Purchasing more insurance than required by the state may actually make the coverage more affordable than if you were to purchase the state required minimum.

Connecticut’s statutory limits on auto liability is $20,000 bodily injury per person and $40,000 bodily injury per accident and $20,000 property damage per accident. When looking for affordable automobile insurance, Connecticut residents may be tempted to purchase the state minimum limits because the premiums will be lower than increasing this mandated requirement to a higher limit. Well, this is only partially right. In the short run, the premiums are lower than they would be if you purchased higher limits, but in the long run, you may be paying dearly for taking the short-term fix.

Let’s look at this for a minute. In the event you are in an accident for which you are liable, the insurance company, based on Connecticut’s minimum limits will pay $20,000 per person per accident for bodily injury with a total of $40,000 per accident.

Let’s take this just a bit further. Suppose you are unfortunate enough to be involved in an accident for which you were found negligent. Let’s say the other vehicle involved contained 4 individuals. Each accident victim required varying degrees of medical care. You can see how such an accident can quickly reach the policy’s per accident and per occurrence limit.

Once the limit is reached, any remaining expenses would come out of your pocket if you have the available resources. If you don’t have the resources, you may be subject to lawsuits and/or liens against property if any.

Spending a couple of extra dollars to increase your policy limit beyond the minimum required by the state may prove to be more affordable than putting your financial future on the line. Speak with your insurance agent and get alternate quotes for higher limits. Spending a few extra dollars for increased limits may save you money in the long run.

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