What is the least amount of car insurance I need to have on a car that doesn’t have a loan on it?

February 13, 2017 · Posted in FAQ 
car insurance
Amanda asked:

I live in Wisconsin and havent had insurance in about four years. I am getting married in six months and my fiance’s insurance agent said that I should get insurance now, six months before the wedding, so that once we get married and I get added onto his insurance, I won’t raise his insurance since I am considered high risk since I havent had insurance the last six months or more. So, if I get insurance on my won for six months, it will be high risk for those six months, but then six montsh from now, I won’t be high risk, which will be good becasue six months from now is when i would get married and added onto his insurance.

Now, I am going to get insurance on a car that doesn’t have a loan on it, and I am wondering how much insurance I need? What is the least amount of insurance I could get on my car, so that in six months I won’t be high risk anymore?

P.S. I live in Wisconsin, where it isn’t illegal if you don’t have insurance on your car.

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7 Responses to “What is the least amount of car insurance I need to have on a car that doesn’t have a loan on it?”

  1. adjuster5 on March 30th, 2009 8:26 am

    Call your local insurance agent and tell him you want the basic liability auto policy for your car. This will cover any damage you are at fault for but will not cover your car.

  2. his love on April 1st, 2009 11:45 pm

    You should qualify for liablity insurance instead of full coverage. The actaul amount of insurance depends on what your car is worth right now, how old it is, your past driving record and your “hi risk” lable will definately have an effect. You’ll have to get quoted at a few different places to be sure what company has the lowest rate for you.

  3. Ken R on April 3rd, 2009 3:43 pm

    The cheapest route would be to go with bottom of the line “liability only” insurance. In this case you are covered when you are NOT liable for an accident (i.e. another driver hits you).

    On the other hand, if you hit another car you will likely be out a lot more money than you would have spent with proper auto coverage. If you’re going to drive the car a lot I would suggest not taking the chance, in the long run it will save you, believe me.

    Also remember that there are endless amounts of auto insurance companies offering free online quotes. So feel free to browse around and see who offers the cheapest rate. I saved a few hundred dollars per year on the same coverage because I was persistant and was quoted by over ten companies online. Here’s one from my current provider to get you started:

  4. fdibella1125 on April 3rd, 2009 10:25 pm

    What you are asking for is basic liability insurance. It covers your for your liability in an auto accident but does not cover your car. If you are going to be added to your husbands policy eventually, you want to be sure that you have the same liability limits as him.
    I would suggest 100/300/100. It’s not too much more expensive than basic liability but it’s definately worth it. Minimum liability in your state is 25/50/10. That means the MOST that the insurance company will pay out if there is a loss is $25,000 per person, $50,000 per accident and $10,000 for property damage.
    So basically, if you hit an expensive car, or more than one car, the insurance company will only pay $10,000 for the damage to the vehicles you hit. Also, if someone sues you, they will only pay $25k per person at a max of $50k. That’s not very much at all. Getting 100/300/100 is definately worth it. Plus, there are many insurance companies that wont even give you insurance if you dont have at least 100/300/100 as previous insurance.

    PS in your state, iIf you have no insurance, you are required to show financial responsibility. This basically means that you have to prove to the DMV that you have at least $60k cash at any time. If you do not provide the department of motor vehicles with that proof… then Yes, you are required by law to carry insurance.
    Hope this helps!

  5. bundysmom on April 4th, 2009 2:50 am

    Whatever WI state minimum liability limits are. Comp & collision are extra.

  6. Lebelle on April 4th, 2009 11:34 am

    I love Wisconsin, you don’t need to register your vehicle, you can drive a car with any plate(tag), you don’t have to have insurance… Just nice but the insurance companies might not be as easy as the dmv. Call them and ask but 6 months it’s not enough to clean 4 years off your record

    Why are you getting insurance anyways… it’s not required BY THE law…

  7. kyahooa on April 7th, 2009 3:13 am

    If you are trying to save money, The smartest thing to do would not have comp/collision, but have GOOD liability limits, say if you start a “chain reaction” accident, you rear end a car and it pushes that car into more cars – your minimum property damage limits will be GONE, even worse if you injure someone, – and you and your husband will be in big trouble as you will have to pay out of pocket when the other insurance companys come after you for what they paid out – people always think they are saving money, but belive me, I am a claim rep and I see the aftermath, it is a disaster when you do not have high enough limits

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