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What is auto insurance?

Car InsuranceAuto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

An auto insurance policy is comprised of six different kinds of coverage, including medical, liability and property.  Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.

Most auto policies are for six months or a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.

Minnesota State Minimum Coverage Requirements

Minnesota requires all licensed vehicles to have PIP, Liability, Uninsured, and Underinsured coverage in the following amounts:

Type of Coverage
Minimum Amount Required
Personal Injury Protection (PIP) $40,000 per person per accident
($20,000 for hospital/medical expenses and
$20,000 for non-medical expenses such as lost
wages, replacement services, etc.)
 Liability $30,000 for injuries to one person
$60,000 for injuries to two or more people
$10,000 for physical damage to the other driver’s
vehicle or for damage to property
 Uninsured $25,000 for injuries to one person
$50,000 for injuries to two or more people
 Underinsured $25,000 for injuries to one person
$50,000 for injuries to two or more people

 
If you have a loan on your vehicle, the lienholder, as the legal owner of the car, will require you to carry comprehensive and collision coverage. If you do not purchase this coverage, the lien holder may buy it and charge you for the premium. This is termed “forced insurance;” it is extremely expensive, it is legal, and it does not include the required coverages listed above.

Lancette Agency


We are a full service Independent Insurance Agency.  We write all lines of insurance, both Personal and Business.  Our agents have over 27+ years experience and pride ourselves on customer service.  We are licensed in Minnesota, Wisconsin, and can write supporting coverage in Florida and Arizona.  We represent many A++ rated insurance companies. Call us today for a Minneapolis auto insurance quote.
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