PART 3: YOU AND YOUR AUTO INSURANCE: WHAT YOU NEED CHANGES OVER YOUR LIFETIME

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Introduction

Part 1: Teens- early 20s

Part 2: 20s - 30s

40s - 50s

At this point, you may have kids who are starting to drive. This can certainly increase your insurance rates. Having said that, if you are financially able to afford to keep the FULL TORT1 + UNINSURED/UNDERINSURED2 + STACKED COVERAGE3 we highly recommend it. If you have to change something, DO NOT switch to limited tort. I'd recommend talking with your agent and with us before making any changes in an effort to save money.


60s +


At this point, your kids are out of the house and you may be thinking about retirement. If you are retired, you would be receiving your income through Social Security, your pension or other retirement account. Therefore, you would no longer benefit in any way by carrying WAGE LOSS COVERAGE4 on your policy.


Tomorrow concludes our series. Our last post is dedicated to key take aways that you can pass along to friends or family or can retain for yourself as you age.

1If you are injured in an auto accident through no fault of your own and purchase FULL TORT on your auto insurance, you are permitted to make a claim for your lost wages, out of pocket expenses AND your pain and suffering. Pain and suffering is typically the more valuable portion of the claim because it includes all aspects of the injury. It includes your medical treatment and all of the inconveniences that go along with being injured. If you purchase LIMITED TORT on your auto insurance, you are only permitted to make a claim for your out of pocket losses and wage loss. You are generally NOT permitted to make a claim for pain and suffering.


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 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.


4You 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.

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