Why State Minimum Car Insurance Requirements need a Second Look

26.07.10

Fort Lauderdale, FL (PRWEB) July 26, 2010

CarInsuranceCompanies.com, an online car insurance guide, advises consumers that state minimum car insurance requirements are often far lower than required to provide adequate financial protection.

"There are many significant advantages of having states regulate car insurance companies and set minimum auto insurance requirements" said Michael Grasso, Vice President of Operations for CarInsuranceCompanies.com "However, most states set minimums so low that practically every car leasing company requires additional coverage beyond state minimums - often up to 10 times the amount of coverage before allowing you to drive home. If leasing companies require such additional coverage (since they hold the title of the car while a consumer is leasing) is this not a prime warning to consumers that state minimums are far less then they should be.”

While shopping for car insurance is a mundane topic compared to searching for deals on the newest shoes the fact is auto insurance premiums account for nearly 5% of many consumers income. Saving money is never boring and both young drivers and existing drivers should really take the time to understand more about car insurance coverage in order to have financial security in the case of an accident.

Source: PR Web (press release)

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