Optional Benefits – Are You As Well Insured As You Think?

Most people buy, and later renew, their auto insurance without giving any thought to the coverage they have, or more importantly, what coverage they should have.

Unless you have been injured in a car accident you may not even know that your own insurer is responsible for providing you with various forms of accident benefits. The standard auto insurance policy includes an income replacement benefit. The standard income replacement benefit is limited to 70% of your gross income to a maximum $400 per week. However, for a modest increase in your premium the benefit can be increased to $600, $800, or even $1,000 per week.

Benefits are also available to cover any reasonable and necessary medical and rehabilitation needs. The standard benefit should you need treatment or the assistance of an aide or attendant is capped at $65,000 and is available for a maximum period of 5 years. This benefit can be enhanced to the level of $130,000 or even $1,000,000 without significantly affecting your premium.

If you suffer serious injuries in a motor vehicle accident, the standard benefit levels will likely be insufficient to meet your needs. The peace of mind of making sure your specific needs are going to be adequately protected can be secured at little extra expense. It is vital to speak with your insurance company or broker to know what your policy provides before any need to rely on your benefits arise.

If you have been in an accident and need access to accident benefits, the Personal Injury Lawyers at Oatley Vigmond can help protect your legal rights.

About the Authors