New Hampshire is the only state where you are not required to purchase insurnce, however you are mandated by those states laws to have a type of financial responsibility in place to cover damages you may cause in an accident if you choose to not have car insurance on your motor vehicle.
Every state requires car insurance or that you meet financial responsibility requirements through a bond or some other way which shows you are able to pay if you cause damages to another person or property in an automobile accident. Each state changes and/or renews their laws annually, so some states that had no insurance requirements in the past now do. New Hampshire probably has the least amount of requirements.
New Hampshire state law does not require minimum auto insurance coverage. However, if you are at-fault in an accident without having insurance coverage you will be required to get car insurance. In this state it is advised that if you own a vehicle you get at least some type of bodily injury coverage, in addition to $25,000 worth of property damage.
Effective June 1, 2010, Wisconsin drivers are required to have an automobile insurance policy in force or, in limited situations, other security which could be a surety bond, personal funds, or certificate of self-insurance. These are the new requirements in Wisconsin.
- $50,000 for injury or death of one person;
- $100,000 for injury or death of two or more people; and
- $15,000 for property damage.
- The law also requires Uninsured and Underinsured motorist coverage each with minimum limits of $100,000/$300,000 for bodily injury coverage. As always one may want to protect their assets by purchasing more coverage than what is provided in the minimum policy required in Wisconsin. Higher limits are available for an additional premium.
Our article titled, How Much Car Insurance Should You Buy? explains more about minimum insurance or financial requirements required each state.
At times we get different comments stating that you don't need insurance in certain states, you just have to pay the fee for not having insurance. While this may be the case, it is still a requirement to have insurance in these states.
For example, in Virginia vehicle owners who are uninsured or have not paid the UMV fee will have their driving and vehicle registration privileges suspended. To be reinstated, they must pay a $500 statutory fee, file a Financial Responsibility Insurance Certificate (SR-22) with DMV for three years, and pay a reinstatement fee, if applicable. The UMV fee allows any person registering an uninsured motor vehicle to pay a fee of $500 at the time of registration. Payment of this fee allows a motor vehicle owner to operate an uninsured motor vehicle. Payment of this fee does not provide the motorist with any insurance coverage. If involved in an accident, the uninsured motorist remains personally liable. The fee is valid for twelve months but may be prorated for the unexpired portion of the registration period.