Today we will talk about automobile insurance. Alaska law requires all drivers to carry liability in the minimum amount of $50,000/$100,000 limits. The purpose of liability insurance is to protect the driver and his assets in the event that he is found liable for causing an accident. You may also purchase:
- Medical Payments Benefits. The minimum limit sold is $5,000. Medical Payment Benefits will pay the medical bills of the passengers and driver in your vehicle.
- Uninsured/Underinsured Motorists Benefits. This coverage protects you when the at-fault driver has no insurance or is underinsured. Limits are a maximum of $1,000,000/$2,000,000.
- Comprehensive/collision. Comprehensive and collision pay for the damage to your vehicle.
- Gap Insurance. Gap insurance will pay off the loan of your vehicle if, when it is totaled, you owe more than the fair market value.
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