Kentucky Accident Blog

Should You Buy Added Reparation Benefits?

In Kentucky Basic Reparation Benefits (also called Personal Injury Protection (PIP) or No-Fault Benefits) is auto insurance coverage that will cover you and your passengers if you are in an accident. The standard amount offered by insurance companies is $10,000.00. This minimum amount is required by the Kentucky Revised Statutes. The $10,000.00 is in place to cover your medical bills and lost wages. This amount seems to be fairly substantial until you start adding up the medical expenses and how much you are losing in lost wages. It will no longer seem so great.

The highest amount you can receive for lost wages with Basic Reparations Coverage is $200.00 a week. This is the highest amount you will receive no matter how much your weekly income is. If you make more than that a week and don’t have disability insurance you may want to consider purchasing Added Reparation Benefits. Added Reparations Benefits work much the same way as your PIP benefits. They are additional benefit amounts that cover medical expenses and lost wages.

Added Reparation Benefits apply only to those individuals named on the insurance policy. Any other passenger would only receive the Basic PIP benefits. The amount of Added Reparation Benefits insurance companies will allow varies from company to company. Some may go as high as $40,000.00 while others will go up to $90,000.00. This is a good question to ask your insurance agent.

Along with allowing more on lost wages having Added Reparation Benefits can be very useful in covering your medical expenses. A few factors to consider when deciding whether to purchase extra coverage is your health insurance. Your health insurance will cover your medical bills once the PIP benefits are exhausted. If you do not have health insurance or you have a high deductible or high co-pays it may be in your best interest to ask your agent for information on added reparation benefits. Your agent may not offer this added coverage, it is up to you to ask. You may be surprised at how little added coverage will add to your premium.

For more information on Louisville, Kentucky attorney Mike Schafer and Kentucky Auto Insurance go to mikeschaferlaw.com.