Wisconsin, like all other states, has set a minimum insurance requirement that all drivers must maintain. Drivers in this state are held financially responsible for any accidents they are determined to have caused. Residents of this state have several options they can choose when determining how to provide their proof of financial responsibility.

One option that Wisconsin residents have is to make a cash deposit to the Department of Motor Vehicles. This cash deposit must be in the amount of $60,000. Some residents choose this option over maintaining a monthly automobile insurance premium. Most residents do not choose this option for providing verification of financial responsibility.

Another option that residents of this state have is to secure a surety bond with an insurance company that is licensed in Wisconsin. This surety bond must also be in the amount of $60,000. It can be secured through any insurance company nationwide, as long as it is licensed to do business in Wisconsin. The insurance company itself does not have to be located in the state.

The most common way a resident in the state provides documentation of financial responsibility is by obtaining automobile insurance. The state’s minimum requirements include $25,000 bodily injury per person, or $50,000 bodily injury insurance per accident. It also stipulates that a driver must maintain a minimum of $10,000 in coverage for property damage.

The state of Wisconsin does not require it’s drivers to maintain uninsured, or underinsured, motorist liability insurance. It also does not require it’s drivers to carry personal injury liability insurance. These clauses, as well as others, can be added at the individual policy holder’s discretion. The dollar amounts the insurance companies payout can also be increased if the policy holder chooses to do increase the amounts.

Adding additional clauses to an insurance policy will increase the monthly payments. However it will often decrease the amount of financial liability a person can face. If the party responsible for an accident does not carry enough insurance for all damages, they can find themselves being sued for additional amounts of money. This is why it is always a good idea to carry more insurance than the state minimum requirements.