Frequently Asked Questions
Below are some initial questions many clients have when they first contact Michael A. Schafer, Attorney at Law. The questions below may address many initial concerns you may have. If you don't find the answers here, you should contact us for answers to questions specific to your case. The consultation is free.
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How Much Car Insurance Coverage Should I Have?
You need to buy as much insurance as you can afford to protect you and to compensate you fully if you are in an automobile accident. Ten times the insurance does not cost ten times the money. Your insurance agent may not tell you that additional insurance will not cost you that much more unless you ask. Why? It's because it's not a good deal for the insurance company and a good deal for you.
Ask your agent how much it costs to raise each type of coverage to the next level. For example, if I raise my PIP from $10,000 to $20,000, how much more would my premium be? If I raise my Uninsured Motorist and Underinsured Motorist Coverage from $25,000 to $50,000, how much would my premium be? You need to be informed! Knowledge gives you the power to financially protect your family.
What Does the Term “No Fault Insurance” Mean?
In Kentucky, no fault insurance means that your insurance company will pay your medical bills regardless of whose fault the accident was. The insurance company will only pay your medical bills, not for your pain and suffering. They will also pay for loss wages up to $200 per week, unless you have added reparations benefits.
Who Will Pay To Fix My Car?
The insurance company of the person who hit you will pay to have your vehicle fixed. If their insurance company challenges liability (whose fault the accident is), they may not pay for your car right away. If this is the case and you have collision coverage on your policy, you may want to turn to your own insurance company. If you do this, you will have to pay your deductible. Your insurance company then would attempt to collect the deductible back from the at-fault party's insurance company.
What's Personal Injury Protection (PIP)?
Personal injury protection (PIP) and basic reparation benefits (BRB) are two terms for the same type of insurance. In Kentucky, your insurance company is required to offer you a minimum of $10,000. The $10,000 could be used to pay for your medical bills and/or loss wages if you are in an accident. These benefits are paid regardless of the fault of the party. In other words, you can be in a car accident that was your fault and still receive your $10,000 PIP or BRB. If the accident wasn’t your fault, the at-fault insurance company is required to reimburse your insurance company the benefits paid less $1,000.
Who Pays My Medical Bills/Loss Wages If I'm In An Accident?
If you had car insurance at the time of the accident, your insurance company will pay for your medical bills and/or loss wages under your PIP or BRB benefits. Once those benefits have been exhausted (this is usually at $10,000 unless you have added reparation benefits), your medical insurance will begin paying your medical bills.