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Does Minimum Coverage Mean Minimum Protection?


woman-auto accident-2

In the event you cause an accident, your auto insurance liability limits cover injuries to the other driver, the other driver’s passengers, and your passengers. Most states, including Pennsylvania, require that you purchase a minimum amount of car insurance. However, purchasing only state minimum limits may not be enough. Having adequate liability coverage can be the difference between being well protected and potential financial disaster.

Q. Pennsylvania requires minimum insurance coverage of 15/30/5. What does that mean?
A. Minimum liability limits of 15/30/5 means the insurer will provide bodily injury liability coverage up to $15,000 per person injured in any one accident, and $30,000 for all persons injured in any one accident, and up to $5,000 for property damages in any one accident.

Q. If I have minimum limits, what happens if I have an accident and damages exceed my policy limits?
A. Your insurance company will only pay up to the amount of your policy limits. So, if you’ve chosen Pennsylvania’s minimum property damage limits of $5,000 and cause
an accident which results in $25,000 in property damage, the insurance company will only pay $5,000, and you will be responsible for payment of the remaining $20,000.

Q. Why would I want to buy more insurance than state law requires?
A. Auto insurance is your safety net, and works best if it provides proper protection. Carrying state minimum protection may be more affordable in the short term. However, because you could be personally liable for damages which exceed your policy limits, you
should seriously consider purchasing liability insurance with limits higher than is required by state law.

Q. Is there another coverage option in lieu of increasing my policy limits?
A. Yes. You could also consider purchasing a personal umbrella policy (“PUP”) for added protection. A PUP is designed to “kick-in” when the liability limits of your auto policy have been exhausted. The bottom line – if you’re legally responsible for damages which
exceed your coverage limits, you’ll be responsible for the difference. The time to discover you don’t have adequate insurance/coverage is BEFORE you’re involved in an accident, not AFTER.

Q. Is increasing my limits right for me?
A. Increasing coverage limits (and/or adding a PUP) may not be as costly as you think. If you’re interested in protecting your and your family’s present well-being and financial future, and securing a little more peace of mind, as your independent insurance agent, we’re here to help answer any questions and help you review your available options.

Contact Members 1st Insurance Services today for a FREE quote!

Personal Insurance:
(800) 283-2328, ext. 5218 or 5245

Medicare, Long-Term Care, Group or Individual Health Insurance:
(800) 283-2328, ext. 6269

Petplan Pet Insurance:
(866) 467-3875

*Personal insurance services available to PA residents only.

Make Sure You’re Covered in 2015!


Health InsuranceYou can sign up for health insurance, renew your current health insurance plan, or enroll in another plan for next year now through February 15, 2015.

Don’t have coverage? You can purchase health insurance on your hold if your employer doesn’t offer it, if your employer’s coverage is unaffordable, or if you’re self-employed. Plus, you can no longer be turned down because of pre-existing conditions. You may qualify for tax credits and savings on out-of-pocket costs, which could help make purchasing health care more affordable. Keep in mind that the fee for not having health insurance in 2015 is increasing to 2% of your income or $325/person. Make sure to enroll by December 15, 2014 in order to be covered on January 1, 2015.

Confused by HealthCare.gov? We have a tool that can simplify the process. To review your health insurance options and enroll/update your plan, go here and click on Get a Quote Today.

If you have any questions, our local expert Health Benefits Specialist Ben Lausch provides excellent service and would be happy to assist you with your choices. Contact him at (800) 283-2328, ext. 6269 or lauschb@members1st.org.

This article has been reprinted from the November/December 2014 edition of Avenues.
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