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Dollar a Day Insurance
Dollar a day insurance is a relatively new alternative for people who are likely to remain uninsured because of straitened financial circumstances. The name of this insurance type suggests its cost - it costs a dollar a day, which makes it $365 a year. Sometimes it can cost even less if an applicant pays the entire sum up front. Compared to other types of insurance a dollar a day policy helps a policyholder to noticeably cut down on the expenses connected with keeping an insurance policy.
The most typical practical application of dollar a day insurance is guaranteeing the safety of vehicles as well as reimbursing the cost of personal injury protection. Dollar a day insurance is generally offered together with a Medicaid policy (usually Federal Medicaid with hospitalization). That's why you are normally required a confirmation of your enrollment in Medicaid to get this policy. An important notation is that drivers with suspended or revoked licenses are not eligible for dollar a day insurance.
Dollar a day insurance covers emergency treatment after an accident and treatment of certain serious injuries specified in the contract. The amount of cash reimbursement is fixed up to a specified limit (usually up to $250,000). Besides, dollar a day insurance guarantees a death benefit within the limit of $10,000. Quite expectedly, since dollar a day insurance goes into effect only in combination with another standard policy extending the latter's coverage, it does not cover the costs reimbursed by the standard policy in force, which usually include outpatient treatment, liability coverage, collision and comprehensive coverage.
Thus, dollar a day insurance helps low-income drivers drive legally and gives many of them a chance to get affordable transportation to workplaces. It also helps to reduce the cost of personal injury protection. It is designed as and can really be a convenient cushion for people with an already marginal income.