Have you ever come across the phrase “stacked insurance” selecting insurance for your car or bike and wondered “What is stacked insurance in PA?” Can it be beneficial to you? Or is it just a ploy by insurance companies to squeeze more money out of you? Is it expensive? You don’t want to pay more than you have to for insurance. At the same time, you need the coverage you need.
What is Stacked Insurance in PA?
First, let’s address the question head on. Stacking your insurance involves multiplying your Uninsured/Underinsured Motorist (UM/UIM) coverage in your plan to offer greater protection. Your coverage is multiplied by how many vehicles you have insured under one policy. So, for example, if you have two vehicles insured for $100,000/$300,000 of UM/UIM coverage, stacking will multiply these limits by the two vehicles on your policy. Therefore, you will have $200,000/$600,000 available to you in the event of an accident with an uninsured or underinsured driver.
Benefits of Stacked Insurance in PA
Second, the benefits of such a policy should be clear. For a few more bucks, you could possibly get twice as much coverage as you would otherwise. So let’s review some examples.
- Scenario 1: You have 2 vehicles with stacked UM/UIM coverage equaling $200,000. The other driver is either uninsured, or only has the minimum required coverage of $15,000. Therefore, you get $215,000 for injuries and medical expenses.
- Scenario 2: You have 2 vehicles without stacked UM/UIM coverage, thereby equaling $100,000. The other driver has the minimum $15,000 coverage. Thus, you get $115,000 for injuries and medical expenses.
- Scenario 3: You have no UM/UIM coverage. The other driver again has $15,000. So, you only get $15,000 for injuries and medical expenses.
Risks of Stacked Insurance in PA
Third, is it worth it? Well, not every state and not every provider offers stacked insurance. According to research, few downsides to a policy like this exist. Your premiums will be slightly higher, but you get twice the coverage. If you have multiple vehicles, if your provider and state allow it, and if you’re concerned you have underinsured drivers in your area, then it’s likely to be worth it.
What is Stacked Insurance in PA? Contact Brad Tabakin for More
Finally, if you have questions about whether you’re underinsured or properly covered when it comes to motorcycle accidents, then contact attorney Brad Tabakin and follow the Bikers Have Rights community on Facebook!