Medical payments (MedPay) coverage will pay for you and your passengers’ medical expenses in the event of an accident. MedPay will cover expenses from accidents whether you are driving your car, someone else’s car (with their permission), or if you or a family member incurred injuries as a pedestrian. The coverage will pay regardless of who is at fault; however, your insurer may seek to recoup the expenses if someone else is liable.
With a good health insurance plan, there may be little need to buy more than the minimum required MedPay coverage. However, MedPay coverage only adds a nominal fee to your policy dependant on the amount of coverage needed. In the event of an accident, this coverage could be of great value to you and your family and should be considered when purchasing a policy.
To protect your credit, Attorney Michael Dobronos recommends you “buy at least $5,000 and probably $25,000 of medical payment (MedPay) coverage.” He further goes on to state that “this is one of the best values of insurance. I have great health insurance and I still have $100,000 of MedPay coverage due to the high cost of medical bills.”
Uninsured/Underinsured motorists coverage
Uninsured motorists (UM) bodily injury coverage pays for your injuries if you are involved in an accident with a driver who is legally liable and does not have auto insurance. Many states require drivers to hold this coverage.
Underinsured motorists (UIM) bodily injury coverage will pay for your injuries if you are involved in an accident with a driver who is legally liable and causes more damage than his or her liability coverage can cover.
Uninsured motorist property damage (UMPD) coverage, available to you for any vehicle on your policy that does not have collision coverage, pays for damage to your vehicle caused by a driver who is legally liable and doesn’t have auto insurance.
“Motor vehicle accidents (MVAs) are the number one most common cause of death of people under 45 years of age. You should protect your family and yourself by making sure that you purchase uninsured/underinsured motorist coverage,” states Attorney Michael Dobronos. “My best legal advice is to buy as much uninsured/underinsured coverage that you can afford. I recommend at least $100,000 coverage. I personally have $2,000,000 coverage. You would be surprised that such a high limit is not as expensive as you may think.
Without this coverage, you are taking a big chance that a serious MVA could bankrupt you. For example, if you are involved in a MVA that is not your fault with a UM/UIM motorist, you will not collect what you are entitled to, such as medical bills, lost wages, permanent disability, and/or pain and suffering. Given these economic times, it is extremely important coverage to have, because many people drive without insurance,” adds Dobronos.