Is there a minimum level of coverage that is required by law?

Yes, there is a minimum level of coverage that is required by law in Idaho for certain types of insurance. This is known as the Idaho Guaranty Fund. This fund is maintained by the Idaho Department of Insurance and is available to cover losses incurred by policyholders due to the insolvency of an insurance company. Minimum coverage is required for various types of insurance, such as workers’ compensation, automobile liability, and commercial general liability. For automobile insurance, the minimum coverage required in Idaho is bodily injury liability insurance, property damage liability insurance, uninsured motorist insurance, and personal injury protection (PIP). The minimum required for bodily injury liability is $25,000 per person and $50,000 per accident, and the minimum for property damage liability is $15,000. Uninsured motorist insurance and PIP coverage must each have a minimum of $25,000. For workers’ compensation and commercial general liability insurance, Idaho requires each policy to carry a minimum of $50,000 per employee for workers’ compensation and $50,000 for commercial general liability. The minimum coverage requirements in Idaho are designed to provide basic protection to policyholders in the event of an insurance company’s insolvency. It is important to check with your insurance provider to make sure you have adequate coverage for your particular situation.

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Is there a minimum level of coverage that is required by law?

Is there a minimum level of coverage that is required by law?

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