As you get a little older, you may get married and have kids. Suddenly you have people, other than yourself, to worry about. And, hopefully, you are able to afford a more comprehensive auto insurance policy. When you get married, if you and your spouse each own a vehicle and they are covered under two separate auto insurance policies, you may want to discuss purchasing a joint policy with STACKED COVERAGE1. When asking about stacked coverage, you would also want to make sure that you have an equal amount of UNINSURED and UNDERINSURED MOTORIST COVERAGE2 as liability coverage. The uninsured and underinsured motorist coverage protects you and your family in the event that the individual who caused the accident has no insurance or not enough insurance to cover all of your injuries, pain, suffering, inconvenience, medical bills and lost wages.
The coverages that I mentioned so far are paid in lump sum payments. That is, you would need to wait to receive these payments until your case is completed - either through a settlement or trial. Depending on the circumstances of your accident and the types of injuries you suffered, this can take months or even years. If you were injured in an automobile collision, and those injuries prevented you from working, it would be important for you to have money available to pay your bills. You are able to purchase WAGE LOSS COVERAGE3. The amount of wage loss coverage you need depends on your particular circumstances, but if you have this coverage, you can receive payments once a month rather than waiting until your case is completed.
Check back tomorrow as we discuss auto insurance coverage for people over 40!
1You may purchase stacked coverage under your own auto insurance policy. Stacked coverage allows you to "stack" your uninsured and underinsured motorist coverage. That is, if you have 2 vehicles on your policy and have $50,000 of uninsured motorist coverage and the driver that causes your injuries is uninsured, you now have $100,000 of insurance available to cover your injuries and damages. If you have 3 vehicles on your policy, you would have $150,000 of insurance available.
2Uninsured and Underinsured Motorist Coverage is coverage you can purchase under your own auto insurance coverage. It protects you and your loved ones from drivers who have little or no liability insurance. The minimum requirement of liability insurance in Pennsylvania is only $15,000. We recommend you get as much uninsured and underinsured motorist coverage as you can afford.
3You have the option to purchase wage loss coverage. This is coverage under your own auto insurance policy. If you are off work for a five (5) day period, you are eligible to begin collecting wage loss on a monthly basis. The amount you collect depends on what you purchase and your average earnings. Purchasing wage loss coverage can provide you with some immediate income while you are recovering from your injuries.