 |
|
ABOUT YOUR AUTOMOBILE
INSURANCE POLICY
|
Although automobile insurance payments are one of your largest
household expenses, most consumers do not understand the coverages
that they are purchasing or what coverages they really need.
Complicating this situation is the fact that Hawaii's no fault
laws have had at least three major overhauls in the past ten
years. As a result, consumers often don't discover until after
the accident that they have purchased the wrong insurance
coverages.
After representing thousands of individuals involved in motor
vehicle accidents, the attorneys at Winer Meheula & Devens
LLP have come to share your frustrations regarding automobile
insurance policies. In a significant number of our cases,
clients are shocked and dismayed when we inform them that
they have purchased inadequate benefits, policies which severly
limit their right to medical treatment or unnecessary coverages.
As a result of these problems, Winer Meheula & Devens LLP now offers a free automobile insurance checkup to provide
you with information and input which will help make you a
better consumer.
In this pamphlet, we will briefly explain the automobile
insurance coverages that insurance companies offer, indentify
the minimum coverages required by Hawaii law and teach you
how to review you insurance declaration form which summarizes
the coverages you have purchased.
BODILY INJURY COVERAGE: This coverage provides
protection if you cause injury to someone else such as a passenger
in your vehicle, a pedestrian, or a person in another vehicle,
and you are considered to be responsible for the accident.
Hawaii law requires that you have a minimum of $20,000
per person and $40,000 per accident of bodily injury coverage.
PERSONAL INJURY PROTECTION (PIP): This coverage
provides you, anybody injured in you car or pedestrians (including
bicyclists) with coverage for medical benefits regardless
of whom is at fault for an accident. That is why PIP coverage
is often referred to as no fault.
PIP benefits pay for medical treatment that is necessary,
appropriate and reasonable. Unlike you regular medical insurance,
PIP benefits pay for 100% of your bills unless you choose
the managed care option discussed below. In addition, you
may treat with a health care professional of you choosing,
including a chiroprator, even if that type of treatment is
not covered by your regular medical insurance.
Hawaii law requires that you have a minimum of $10,000
in PIP benefits per claimant. Most insurance companies
offer deductibles for PIP benefits ranging from $100 to $1,000.
Deductibles can result in premium savings, but they can also
create a financial burden if you are injured in a motor vehicle
accident and are unable to work.
If you use up your available PIP benefits, then your bills
will be covered by your regular medical insurance. Hawaii
law prohibits your automobile insurer from raising your rates
if you make a claim for PIP benefits and you are not at fault
for the accident.
MANAGED CARE OPTION: Many insurers now offer
reduced PIP premiums by offering the "managed care option."
This option allows insurance companies to provide medical
care through health maintenance organizations ("HMOs") or
preferred provider organizations ("PPOs").
Although this option generally results in decreased premiums,
it significantly limits your ability to seek treatment from
a health care provider of your choice, involves an outside
organization in evaluating predescribed treatment and involves
paying a deductible of approximately $7 to $10 per visit.
HMOs and PPOs restrict medical care to approved health care
providers, and case managers will closely monitor (and often
deny) requested treatment.
The vast majority of our clients who have the managed care
option did not realize that they chose the option until after
they were involved in an accident. The limitations imposed
by this option have made many of our clients unhappy, and
we urge you to carefully consider whether the cost savings
are worth the restrictions.
ALTERNATIVE PROVIDER SERVICE: This optional
coverage pays for naturopathic, acupuncture and nonmedical
remedial care and treatment provided in accordance with the
teachings, faith or belief of any group which relies upon
spiritual means for healing. These types of care are typically
not covered by a standard PIP policy.
WAGE LOSS: This coverage pays for monthly earnings
loss for injuries arising out of a motor vehicle accident.
Beginning in 1998, wage loss benefits became optional.
In evaluating the need for purchasing wage loss coverage,
you should consider the availability of other wage loss coverages
including temporary disability insurance (TDI). If you are
concerned about wage loss issues that might arise from a motor
vehicle accident, then you may want to consider the desirability
of a private insurance policy that would provide coverage
for wage loss caused by any disabling injury or illness.
DEATH BENEFITS AND FUNERAL EXPENSE BENEFIT:
These optional coverages provide fixed payments to named beneficiaries
for a motor vehicle accident that results in the death to
anybody occupying your vehicle. In Determining whether you
want to include these benefits, you should compare the cost
of these premiums with the cost of obtaining a life insurance
poilcy.
PROPERTY DAMAGE LIABILITY: This optional coverage
pays if your vehicle causes damage to another person's property
such as a car, a telephone pole or a building, and you are
considered responsible for the accident. Hawaii law requires
that you have a minimum of $10,000 in property damage liability
coverage.
COLLISION LOSS COVERAGE: This optional coverage
pays if your vehicle is damaged by colliding with another
vehicle or object regardless of fault. It covers repairs,
minus a deductible (which is usually between $250 and $500),
up to the vehicle's actual cash value including depreciation.
If you are making payments on the vehicle, the lending institution
will typically require that you have collision loss coverage.
If you own an older vehicle, then you should evaluate whether
it makes economic sense to pay for this type of coverage.
COMPREHENSIVE LOSS COVERAGE: This optional
coverage protects your vehicle from non-collision related
damges such as flooding. It also covers claims related to
fire, theft and broken glass and damage caused by animals
or falling objects. Once again, if you are making payments
on your vehicle, the lending institution will typically require
that you have comprehensive coverage.
UNINSURED MOTORIST COVERAGE (UM): This coverage
provides protection if you are injured by an uninsured motorist
who is considered at fault for the accident. Although this
is an optional coverage, we strongly recommend that you consider
purchasing UM coverage due to the large number of uninsured
drivers in Hawaii.
STACKING UM AND UIM COVERAGES: If you own multiple
vehicles, you should carefully evaluate whether you want to
"stack" the UM and UIM coverages. Stacking allows you to aggregate
the available policy limits for UM and UIM coverage for wach
vehicle covered by your policy. For example, if you own three
vehicles and purchase stacked UM coverage at $50,000 oer vehicle,
you would have access to $150,000 in UM benefits. Using the
same example, if you purchased non-stacked coverage, then
you would only have access to $50,000 in UM benefits.
It is important that you compare the relative costs of stacked
and non-stacked coverages. In many cases, purchasing lower
limits of stacked coverage is less expensive than higher limits
of non-stacked coverage.
TOWING AND LABOR: This optional coverage usually
pays the reasonable costs for up to one hour of mechanical
labor at the pplace of breakdown plus towing to a repair shop.
RENTAL REIMBURSEMENT: This optional coverage
pays for a rental car if your vehicle is damaged in an accident.
Most insurance companies pay between $15 and $30 a day. If
you are not at fault for an accident, you may attempt to seek
rental reimbursement from the property damage liability insurance
policy covering the driver that caused the accident.
INSURANCE DECLARATION PAGE: This is one t o
three page form will summaraize the automobile insurance coverages
you have purchased. If you are coming to an automobile insurance
checkup with an attorney or paralegal from Winer Meheula
&
Devens LLP, it will be very helpful for you to bring the
declaration page with you or to complete the Insurance Checkup
Worksheet form which can be located at our website: http://www.pacificlaw.com. If you have questions about any aspect of your automobile
insurance policy or if you have been in an accident involving
a motor vehicle, please do not hesitate to call Winer Meheula
& Devens LLP at 254-5855 or 1-888-606-5855 from all
neighbor islands.
To assist you in reviewing your automobile insurance policy,
you may also want to complete and send to us the following
section "Automobile Insurance Checkup Worksheet"
below.
|