Can You Benefit From Stacking Your Auto Insurance?

Stacking Your Auto Insurance Can Provide Extra Coverage

One of the most important aspects of owning a car is making sure that you have the right amount of auto insurance coverage. If you own a car in Minnesota, you must invest in no-fault personal injury protection (PIP) coverage that includes at least $20,000 in medical coverage for any injuries that are sustained during an accident. The PIP will also provide coverage for lost wages of at least $20,000.

While $20,000 in lost wage benefits may seem like a good amount of money, the lost wage benefits will only pay out a maximum of $250 per week. If you are a moderate to high-income earner, only bringing home $250 a week may not be enough to cover your bills while you are injured. If you have more than one vehicle, you may want to consider stacking your PIP coverage to ensure that you bring home enough money in the case of an accident.

Stacking your PIP insurance coverage lets you combine all of the coverage of your auto insurance policies. This means if you only have the minimum amount of PIP coverage on all three of your family cars, you will receive three times the amount coverage for each of your vehicles if you are ever in an accident. This also means that you will receive three times the minimum lost wage benefits, bringing the payout up to $750 a week. Keep in mind that your insurance will not automatically be stacked, and you have to ask for it from your insurance agent. There is also a small premium increase that is involved with stacking your insurance but the benefits outweigh the costs. 

Contact the insurance professionals at Kurt Rolf Insurance Agency in Hopkins, Minnesota for all of your auto insurance needs. We will work with you to ensure that you have the most comprehensive coverage, all at the right price.