The Texas auto insurance minimum coverage requirements were put in place to make sure that all drivers have some protection if they are involved in an accident. The minimum coverage requirements for auto insurance in TX are legal requirements for everyone who is on the road in that State. Educating yourself about these just makes sense, whether you live in Texas or elsewhere.
What Are The Texas Auto Insurance Minimum Coverage Requirements?
In Texas, drivers are required to have the following insurance coverage in place:
$20,000 in bodily injury coverage to pay for medical expenses incurred by a single individual injured in an accident where you are the at-fault driver
$40,000 in bodily injury coverage for multiple people injured in an accident where you are at fault. (The number of injured people doesn't matter. )
$15,000 in property damage coverage to pay for the cost of repairing the other driver's vehicle. This type of insurance will also pay for damage to road signs, mail boxes, fences, and sheds.
Texas Auto Insurance Minimum Coverage Requirements May Not Be Enough
These figures are simply the minimum amount of coverage that a driver must have in place. If you were involved in a serious accident, $20,000 in bodily injury liability insurance may not be enough to pay for the other person's medical bills. In this situation, your insurance company will pay out up to the policy limit (less the amount of your deductible) only. Any additional damages that you are responsible for will have to come out of your own pocket.
Additional Coverage May Be Necessary
Buying additional coverage over the minimum amounts required under Texas law makes good financial sense. It's a relatively inexpensive way to protect your hard-earned assets if you are responsible for an accident.
Consider for a moment what you own and how hard you worked to get those things. Next, think about how you would feel if you had to sell them off to pay for someone else's medical expenses. You know you are responsible for the damages, but wouldn't it be a lot better if you just take out a larger insurance policy? People may resent making those monthly premium payments but if an accident happens, they really do appreciate the fact that the coverage is in place.
As long as you are thinking about insurance anyway, why don't you ask your insurance company to give you a TX car insurance quote for coverage that will pay to repair your vehicle if it is damaged in an accident? Collision coverage pays for repairs to the vehicle, but only up to the Blue Book Value of the car.
If you are still making payments on your car, you may want to look at putting Gap insurance into place along with the Texas auto insurance minimum coverage requirements. This coverage will pay the difference between the Blue Book Value and the amount you owe on the vehicle if it is totaled in an accident. That way, you are not responsible for making payments on a vehicle you no longer own.
Shop around and compare quotes from multiple TX car insurance companies and find that one that will best fit your needs.