $300,000 of liability coverage.

  • $300,000 bodily injury liability per person.

  • $500,000 bodily injury liability per accident.

  • $100,000 property damage liability.

Watercraft (if applicable)

  • $300,000 bodily injury liability per person.

  • $500,000 bodily injury liability per accident.

  • $100,000 property damage liability.

Source: nerdwallet.com

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What is increasing term life insurance?

Increasing term life insurance is a type of insurance where you can increase your death benefit over time without new underwriting. This kind of life insurance is relatively rare.

The most popular form of term life policy is level term insurance, where the premium and the death benefit remain fixed throughout the term. However, some people buy increasing term life insurance because they anticipate needing more life insurance in the future. For example, you might purchase this kind of policy if you expect to earn a higher salary, plan to start a family, anticipate more financial responsibilities in the future, or are worried that inflation will erode your death benefit’s value.

Some increasing term life policies offer fixed premiums, but many increase premiums as the death benefit increases. If your premiums are fixed, they’ll typically be higher than level term insurance premiums.

Depending on the insurer, your death benefit may increase by a lump sum or a specified percentage each year. Some policies may allow for incremental increases on a different schedule. Your insurer may limit coverage increases to the early years of the policy, such as the first five years. In that event, your coverage will continue for the length of the policy’s term, but you won’t be able to automatically step up the death benefit.

Increasing vs. decreasing term life insurance

In contrast, some people buy decreasing term life insurance, which is the opposite of increasing term life insurance. Over time, the death benefit on a decreasing term policy becomes smaller. This coverage is usually cheaper than increasing term life insurance or level term insurance because the death benefit gradually shrinks. The premiums generally are level, so you are paying the same amount for less coverage over time.

People sometimes buy mortgage protection insurance, a form of decreasing term life insurance, to pay off the balance of their home loan if they die.

Alternatives to increasing term life insurance

If you expect your life insurance needs will go up over time, an increasing term life insurance policy isn’t the only option. Here are some alternatives to consider.

  • Guaranteed insurability rider: This life insurance rider allows you to increase coverage periodically without a new medical exam or underwriting. You’ll pay higher premiums if you choose to step up the death benefit. A guaranteed insurability rider is relatively uncommon on term life insurance policies. 

  • Cost-of-living rider: A cost-of-living rider allows you to increase the death benefit to keep pace with inflation.

  • Purchase additional term coverage: Another option is to purchase a new term life policy as your coverage needs increase. The downside is that you’ll need to undergo new life insurance underwriting. Also, even if you’re healthy, life insurance is more expensive as you age, so premiums will likely be higher.

Learn more about term life insurance

Source: nerdwallet.com

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Paw Protect

Annual max coverage

Reimbursement rates

70%, 80%, 90%

Deductibles

$100, $250, $500

Policy highlight

Free access to PawSupport, a 24/7 vet helpline available even on holidays.

About Paw Protect pet insurance

Paw Protect earned 4.5 stars out of 5 for overall performance. It stands out for having comprehensive accident and illness coverage that includes congenital and hereditary conditions, dental illnesses, behavioral issues and alternative therapies.

Strengths: Paw Protect’s vet telehealth service is free for all policyholders. Available by phone, live chat or video call, it offers round-the-clock support if you have any health concerns about your pet.

Weaknesses: Paw Protect doesn’t have a mobile app to manage your policy, and it’s slower than some other pet insurers in handling claims.

Paw Protect pet insurance plans and coverage

Paw Protect has a few plans to choose from.

Note: Coverage options and availability may vary depending on where you live and the age and breed of your pet.

Accident and illness

Paw Protect’s accident and illness plan is a comprehensive plan that covers:

  • Sick vet exam fees and medical waste disposal.

  • Emergency and specialist care. 

  • Prescription medication.

  • X-rays, ultrasounds and other diagnostic tests.

  • Hospitalization and overnight stays.

  • Dental injuries.

  • Dental illnesses, up to $1,000 per policy term.

  • Congenital and genetic conditions, including hip dysplasia, ACL injuries, allergies and intervertebral disc disease (IVDD). 

  • Cancer and chronic conditions.

  • Acupuncture, chiropractic treatment and laser therapy.

  • Behavioral therapy.

  • Euthanasia.

Accident only

Paw Protect’s accident-only plan is generally for older pets. It covers treatment for accidents like broken bones, bite wounds, ingested objects and car accidents. It doesn’t cover any claims related to illnesses.

Wellness Rewards

Paw Protect’s Wellness Rewards is an extra package you can add to your insurance plan. It’s offered through Embrace pet insurance and pays for routine care up to $250, $450 or $650 per year. You can get reimbursed for:

  • Wellness exam fees.

  • Flea, tick and heartworm prevention.

  • Microchipping.

  • Nutritional supplements and prescription food.

  • Fecal and blood tests.

  • Pet activity monitors.

  • Hip dysplasia exams.

  • Routine chiropractic, acupuncture, massage therapy and reiki care.

  • Routine anal gland expression.

  • Cremation and burial expenses.

What’s not covered

Paw Protect pet insurance doesn’t cover:

  • Breeding, pregnancy or giving birth.

  • DNA testing or cloning.

  • Intentional injuries by you or someone in your household.

  • Injuries or illnesses from racing, fighting, cruelty or neglect.

  • Cosmetic procedures like tail docking or ear-cropping.

  • Routine veterinary care, unless you have a wellness plan.

  • Avian flu or nuclear war.

If you have an accident-only plan, Paw Protect also won’t cover any illness-related claims.

Paw Protect coverage options

Deductibles: A pet insurance deductible is the amount you have to pay before your plan reimburses you for vet expenses. Paw Protect’s annual deductible options are typically $100, $250 and $500.

Reimbursement amounts: Pet owners have the option to get reimbursed for 70%, 80% or 90% of vet expenses.

Paw Protect applies your reimbursement percentage to the vet bill first, before subtracting your deductible. Say you have a $2,000 vet bill, an 80% reimbursement rate and a $500 deductible. To determine your eligible expenses, Paw Protect calculates 80% of $2,000, which is $1,600. Then, it subtracts your $500 deductible, so your reimbursement amount is $1,100.

Some pet insurers subtract your deductible from the vet bill before applying the reimbursement rate. Using the same figures, that method would result in a slightly higher $1,200 payout ($2,000 bill – $500 deductible = $1,500. 80% of $1,500 is $1,200).

Coverage limits: You can choose an annual coverage limit of $5,000, $10,000 or unlimited.

Restrictions and waiting periods

Age restrictions: At Paw Protect, pets must be at least 2 months old to get a policy. The company’s website states that the maximum age of enrollment is 5 years for an accident and illness plan, with accident-only coverage available for older pets. However, in certain states, we were able to get online quotes for accident and illness plans for pets older than 5. We’ve reached out to Paw Protect for clarification.

Waiting periods: A waiting period is the time between when you buy your policy and when your coverage starts. Paw Protect has a two-day waiting period for accidents and a 14-day waiting period for illnesses. Dogs also have a 12-month waiting period for orthopedic conditions like hip dysplasia. Paw Protect may waive the orthopedic waiting period if your vet performs an examination after enrollment and verifies that your dog has no orthopedic issues.

Paw Protect pet insurance rates

The cost of Paw Protect pet insurance will depend on where you live and your pet’s age and breed. Below are sample monthly rates from Paw Protect for six common dog breeds at ages 2 and 8. Our sample dogs lived in Katy, Texas, and had accident and illness coverage with a $250 deductible, $5,000 of annual coverage and an 80% reimbursement rate. Your own price will vary.

French bulldog

German shepherd

Golden retriever

Labrador retriever

Medium mixed-breed dog

We also gathered rates for a variety of cat breeds with the same coverage limits as above. Rates below are sample monthly premiums for cats living in Katy, Texas.

Domestic shorthair

Exotic longhair

Maine coon

Discounts

Paw Protect offers a 10% multipet discount and a 5% military discount.

State availability

Paw Protect is licensed to sell policies in all 50 states and Washington, D.C. Wellness plans aren’t available in Rhode Island.

Availability may change at any time. Coverage may not be available to all pets in a given state.

Consumer experience

Website: Paw Protect’s website is easy to navigate and has an education center with information about pet insurance. You can also get a quote, view sample policies and see how Paw Protect compares with other insurance companies.

App: Paw Protect doesn’t have a mobile app.

Claims: The fastest way to submit a claim is by logging into your account on Paw Protect’s website. But you can also email, fax or mail your claim forms. It takes about 10 to 15 business days to process an accident or illness claim and about five business days to process a wellness claim. You have your entire policy term to file a claim, plus an extra 60 days after renewal.

Customer service: You can call Paw Protect customer service at 888-812-6704 Monday through Friday from 9 a.m. to 8 p.m. ET and Saturdays from 10 a.m. to 2 p.m. ET. You can also email customer support.

Other pet insurance companies to consider

Not ready to make a decision? You may be interested in these other pet insurance companies:

How we review pet insurance

Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy to help you choose the financial products that work best for you. In our pet insurance reviews, we consider coverage, discounts, financial strength ratings from AM Best and more to determine our star ratings.

Our rating system rewards companies that cover a wide range of potential expenses, offer many ways to customize your plan and have a strong financial rating. Within the consumer experience category, we looked at features such as mobile app ratings and whether the company offers direct vet payments. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

Frequently asked questions

Source: nerdwallet.com

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A 20-year-old worker has a 1 in 4 chance of becoming disabled before reaching retirement age, according to the Social Security Administration.

Insurance can provide valuable financial protection against loss of income while you’re disabled.

One option is purchasing life insurance with a disability income rider. A disability income rider is a life insurance add-on that provides you with a monthly benefit if you become disabled. Usually, the monthly benefit is a specified percentage of your policy’s face amount. For example, if you have a $250,000 life insurance policy with a disability income benefit of 1%, you could receive $2,500 a month if you meet your insurer’s criteria for disability.

If you’re diagnosed with a qualifying disability, you’ll typically have a waiting period (sometimes referred to as an elimination period) before you can claim the disability income benefit. For example, if your policy rider has a 90-day elimination period and you’re severely injured in a car accident, you would need to wait 90 days before you would start receiving payments. Some policies will pay benefits for a limited period only, such as 24 months.

If you purchase a disability income rider, it’s important to know how your policy defines disability, as the definition varies by insurer and can be different for two policies with the same insurance company. You may be ineligible for this life insurance rider if you work in a high-risk occupation, like law enforcement, firefighting or public utilities.

An alternative to a life insurance disability income rider is a stand-alone disability policy. Many employers offer disability insurance as a benefit. You can also purchase an individual disability policy if your workplace doesn’t offer coverage or if you want to supplement an existing policy.

Learn more about disability income and life insurance

Source: nerdwallet.com

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Annual max coverage

Reimbursement rates

Deductibles

$250 – $1,000

Policy highlight

Processes most claims within 48 hours.

About ManyPets pet insurance

ManyPets earned 4 stars out of 5 for overall performance thanks to its modern take on pet insurance. You can live-chat customer support and receive a claims decision within 48 hours in many cases.

Unlike many of its competitors, ManyPets doesn’t have a separate, multi-month waiting period for orthopedic conditions like knee injuries or hip dysplasia. Coverage for these and all other conditions begins 15 days after you buy your policy. The company will waive the waiting period if you’re switching to ManyPets from another pet insurance provider.

ManyPets insurance was founded in 2012.

Strengths: ManyPets has a comprehensive accident and illness plan that includes coverage for exam fees and dental disease treatment — two items not always covered by other plans.

Weaknesses: ManyPets doesn’t cover prescription food or behavioral modification. It also doesn’t have an accident-only plan, and its wellness package won’t pay for spaying or neutering.

ManyPets pet insurance plans and coverage

ManyPets offers a single accident and illness plan with the option to add preventive care coverage.

Note: Coverage options and availability may vary depending on where you live and the age and breed of your pet.

Accident and illness

The ManyPets accident and illness plan has no annual coverage limit. This plan can reimburse you for:

  • Sick visit exam fees.

  • Vet specialist and ER visits. 

  • Prescribed medications.

  • Treatment for illnesses including cancer, dental diseases and hereditary conditions. 

  • Diagnostic tests. 

  • Rehabilitation, acupuncture and chiropractic treatments.

  • Surgeries.

  • Hospitalization.

  • Euthanasia and cremation.

Wellness plan

You can add an optional wellness plan to get reimbursed for preventive care expenses. The ManyPets wellness plan has a total annual benefit of $600. It covers:

  • Checkups and vaccines, up to $150 per year.

  • Parasite testing and prevention, up to $150 per year. 

  • Teeth cleaning, dental chews and other oral care expenses, up to $150 per year. 

  • Vitamins, supplements, and services such as acupuncture or massage, up to $150 per year. 

What’s not covered

A ManyPets accident and illness plan won’t pay for:

  • Pre-existing conditions, unless your pet has been symptom-free without treatment for at least 18 months.

  • Routine care, unless you’ve added a wellness plan.

  • Hip dysplasia, if you enrolled your pet after age 5 or the animal has previously been diagnosed with this condition.

  • Behavioral modification treatments.

  • Anal gland expression.

  • Breeding, pregnancy or giving birth.

  • Sickness or injury due to neglect, racing or guarding.

  • Cosmetic procedures like tail docking or dew claw removal.

  • Treatment of cruciate ligament problems if your pet has had prior cruciate ligament injuries to any leg before the start of the policy.

The ManyPets wellness plan doesn’t cover the following (some of which other companies’ preventive care packages will cover):

  • Spay or neuter surgery.

  • Microchipping.

  • Blood tests.

  • Grooming services.

  • Prescription diet food.

ManyPets coverage options

Deductibles: A pet insurance deductible is the amount you have to pay before your plan reimburses you for vet expenses. For the ManyPets accident and illness plan, deductible options may range from $250 to $1,000 per year, though not all pets have the same choices.

Wellness plans have no deductible.

Reimbursement amounts: ManyPets will reimburse you for a certain percentage of vet expenses, minus your deductible. With ManyPets plans, you can generally choose between a 70% and 80% reimbursement rate.

ManyPets first applies its reimbursement rate to your vet bills, then your deductible. This is a less generous method of payment than that of some other pet insurers. Say you have a $1,000 vet bill, an 80% reimbursement rate and a $500 deductible. ManyPets will deem $800 of your bill reimbursable (80% of $1,000), then subtract the $500 deductible from your payout. That leaves ManyPets paying $300 and you covering the remaining $700.

Companies that apply the deductible first would pay $400 of the same vet bill. Here’s the math: $1,000 vet bill – $500 deductible = $500. 80% of the remaining $500 vet bill = $400.

Reimbursement percentages don’t apply to the ManyPets wellness plan.

Coverage limits: ManyPets has no annual coverage limit for its accident and illness plan. Its wellness plan can pay up to $600 per year.

Restrictions and waiting periods

Age restrictions: New policies are available to pets between the ages of 8 weeks and 14 years. Once enrolled, your pet won’t be denied coverage due to age as long as your policy stays active. You must enroll pets before age 6 for hip dysplasia coverage.

Waiting periods: A waiting period is the time between when you buy your policy and when your coverage starts. ManyPets has a 15-day waiting period in most states for accident and illness coverage. Wellness coverage begins the day after purchase.

ManyPets pet insurance rates

The cost of ManyPets pet insurance depends on where you live and your pet’s age and breed. Below are sample monthly rates from ManyPets for six common dog breeds at ages 2 and 8. Sample pets lived in Katy, Texas, and had accident and illness coverage with a $250 deductible, unlimited annual coverage and an 80% reimbursement rate. Your own price will vary.

French bulldog

German shepherd

Golden retriever

Labrador retriever

Medium mixed-breed dog

We also gathered rates for a variety of cat breeds with the same coverage limits as above. Rates below are sample monthly premiums for cats living in Katy, Texas.

Domestic shorthair

Exotic longhair

Maine coon

Discounts

ManyPets doesn’t advertise any pet insurance discounts.

State availability

ManyPets pet insurance is available in Washington, D.C., plus all states except Hawaii, Idaho, Maine, Massachusetts and Minnesota.

Availability may change at any time. Coverage may not be available to all pets in a given state.

Consumer experience

Website: The ManyPets website is easy to use. You can get a free quote and enroll your pet, plus browse FAQs to get answers to your questions. The website also has sample policies if you’d like to review details before you purchase a plan.

App: The ManyPets mobile app is available for both iOS and Android. You can use the app to submit and track claims, view benefit information, refer friends, and watch pet care videos.

Claims: With ManyPets insurance, you pay your vet upfront and get reimbursed after filing a claim. You have 180 days to file a claim from when you pay your vet bill. You can file a claim online or in the mobile app. ManyPets tries to process most accident and illness claims within 48 hours. It issues reimbursements within 24 business hours of approval, so you can generally expect a quick turnaround. You can get your reimbursement via bank deposit or check.

Customer service: The ManyPets customer care team is available by phone at 888-978-5291 and by email at [email protected]. You can also reach out via live chat. The company’s business hours are Monday through Friday from 9 a.m. to 9 p.m. and Saturdays from 10 a.m. to 6 p.m. ET.

Other pet insurance companies to consider

Not ready to make a decision? You may be interested in these other pet insurance companies:

How we review pet insurance

Our writers and editors follow strict editorial guidelines that ensure fairness and accuracy to help you choose the financial products that work best for you. In our pet insurance reviews, we consider coverage, discounts, financial strength ratings from AM Best and more to determine our star ratings.

Our rating system rewards companies that cover a wide range of potential expenses, offer many ways to customize your plan and have a strong financial rating. Within the consumer experience category, we looked at features such as mobile app ratings and whether the company offers direct vet payments. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

Frequently asked questions

Source: nerdwallet.com

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If you regularly drive someone else’s car, you might wonder about buying insurance for it. But when it comes to purchasing an auto insurance policy, the car owner is the one in the driver’s seat. Here’s what to know about insuring a car not in your name.

Can I insure a car not in my name?

No, you can’t insure a car not in your name. In most cases, only a person listed on the car’s registration can get insurance for it.

There may be an exception made if you can prove you have “insurable interest” in the vehicle. To have insurable interest in something, you must have a financial stake in it, meaning that the loss of the car would have a financial impact on you. If you’re not the owner, that can be hard to prove. If you believe you have a legitimate need for someone else’s car, you can try to prove you have insurable interest to an insurer to try to get them to cover you.

If you’re unable to prove you have insurable interest in the vehicle you’re driving, you could:

  • If you and the vehicle owner live at the same address, get an auto insurance policy that covers you both. If you already have auto insurance, add the car’s owner to your existing policy; or have the car’s owner add you to their existing policy, if they have one.

  • Buy non-owner car insurance so you have liability coverage in case you cause an accident that results in damages to others while driving someone else’s car.

How to handle common scenarios

How to be insured while driving

Drive a parent’s car while living at home

You should be added as a driver on your parent’s policy.

Regularly drive a roommate’s car

You should be added as a driver on your roommate’s policy.

Occasionally borrow the car of a friend or relative who doesn’t live with you

The owner’s policy will likely cover you. A standard auto insurance policy usually covers drivers who occasionally use a car with the owner’s permission.

Drive a parent’s car while away from home at school

A parent should list you on their policy and tell the insurance company where you’re going to school.

Drive a parent’s car once you’ve moved out

You’ll need to buy your own policy. Insuring a car at one address when it’s kept at another is fraud. Car insurance rates are based in part on where a car is kept. Also, insurance companies won’t allow you to stay on someone else’s policy and drive their car when you don’t live with them. Your parent could add you to the car title, or sell or transfer the car to you. Then you could register the car and buy car insurance using your own address.

Regularly drive the car of a friend or relative who does not live with you

If you routinely use somebody else’s car, discuss having your name added to the vehicle title so you can buy coverage for it. This is particularly important if this is a car that is no longer being used by the owner and is therefore not insured by them.

Consider non-owner car insurance

If you frequently drive cars that are not yours, you might consider purchasing non-owner car insurance.

If you occasionally drive somebody’s car with permission, the owner’s policy will typically cover you in an accident, up to the policy’s limits. However, any costs related to the accident that go beyond those limits would fall on you. Plus, if the car owner’s insurer decides you drive the car too often and should have been added to the policy, they might refuse to cover the accident. This is why non-owner insurance can be a smart purchase if you regularly drive someone else’s vehicle.

Non-owner car insurance provides liability insurance for drivers who don’t have a car of their own. A non-owner policy’s liability insurance pays for damage you cause to others and their property in an accident where you’re at fault, if the costs from an accident exceed the car owner’s liability limits. Liability insurance can also protect you financially if you’re sued because of a crash.

Source: nerdwallet.com

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If disaster strikes, will your home insurance be enough to help you rebuild? Even if you have a policy with replacement cost coverage, there’s a chance the payout won’t fully cover reconstruction if building costs escalate.

If you want an extra buffer against being underinsured, extended replacement cost coverage is worth considering.

What is extended replacement cost coverage?

Extended replacement cost coverage takes it further by paying a certain percentage above your coverage limit if rebuilding your home costs more than expected. This coverage typically adds an extra 10% to 25% over your policy limit, although some insurers will pay up to 50% over your limit.

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Say your dwelling coverage limit is $300,000. You buy an extended replacement cost coverage rider that provides an extra 25% over that limit. If your home is destroyed in a covered disaster and the estimated cost to rebuild is $375,000, your insurer will pay the $300,000 dwelling limit plus 25% of that limit, which is $75,000. You would get $375,000 total — enough to rebuild your home.

Most insurance companies offer extended replacement cost coverage. Many offer it as an optional endorsement, although some include it with your policy automatically. Policies with extended replacement cost coverage tend to be more expensive than those without it.

Extended replacement cost vs. guaranteed replacement cost

As you shop for home insurance, you may see the option to add extended replacement cost or guaranteed replacement cost coverage to your policy. What’s the difference?

Extended replacement covers up to a set percentage over your dwelling limit, while guaranteed replacement will pay to rebuild your home after a covered disaster, no matter what it costs.

To use the previous example, if you have a dwelling limit of $300,000 and 25% extended replacement cost coverage, your policy would pay up to $375,000 to repair or rebuild your home to its original condition. But if the construction company quoted you $400,000 to rebuild, you would have to come up with $25,000 yourself. With guaranteed replacement cost coverage, your policy would cover the full $400,000.

In other words, you may still pay out of pocket with extended replacement cost coverage, but with guaranteed replacement cost coverage, the insurer covers the entire cost of rebuilding your home, no matter how much it costs. You just need to pay your deductible, which is the amount you’re responsible for paying before coverage begins.

Who should consider extended replacement cost coverage?

You may want to consider extended replacement cost coverage if you live in an area that sees hurricanes, wildfires and other severe weather. It gives you a buffer in case rebuilding your home costs more than your policy limits due to inflation or a sudden increase in construction costs, which commonly happens after disasters.

Remember that this coverage will pay only a certain percentage above your dwelling limit, so in some cases, you may still face out-of-pocket costs. You will also be responsible for paying your deductible.

🤓Nerdy Tip

Extended replacement cost won’t cover expenses related to bringing your house up to current building codes. For this type of coverage, look into ordinance or law coverage.

Companies that offer extended replacement cost coverage

Most home insurance companies offer extended replacement cost coverage, but availability may vary by state or region. These home insurance companies offer extended replacement cost coverage as standard:

Source: nerdwallet.com

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Spring break is just around the corner, and many Americans will soon flock to Mexico’s white sand beaches and bustling cities to enjoy their time off. But those opting for a road trip will need to sort out their car insurance coverage first. Mexico legally requires all drivers, including American tourists, to have liability insurance, and failing to purchase enough insurance could land drivers in jail should they cause an accident.

Standard U.S. auto insurance policies won’t cover drivers south of the border, so it’s vital to purchase Mexican car insurance before making the trip.

Liability car insurance is crucial when driving in Mexico

Many large U.S. insurance companies partner with Mexican insurers to offer Mexican car insurance to their customers. Plans are flexible, starting at a single day of coverage and going for as long as a year. Another option is to purchase insurance from a U.S. broker that specializes in Mexican car insurance.

Mexico requires drivers to hold 100,000 Mexican pesos (around $5,800) for bodily injury and death liability coverage and 50,000 Mexican pesos (around $2,900) for property liability damage. If you’re caught driving in Mexico without this minimum coverage, you may face a fine of at least $200. If you cause an accident while driving uninsured in Mexico and cannot pay for the damages you caused, you could face jail time. That’s because in Mexico, all car accidents are considered criminal offenses, not just civil matters.

“If you don’t have insurance and you cause an accident, you can be held by the authorities,” says Geoff Hill, vice president of business development at Baja Bound, a California-based agency that specializes in Mexican auto insurance. “If you’re at fault, they will hold you until you can come up with the money to pay for the damage you [caused]. If you had insurance, you wouldn’t be on the hook for that.”

Oscar Arrieta, an Allstate insurance agent in El Paso, Texas, stresses the importance of having strong liability coverage above all other protection while driving in Mexico. The country’s liability insurance requirements are likely not enough to protect you and your finances if you cause an accident. “To me, protecting your vehicle is secondary,” he says. “It’s [about] the damage you create.”

Arrieta recommends a policy that has at least a $300,000 combined single limit, which is one larger liability limit to cover both bodily injury and property damage. Baja Bound only sells policies that start at that $300,000 limit and go up to $500,000 in liability coverage.

Other types of car insurance coverage worth having in Mexico

Because there’s a possibility that a car accident could land you in jail, many Mexican insurance policies include legal assistance coverage. This benefit can help you find and pay for an attorney and post bail, up to your policy’s limit.

Mexican insurers also typically offer hands-on support at the scene of an accident. If you’re in a car accident, an adjuster from your insurance company will arrive at the accident to examine the scene and determine how to proceed with other drivers’ insurers. That’s a big difference from how things work in the U.S., where adjusters won’t get involved until later.

To drive with peace of mind, it might be wise to consider strengthening your Mexican car insurance policy by purchasing medical payments coverage, which pays for the cost of treating your and your passengers’ injuries after an accident.

Even though it’s legally required, only a small portion of drivers in Mexico have car insurance, according to Mexico’s National Commission for the Protection and Defense of Users of Financial Services. And those who do might only satisfy the $2,900 property damage liability coverage requirement.

That is why you should also consider buying physical damage coverage and theft coverage which, combined, offer similar coverage to collision and comprehensive insurance in Mexico. These cover the cost of repairing or replacing your own car after it’s stolen or damaged in various situations, up to its current market value. Some U.S. insurance companies offer limited insurance coverage in Mexico, as long as you’re within a certain distance of the border, so check with your insurer to see if damage to your vehicle is covered in Mexico.

But no matter what, if you’re driving in Mexico, it is crucial to purchase liability insurance coverage at the very least — even if your insurer will cover damage to your car while driving in Mexico.

Mexican rental car insurance

If you’re planning to rent a vehicle for your trip, the best move will be to do so once you’re in Mexico. Many U.S. rental companies restrict or prohibit their cars from being driven into Mexico. The coverage options available at Mexican rental counters will all comply with the local minimum requirements, so that will be one less thing to worry about when your only concern should be finding the best taquería in town.

Source: nerdwallet.com

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I didn’t know how to pronounce Les Miserables until 2017. Now I know all the songs. My wife bought us tickets to the show for my birthday this year. What a triumphant masterpiece! 99% of children dislike art museums, musicals, and reading the news. But many adults find beauty or intrigue in those same ideas.

One day more!

A similar “boring-to-not-boring” transition happens in personal finance. The problem is that the fun doesn’t last. We had fun getting our personal finances under control. We got hooked on that fun. It lasted for months or even a few years. Money went from a scary unknown to an exciting area of optimization.

But then we got it all figured out and…well, the thrill is gone as B.B. King sang. And thus you find yourself here, on a .blog domain. Who uses .blog?!

Don’t despair. The lack of financial fun is a good thing. It’s a sign that your finances are in a great place.

But I still find fun financial things to think about and learn. There are a few traditionally “boring” topics that I find exciting. I’ll share them below, and maybe you’ll be intrigued too.

Get to Know Your Taxes

Can it get more boring than taxes?!

Actually, I like taxes. Over the past two years, I’ve realized that the tax code is half puzzle and half game, and I love puzzles and games.

The rules are well-defined (but there are a lot of them). I certainly do not know all the rules, but the more rules I learn, the better my “strategies” become.

The “pieces” interact in different (and sometimes surprising) ways. There are always multiple ways to “solve” a tax problem. Some solutions decrease this year’s taxes, and others decrease future taxes. Sometimes, we trade off lots of effort and paperwork to save a few bucks; is that a worthwhile trade?

If you’re a young W2 worker (like me), there’s not too much to know. Our tax scenario is fairly simple.

But if you’re a retiree earning Social Security income, making IRA withdrawals, realizing short and long-term capital gains, earning interest, dividends, and more, you’ve got an interesting puzzle before you! The interactions on a simple 1040 Federal Tax return can be quite complex and involve thousands of tax dollars per year.

If you’re a business owner or a real estate investor, the “puzzle” intensifies! This is why a good CPA accountant is worth their weight in gold.

To be clear, tax planning is not about cheating the tax system. When accountants tell me they’re “aggressive,” I take it as a euphemism for “I bend the tax code until it breaks.” That’s bad—and usually illegal. Avoid that. If you’re an honest accountant, please find a different word than “aggressive.”

But working with a tax professional who 1) knows the “rules” of the tax code and 2) enjoys optimally “solving the puzzle” you bring to them…well, odds are they can solve your puzzle much better than you can alone.

Pro tip: starting this year, review your 1040 Federal Tax Return (or your country’s equivalent)…try to go line-by-line, and if you don’t understand what a particular line item means, look it up.

Wait. For A Decade or Two.

The Best Interest is a big proponent of long-term investing, which, as you might have noticed, includes the verbiage “long-term.”

We’re not talking weeks or months. We measure in decades. We beat a slow-tempo’d drum of basic tenets, like “buy and hold” and “diversify” and “don’t look for needles, buy the whole haystack.“

BORING!

To spice things up, I like to remind myself (and you) of market history. One of my favorite cautionary tales is that returns are never promised, and we’ve suffered decades of zero returns.

In that article linked directly above, I put together this chart:

WOW! Multiple ~20 year periods of zero return?!

As I’ve realized in hindsight, there’s a problem with that chart. Everything is factually correct, but the chart presents data differently than most people think. I inflation-adjusted the data. In other words, the chart does not measure dollars and cents. It measures purchasing power.

There have been multi-decade periods when investors’ purchasing power was stagnant. Their accounts increased in value, but inflation ate the entirety of those gains.

Most of us, though, measure our accounts in dollars and cents. We understand the reality of inflation, constantly knawing at our purchasing power. But we don’t inflation-adjust our conception of the world. If $1.00 grows to $2.00, we see exactly that. We don’t say, “…but inflation was 14%, so really it’s like I only have $1.86.”

To fix this problem, I reconstructed the plot to show nominal dollars.

If you read my primer on accounting for inflation in retirement, the chart above lives in “the convenient world” while the chart below lives in “the true world.”

The lesson: it’s realistic for your diversified stock portfolio to go through a ~5+ year period of negative nominal returns. If you’re unlucky, it might stretch out to 10+ years!

Now that’s exciting (in the same way BASE jumping is exciting).

It’s a far stretch from the lazy shorthand of “the S&P returns 10% year!” that too many FinFluencers use. I’ve been guilty of that shorthand, and I understand its usage when calculating 30-year compound math.

I despise that shorthand, though, when I hear it used to explain expected stock market returns to a new investor. New investors need to know that stock investing is not a smooth ride. It’s not always up and to the right. It involves years – if not decades – of what feels like wasted time.

5 years is a long time. 10 years, per math, is longer. Are you excited to stay the course that long through thick and thin?

Important note: this analysis looked at a lump sum investment. Dollar-cost averaging, though, smooths this ride out immensely! In fact, DCA actually takes advantage of bad times and volatility. I’m a huge fan of DCA’d monthly contributions through thick and thin.

Know Your Flow

Cashflow is the cinder block of personal finance.

It’s boring and basic and plain and every other synonym thereof.

But it’s also foundational.

You cannot build strong personal finances without healthy cash flow, and you won’t know if you have healthy cash flow unless you measure it.

Buy Protection

Speaking of BASE jumping…

The exciting part of extreme sports is “the jump” itself. But it’s someone’s job to consider the “boring” questions like,

  • “Is that parachute packed correctly?”
  • “Can that bungee cable support a 300-pound man?”
  • “If he doesn’t make it and lands in the pit of burning tires, what’s the rescue plan?”

Ok. That’s kind of funny. But on a more serious note, about the modern miracles of CPR and AED?

Christian Eriksen is a Danish soccer player, currently on the roster for Manchester United. On June 12, 2021, Eriksen had a cardiac arrest during a national team game against Finland. 50 years ago, he would be dead. But because the training staff is both CPR-trained and well-equipped with a automated external defibrillator (AED), Eriksen’s heart was shocked (one shock!) back to life. He’s still plays today.

No pulse. But someone was prepared.

A similar cardiac arrest happened to Damar Hamlin in a Buffalo Bills football game in January 2023. Again, an AED shocked his heart back to life. He’s alive and well and still playing football.

No pulse. But someone was prepared.

These might be 1-in-10000 events. Easy odds to ignore, right? But asking, “What happens if…” can lead you to some life-saving answers. A little preparation goes a long way.

The personal finance world skews less life-and-death than cardiac arrest, but some of the financial “Q&A” will point you toward:

  • A well-funded emergency fund.
  • Life insurance (term only!)
  • Home and auto insurance
  • Disability insurance
  • An umbrella insurance policy

If you’re unsure what kind of insurance you do (or don’t) need, ask yourself:

If something bad happened on [this axis], do I have the assets needed to pay for it?

  • If I died, would my family have the assets and cash flow to continue our desired lifestyle? If not, you need life insurance.
  • If I got disabled and couldn’t work…
  • If my house burned to the ground or got swept away in a hurricane…
  • If I got sued when the mailman trips on my sidewalk…
  • Etc. etc.

If you don’t have the assets to cover your liability, you need insurance.

You Made It. Go Live Life!

If everything in your finances feels boring, that’s a good thing. You’ve reached the top.

[embedded content]

There are plenty of nuanced topics to nosedive into.

Or, you can just go live your life. Go check out a musical or a museum. Another story must begin!

Thank you for reading! If you enjoyed this article, join 8000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.

-Jesse

Want to learn more about The Best Interest’s back story? Read here.

Looking for a great personal finance book, podcast, or other recommendation? Check out my favorites.

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Source: bestinterest.blog

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Uninsured motorist coverage shields you from having to pay for injuries and property damage in accidents that weren’t your fault and were caused by an uninsured driver.

According to the Insurance Research Council, 14.0% of motorists on the road are uninsured. Purchasing uninsured motorist coverage reduces the likelihood that you’ll have to pay out of pocket if you’re involved in an accident caused by one of these irresponsible drivers.

It’s generally a good idea to add uninsured motorist coverage to your auto insurance policy, as it’s fairly inexpensive, usually only costing an extra $5 – $10 a month, per vehicle, for policyholders with clean driving histories. Below, we give you the scoop on the different kinds of uninsured motorist coverage and what these policies entail.

Breaking Down Uninsured Motorist Coverage Variations

There are two main kinds of uninsured motorist coverage. Similar to your standard auto insurance policy’s collision and bodily injury coverage, this kind of policy breaks down into uninsured motorist bodily injury coverage and uninsured motorist property damage coverage.

•   Uninsured motorist bodily injury coverage: Covers your party’s medical expenses and related costs in accidents caused by uninsured drivers.

•   Uninsured motorist property damage coverage: Covers your repair bills and related costs in accidents caused by uninsured drivers.

Bodily injury and property damage coverage for uninsured motorists are sometimes packaged and sold together when you purchase uninsured motorist insurance. However, this isn’t the case with all policies; check with your insurance provider to know for sure. Now, let’s take a closer look at each of these kinds of coverage.

Uninsured Motorist Bodily Injury Coverage (UMBI)

Uninsured motorist bodily injury coverage (UMBI) pays for the cost of medical bills, lost wages, pain and suffering, and funeral costs (though we hope that is never needed) in the event an uninsured driver causes an accident in which you’re the victim.

In some instances, this policy may pay out if you, as a pedestrian or bicyclist, are involved in an accident caused by an uninsured driver. Check with your insurance provider to confirm whether this might be covered.

UMBI typically does not have a deductible to meet; you would get full reimbursement of the costs.

Uninsured Motorist Property Damage Coverage (UMPD)

Uninsured motorist property damage coverage (UMPD) pays for the cost of repair bills for either your vehicle or property in the event either is involved in an accident caused by an uninsured driver.

Unlike bodily injury coverage, UMPD often requires the payment of a deductible when used. This is usually set by state law and typically is between $100 and $1,000.
💡 Quick Tip: If your car is paid off and worth only a few thousand dollars, consider updating your car insurance: You might choose to opt out of collision coverage and double down on liability.

Uninsured vs Underinsured Motorist Coverage

Here’s another kind of coverage you should know about: underinsured motorist coverage, which helps cover your costs if you’re involved in an accident where the party at fault has insufficient insurance coverage to pay for your medical costs.

Underinsured motorist coverage differs from uninsured motorist coverage in that it’s designed to cover any shortfalls in your costs due to the underinsured motorist’s inadequate insurance policy. By contrast, uninsured motorist coverage covers your bills due to the uninsured driver’s failure to purchase insurance.

Similar to uninsured motorist coverage, underinsured motorist coverage also comes in bodily injury and property damage variants. Both bodily injury and property damage coverage is usually packaged and sold together, though insurance policies may vary.

Underinsured motorist coverage is sold separately from uninsured motorist coverage, and states can have different coverage requirements for each. Check with your insurance provider to verify whether you need to purchase these separately.

Uninsured Motorist Coverage Limits

Your auto insurance quote will typically break down your uninsured motorist coverage limits into two numbers: a smaller dollar figure followed by a larger dollar figure, separated by a slash. For example, $100,000/$300,000.

This can also be expressed as follows:

•   $100,000 per person

•   $300,000 per accident

These two numbers represent the per person and per accident coverage limits of your uninsured motorist insurance. The per person limit is the maximum your insurance company will pay for any single individual injured in a covered accident. Conversely, the per accident limit is the maximum your insurance company will pay for a covered accident, regardless of how many injured people are in your party.

How Uninsured Motorist Coverage Limits Work

If you’re thinking, “But what exactly does that mean?” we hear you. Let’s spell out how this coverage would work. If you have a family of five that’s riding in a car and it gets hit by an uninsured driver, the maximum amount your insurance company will pay for their cumulative medical bills is $300,000, despite each individual’s coverage limit being $100,000.

If you’re ever involved in an accident caused by an uninsured driver where your costs exceed your coverage limits, in most cases, your health insurance policy will usually kick in to cover the balance. Consult your insurance providers for the specifics on your policies.

Recommended: How Much Auto Insurance Do I Really Need?

How Much Uninsured Motorist Coverage Do I Need?

The answer depends on whether your state requires uninsured motorist coverage. If it does, you must buy at least the state’s minimum (for more details, see below). Typically, this amount will match your liability coverage amounts. If your state does not require this kind of coverage, consider variables like the healthcare costs in your state and how much your vehicle is worth. Generally, uninsured motorist coverage is fairly affordable and is a worthy investment for some peace of mind.

According to the Insurance Research Council, approximately one in seven drivers on the road are uninsured. This figure is even higher in states like Mississippi and Michigan, where over 25% of drivers on the road are estimated to be uninsured.

Based on those figures, residents of higher risk states may be well-served by purchasing uninsured motorist coverage, while it might not be as high of a priority for residents of lower-risk states, like Massachusetts or New Jersey, where 3.5% and 3.1% of drivers respectively are estimated to be uninsured.

Now, let’s circle back to the states that do require this kind of policy. The table below lists the regulations regarding the minimum required uninsured and underinsured motorist coverage for each state.

Recommended: What Does Liability Auto Insurance Typically Cover?

Uninsured/Underinsured Motorist Coverage Requirements by State

Let’s take a look at the guidelines in every state, so you can see how much coverage may be required where you live. In each category, the amount shown is per person/per accident. When there is not a figure in an area of the chart, that means the insurance isn’t required.

State Uninsured Bodily Injury Uninsured Property Damage Underinsured Bodily Injury Underinsured Property Damage
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut $25,000/$50,000 $25,000/$50,000
Delaware
District of Columbia $25,000/$50,000 $5,000
Florida
Georgia
Hawaii
Idaho
Illinois $25,000/$50,000 $25,000/$50,000
Indiana
Iowa
Kansas $25,000/$50,000 $25,000/$50,000
Kentucky
Louisiana
Maine $50,000/$100,000 $50,000/$100,000
Maryland $30,000/$60,000 $15,000 $30,000/$60,000 $15,000
Massachusetts $20,000/$40,000
Michigan
Minnesota $25,000/$50,000 $25,000/$50,000
Mississippi
Missouri $25,000/$50,000
Montana
Nebraska $25,000/$50,000 $25,000/$50,000
Nevada
New Hampshire* $25,000/$50,000 $25,000 $25,000/$50,000 $25,000
New Jersey $15,000/$30,000
New York $25,000/$50,000
North Carolina $30,000/$60,000 $25,000 $30,000/$60,000 $25,000
North Dakota $25,000/$50,000 $25,000/$50,000
Ohio
Oklahoma
Oregon $25,000/$50,000
Pennsylvania
Rhode Island
South Carolina $25,000/$50,000 $25,000
South Dakota $25,000/$50,000 $25,000/$50,000
Tennessee
Texas
Utah
Vermont $50,000/$100,000 $10,000 $50,000/$100,000 $10,000
Virginia* $30,000/$60,000 $25,000 $30,000/$60,000 $25,000
Washington
West Virginia $25,000/$50,000 $25,000
Wisconsin $25,000/$50,000
Wyoming

*New Hampshire and Virginia do not require drivers to purchase auto insurance, but drivers who do choose to purchase auto insurance must have at least the minimum uninsured/underinsured motorist coverage amounts listed.

Recommended: 5 Steps to Switching Your Car Insurance

How Much Does Uninsured Motorist Coverage Cost?

Depending on how much uninsured motorist coverage you choose to purchase and your personal driving habits, your costs could be as little as $5 to $10 per month. This figure also tends to vary widely based on the overall percentage of uninsured motorists in your area, according to national insurance data.

Insurance premiums vary widely across drivers, states, and even insurance providers, so make sure you check around for a personalized quote.
💡 Quick Tip: Saving money on your fixed costs isn’t always easy. One exception is auto insurance. Shopping around for a better deal really can pay off.

The Takeaway

The prospect of being in an accident caused by an uninsured driver is a real concern, given the number of these motorists on the road. Adding uninsured motorist coverage to your auto insurance policy may be a good idea. In some states, it may even be required by law. For a relatively low cost, you can protect yourself from the possibility of being left with bills because another driver didn’t have enough insurance. The right package of car insurance policies is one way to protect yourself from unexpected circumstances.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

Photo credit: iStock/RyanJLane

Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com