How Much Alaska Car Insurance Do I Have to Have?

You’ve already heard it a thousand times. You can’t have too much fun, you can’t have too much money, and you can’t have too much car insurance! Since you don’t want to spend your entire paycheck paying for your car insurance, especially with Christmas around the corner, however, you have to strike a balance between your insurance agent’s predictions of doom and gloom and the nice, cheap Alaska car insurance policy you’ve been looking for!

One of the biggest arguments between car insurance companies and drivers is whether or not

they need to carry collision and/or comprehensive coverage on their Alaska car insurance policy, so let’s start there. You already know that collision and comprehensive are for your benefit only and aren’t required by the state. If you took out a loan to get your car, however, it’s safe to say these are completely non-optional and you should plan on tacking a little extra on to your monthly insurance payments!

If you own your car free and clear you’re in a slightly different situation. You actually get to decide whether or not you want comprehensive and collision coverage! Novel concept, right? You have to remember that there’s no way to predict the day your car is going to be in an accident or slam into a tree and have to be totaled by your insurance company. Even if your car is only worth a couple thousand dollars (or even a couple hundred), that’s a couple thousand you can use for a down payment on a new one!

If you’re struggling to pay your premiums, however, cruising around with liability is much, much better than driving with no insurance at all.

Liability car insurance is another story. Alaska car insurance laws state that you have no choice-you will be assimilated to their line of thinking, and you will carry liability coverage to the tune of 50/100/25 while you’re at it! What’s that mean in English? It means you have to have a policy that states your insurance company will pay at least $50,000 per person and $100,000 per incident in medical bills for any bodily injury claims and $25,000 in property damage.

Of course, you’ve been hearing your whole life how the bare minimum just isn’t good enough, and that goes for your car insurance too. Hospital bills alone are going to eat through that $50,000 maximum in the blink of an eye if you’re in a serious accident, leaving you to pick up the pieces (and pay the bills) out of pocket. That’s why most experts say you should carry at least $100,000 per person and $300,000 per incident in bodily injury coverage and $100,000 in property damage on your Alaska car insurance, even though that’s well above the state minimums.

The way the cost of health care is going up these days, it might be the smartest decision you ever make!

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