You are going to call it what?

In my job, I get to drive around to inspect homes. In town, there are the usual street names; Main Street, First Avenue. When I am out in “suburbia,” there are always great names for developments. These are places that end with Craig, Manor, and Downe. (Ending the word down with the “E” means it is really expensive to buy there.) Insurance isn’t quite so inventive. 

In insurance, there are terms like “owner-occupied.” Gee. I guess the owner lives there. There are terms like “Collision coverage” which means that the policy pays if there is a collision. You do not need to be a rocket scientist to figure out what those terms mean. 

Things get a little screwy with coverage in a Pennsylvania automobile policy when it comes to coverage for “First Party benefits.”  In your coverage, you are the “first party.” This is the section of the coverage that will pay for your medical bills up to the limit of coverage you carry. You may also buy coverage for lost wages, a funeral benefit, or accident death coverage.

On the coverage for medical bills, you may buy coverage up to $1.1 million of protection. The minimum is only $5,000. The lost wage coverage is purely optional, but you may buy coverage for lost wages up to $2500 a months, with a $50,000 maximum. The funeral benefit is available in the amount of $1500 or $2500 and the accidental death coverage is available up to $50,000. 

Like all insurance, it is wise to review what you need with your insurance professional. Questions? Call us.