Wednesday, September 29, 2010
Many people decide that they could save a little money on their auto insurance policy by declining the medical coverage. This is the benefit that will pay your medical costs if you are hurt in an accident. It covers you even if you are at fault. In fact, if you have this coverage, you have the right to collect from both your insurance company and the other person's company if they are found to be at fault and are responsible for your expenses.
You might think that you will be OK because you have medical coverage. While it is true that standard health insurance coverage will pay your medical costs even if you are hurt in an accident, you will still have to pay all co-payments, deductibles, and prescription costs. Even if you have a cap on your maximum out-of-pocket expenses, this amount can quickly add up.
What if you are also out of work due to your injuries? Of course, the other person is supposed to pay for lost wages if they are found to be at fault, but that process may take over two years to complete. If they don't have adequate coverage, you may not be able to collect a penny. You might as well forget about even trying if they were uninsured in the first place.
With medical expense coverage, you won't have to worry about how your medical bills will be paid. For just a few dollars each year, you'll know that you're covered in the event of a traumatic accident regardless of who is at fault. Not only will it cover you, as the policy holder, but it will also cover anyone else who drives your car and any passengers. When you're shopping for your next auto insurance policy, make sure that you add this valuable coverage.