Hopefully you’ve had a chance to read our last post on Unlimited Coverage.
Today we’re going to dive into the next two options, $500,000 and $250,000. These two options are similar in the sense they cap your PIP medical benefits and there aren’t any minimum qualifications to select these limits (like some of the other options). As you’ll see on your selection form, the two options are grouped together. Are one of these options best for you?
Limited Coverage of $500,000 or $250,000
- Auto insurance would still pay first in the event of an auto accident.
- May provide coverage for things your health insurance doesn’t, like rehab and attendant care.
- MCCA fee is eliminated – so roughly a $220 savings per vehicle, per year
- PIP Medical premium is reduced by an average of:
- 20% per vehicle for $500,000
- 35% per vehicle for $250,000
- No qualification necessary, as you’ll see with other options
- Once your limit is reached there is no other coverage from your auto insurance policy. You’d have to rely on your health insurance for any remaining care.
- Tapping into your health insurance, you’d have your normal deductible, co-insurance, co-pay, and possible coverage limitations.
If you don’t have health insurance, you would be responsible for any care needed once your limit is exhausted.
If you do select one of these options, you should also ask about purchasing Excess Attendant Care coverage. This would be a limit in addition to the medical limit you choose. Attendant care covers a lot of your daily activities that you might not be able to perform when injured (eating, bathing, administer medicine, etc).
So, this decision may have greater impacts on your future than just the initial savings. We are here to help educate you in making the best decision for your situation.