What can I expect from my personal auto insurance

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Justin: And basically your, your pip coverage is what you have under your own auto insurance and this is what you know. Tons of people don’t know. I didn’t know before I started doing this. I don’t read, I didn’t read my insurance policy, I didn’t know any of this stuff. So under your own auto insurance policy, you’re covered for your medical bills, for injuries that arise out of your accident and a lot of people will tell us, we didn’t go to the hospital because I don’t have health insurance, my health insurance isn’t any good. I have a huge deductible, I have a huge copay. None of that matters if you have, if you’re in Michigan, you have no fault insurance, you have medical in there. So go get the help you need. And any injuries from that accident are covered under your auto insurance carrier. The other portion of your, of your no fault benefits, you know, things called the household services or replacement services, which are basically, if you’re severely injured and you can’t do the chores around your house, the insurance company will pay for someone, a family member, anyone to come in and assist you with those.

Justin: If you’re even more injured. A, there’s things called attendant care benefits, which are basically help with your personal body, uh, which unfortunately if you, you know, if you blow your shoulder out and you can’t, uh, bay there, you can’t take care of yourself. Those benefits are included. And finally, there’s your wage loss benefits, which are extremely important. If you’re injured, you can’t go back to work. Your auto insurance company needs to cover those for you. So that’s kind of a nutshell of, of what’s out there. And you’re in your own first party benefits that’s in your policy and you need to know what’s in there in order to pursue the benefits.

Brian: So the medical is, uh, it doesn’t get cut off. Does it? its lifetime?

Justin: Yeah. Right now

brian: that’s right. It can still be lifetime under the new law yet the cause you can choose that you’re going to pay more money. But that’s what Justin and I are recommending that you do because it’s the cheapest insurance that you’re ever gonna get for, uh, an activity that’s very high risk compared to others in terms of getting injured.

Justin: Yeah. I mean this is what you have now. It’s, it was the best insurance in the country and now you don’t have to get the best, you can get something worse. I don’t know why you would, but you can. Um, I don’t, I don’t think the savings are going to be there in order to decrease it, especially since they came out and said this new legislation isn’t going to decrease the premiums, you know, so I just want to get your best bang for your buck. Right.

Brian: In terms of the, in terms of the attendant care that can’t, that can be permanent but can also be temporary. Like for example, if somebody has a shoulder injury and they have surgery, then maybe they’re out for six or seven weeks.

Justin: Yep.

Brian: They can have somebody come in and help them with, you know, bathing and, and sort of things like that. And a lot of people feel uncomfortable making claims, but you know what, they paid that premium for that insurance. Why would you feel unconfident?

Justin: I don’t know why people are ever shy about this. They’ve taken your money for so long. Whenever you’re getting back, you’ve probably already paid to them anyway. But yeah, the attending care can be temporary. But you know, I, I know you have clients who, who need 24 hour care, right? I mean, there are people who have severe brain injuries that can no longer take care of themselves.

Brian: We have clients who go all the way back to the institution of the law, 1973 and I know that that’s a long time ago. But, uh, that’s, that’s the way it is in the insurance companies always try to fight it. But, um, and once you take them to court and get a judgment, they pretty much, uh, lie down at your side and you can pet their head and stuff like that and they paid the money. So, um, then the wage loss benefits, the wage loss benefits, how long do those go?

Justin: You can get those for three years.

Brian: And is there a tax effect at when you get any of these benefits at all?

Justin: No, it’s all tax free.

Brian: Okay. So that’s how the no fault law works currently. How does the law, how is that going to change in the future?

Justin: You know, it’s a, it’s a great question and I don’t think we have all the answers for it. The, the biggest change is going to be you’re able to opt out of the, the lifetime benefits, um, which, you know, get a good insurance agent or call us before you change it because we can walk you through what you actually need. Um, cause we don’t know what the changes are going to be, but we know a decrease or in your coverage probably isn’t great. The other portion is now they can go after. If you happen to cause an accident right now you’re liable and they can go after a, used to just be, you look to your own, your own insurance for your medical benefits. Now, if they’re the person that you hit, if their benefits are exhausted, they can look to you to try to get money out of your policy. And if your policy isn’t high enough thing go after your personal assets.

Brian: So if one of those talking head TV advertising, personal injury, ambulance chasing lawyers that we see during the Superbowl and stuff like that, if they, if one of them gets a client and then sues one of our listeners and they have let’s say $400,000 in medical expense, but that person only chose $50,000 in medical coverage. Now our listeners, uh, personal assets are at risk if they don’t have adequate insurance,

Justin: which is why now you have to not only make sure you have unlimited medical, but you have to make sure you bump up your liability insurance because now all of your assets are at risk.

Brian: And that’s exactly why Justin and I at the Law show offer a free service.

Justin: Absolutely

Brian: allow people to fax in their deck sheets and get advice from us before you buy your insurance policy. You know, a lot of times people will buy a piece of property and they’ll sign the purchase agreement and then come see the low hat. Don’t, don’t do that. Don’t sign and don’t pay for anything until you get to the point where, um, you’ve gotten some advice. So Justin, that’s great information.