Auto Insurance Medical Payments Worth It
Medical payments coverage can help pay for the medical or funeral expenses of covered drivers and passengers after an accident regardless of fault.
Auto insurance medical payments worth it. Medical payments also known as medical expense or medpay coverage helps pay for medical and funeral expenses associated with auto accidents. The cost of med pay coverage. Consider buying enough medpay andor pip to cover your health insurance deductible. However if you find that your health insurance does not have good coverage for car accident injuries it might be well worth paying for med pay coverage on your auto insurance.
Nerdwallets car insurance comparison tool can help you shop around and view multiple. This guide will help you to understand how medpay works when you may want or need to buy coverage and the pros and cons of adding this type of coverage. In most states its an optional addition to your car insurance policy. Medical payments coverage is sometimes called medical expense coverage or just med pay.
If these coverages are optional experts recommend at least 5000 for medical payments and 10000 for pip. Adding higher levels of pip and medical payments coverage will hike the premiums on your car insurance policy. Getting car insurance with medical coverage can be a good buy depending on your health plan. It may help pay your or your passengers medical expenses if youre injured in a car accident regardless of who caused the accident.
If you dont have health insurance or a policy that doesnt cover auto accident injuriesconsider a higher amount. And if your health insurance has low limits or limited coverage medpay is probably worth the investment. For example if your health insurance has a 1000 deductible a 20 percent co pay and you have a 5000 medical claim from an accident with your health insurance you would typically pay. It is an option available with auto insurance policies and usually covers expenses for the policyholder passengers and family members driving the insured vehicle at the time of an accident.
Coverage amounts typically range from 1000 up to 10000 says lynch. This coverage is optional and not available in all states. Can kick in after health insurance limits are exceeded. Medpay can save you a fortune in medical care costs after an accident but youll need to decide if paying the added premiums for medical payments car insurance is worth the expense.
Lets say youre an over 25 year old male driving a relatively new car and your policy for six months is going to be 600 lynch says. If your state requires medpay pip or umuim or some combination of the three dont assume.