Tarshish ILR Minnesota No Fault Insurance: Stacking
From LegalLanding
"No-Fault coverage can easily and inexpensively be increased if you own more than one vehicle. Stacking your No-Fault insurance coverage multiplies the amount of coverage available from $20,000 for wage loss and $20,000 for medical expenses to $40,000 for each. Perhaps more importantly, it also multiplies the weekly maximum wage loss coverage.
The Minnesota No-Fault Act states that an injured person's wage loss is to be reimbursed at a rate equal to 85% of the total wage loss with a weekly maximum of $250.00. Those making more than $300 per week will only receive $250.00 per week in wage loss payments. Unless you feel you can meet all your financial obligations with $250 per week, those with higher incomes should seriously consider stacking their policies. If your family owns two vehicles, the maximum weekly benefit goes to $500; with three vehicles, the maximum is $750, and so on. Best of all, stacking coverage is very affordable.
In addition, stacking also multiplies your medical no-fault coverage. Even if you have health insurance, you should consider the benefits of stacked no-fault medical coverage. No-fault provides "dollar one" coverage, which means there is no deductible and no co-pay. No-fault insurance allows you to see any doctor - not just those in your network or plan, so long as the treatment is "necessary" to treat injuries from a car accident. Also, if you are injured in a crash that is someone else's fault, and your health insurance pays medical bills, you will have to pay the company back if you receive a personal injury settlement from the other driver's insurance.
The medical coverage limits have not been changed in decades. As we all know, the cost of medical care has exploded. It is not unusual for a brief hospital stay, or one surgery to cost more than the $20,000 minimum limits. Talk to your insurance agent about the cost of stacking. I think you will find that the assurance that the coverage will be there if you need it is worth the small cost of obtaining it."
- See Stacking Minnesota No-Fault Insurance Coverage, authored by Matthew Brenengen.