Archive for July, 2010
Documenting wage loss
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Most people understand that they can submit a claim to an insurance company for medical expenses and damage to a vehicle.
Did you know, though, that you can also submit a claim to the insurance company for the at-fault party to recover earnings and benefits that you lost as a result of an accident?
What is included in wage loss claims?
Whether you are an employee or self-employed, you can claim lost wages or income, overtime, bonuses, commissions, and any benefits you used.
Benefits might include vacation or sick time, contributions to a 401K or pension plan, and so on.
Benefits of Personal Injury Protection Coverage
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Recovering lost wages at the end of the case from the insurer for the at-fault party does not help when you have bills to pay today.
Understanding PIP benefits
When you are buying a new automobile insurance policy, insurance agents may not fully explain PIP coverage. Even when you are renewing and checking coverage, you might start questioning provisions of the policy. For those who are trying to save money, PIP coverage might seem like an expense that might not be necessary since you may already have health insurance through your employer.
That’s why it’s important to understand the benefits of Personal Injury Protection (PIP) coverage, particularly the benefits for medical expenses.
Differences in Personal Injury Protection for Washington and Oregon
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This article focuses on the differences between PIP coverage in the state of Washington versus the state of Oregon.
What does PIP cover?
The Personal Injury Protection (PIP) coverage in an automobile insurance policy includes provisions for:
- Medical expenses
- Wage loss
- Essential services
PIP availability in Washington vs. Oregon
In Washington, PIP coverage must be offered with any auto insurance policy. If you choose not to buy PIP coverage, though, you must sign a form to specifically decline that coverage. Read on to better understand the benefits you might receive before you reject that coverage.
In Oregon, PIP coverage is mandatory in all auto insurance policies.
Temporarily covering lost income
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You were injured in an accident. You had to take off time work, so you lost income or benefits. Now you need to find a way to cover that lost income so you can pay your bills and take care of your family.
Eventually, when you settle the case with the at fault party, you can recover your lost income and benefits as well as medical and auto repair expenses. However, that might be months down the road.
In the meantime, what can you do to cover lost wages?