PA Auto Insurance:
|Our Recommendation:||Varies with your income|
If you are involved in an automobile accident and have Wage Loss Coverage, your insurance company must pay 80% of your lost earnings up to the limit of your policy.
Following an accident, you may be unable to work for a period of time. This may be a great hardship, rendering you unable to pay your basic bills.
You might assume that the responsible party will be forced to compensate you for lost earnings. However, while you certainly would include such an amount in your claim against the at-fault individual, it could take months or even years before you receive any funds, particularly if the case proceeds to litigation. In the meantime, you still need to make ends meet.
Alternatively, if you are at fault in an accident, there is no one from whom to collect even a portion of your lost income.
Unless you have a separate disability policy, your only option to protect yourself and your family from a potentially catastrophic loss of income is to elect to include Wage Loss benefits in your auto insurance policy. Fortunately, the fees for this coverage are extremely reasonable. For roughly $20.00/ year you could obtain monthly wage loss benefits of $2,500 per month up to a maximum of $50,000! Comparing the cost to the potential benefits, adding this coverage is the obvious best choice.
Keep in mind that the amount you would be paid is in proportion to your actual income at the time of the accident, so contact your insurance agent to discuss the amount of coverage that makes the most sense for you.
If you have further questions about this or any other aspect of Pennsylvania Automobile Insurance, please do not hesitate to contact Gary Stewart Seflin by calling 610-892-9700 or by filling out our contact form.