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Financial responsibility required.
California, like every other state in the union,
requires drivers to be financially responsible. Most states allow you
to meet this mandate in two ways: post a bond or purchase auto
insurance. And if you're financing your vehicle purchase, most lenders
require specific minimum insurance coverages to cover their liability.
Something to Consider
States and lenders have minimum insurance guidelines
for financial responsibility, but you may find it a better investment
to purchase greater coverage limits or additional coverages. For
dollars a month, you may greatly increase your ability to pay for
necessary medical expenses, cover your legal liability and protect
against any additional losses.
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State of California.
Our state requires motorists to carry auto insurance minimums of:
$15,000 -- liability maximum for each individual injured party in an accident
$30,000 -- total liability maximum for all injured parties in a single accident
$5,000 -- total property damage for a single accident
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Lending Standards.
Most lending institutions require car buyers to maintain their state's
minimum auto insurance coverage amounts in addition to auto physical
damage coverage.
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