Do you know the ins and outs of auto insurance? Do you think you have all the coverage you need? You may be surprised to learn that there are a few aspects of auto insurance that you may not even know about.
In this blog post, we'll go over three aspects of auto insurance you didn't know you needed to keep your car and yourself protected on the road.
1) Medical Payments Coverage
Medical payments coverage, sometimes referred to as MedPay, is a type of auto insurance coverage that helps pay for medical bills if you are injured in an accident, regardless of who is at fault. It can also provide coverage for passengers in your vehicle who are injured, as well as pedestrians who are injured in an accident with you.
MedPay generally covers your and your passengers' medical expenses up to the amount you select when you purchase the policy. These expenses may include hospital visits, ambulance services, emergency room treatment, doctor visits, physical therapy, and other medical costs associated with an accident. Some policies may even cover funeral expenses.
When selecting a medical payments coverage limit, it’s important to consider the high cost of medical care. You should also consider how many people are usually in your car and what type of vehicles you’re driving. The higher your medical payments coverage limit, the more protection you will have if you’re ever involved in an accident.
It’s important to note that MedPay does not cover property damage or liability costs, so you will still need to carry a liability insurance policy to cover those costs.
Medical payment coverage can provide important protection in the event of an accident. Consider adding this coverage to your auto insurance policy today to make sure you’re protected in case of an emergency.
But before deciding on the right level of coverage, you'll want to speak with your insurer to determine how much coverage makes sense based on your specific needs.
Your insurer will be able to explain all of the different types of auto insurance available and explain which ones fit your budget and personal situation. They can also help answer any questions you might have about these types of coverage.
In addition to MedPay coverage, there are other types of auto insurance available that might be worth considering such as collision, comprehensive, uninsured motorist, underinsured motorist, rental car reimbursement, and roadside assistance.
Collision and comprehensive coverage both offer financial protection against physical damage caused by accidents.
Uninsured motorist and underinsured motorist coverage help protect drivers from damages caused by drivers without adequate insurance coverage. Rental car reimbursement provides rental cars for drivers after their own vehicle has been damaged due to an accident.
2) Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist coverage (UM/UIM) is an important type of auto insurance that can provide protection in the event of an accident involving a driver who does not have enough insurance or any insurance at all.
Without UM/UIM coverage, you may find yourself footing the bill for medical bills and other costs associated with the accident if the other driver’s insurance is insufficient or nonexistent.
This coverage helps to protect you financially in the event of an accident caused by an uninsured or underinsured driver. It can cover medical costs, lost wages, pain and suffering, and even legal fees. The amount of coverage available varies depending on the policy, but it generally covers the same kinds of losses as liability coverage.
While no one wants to think about getting into an accident, it is important to have this kind of coverage to ensure that you will not be stuck with large medical bills and other expenses that could have been avoided had the other driver had adequate insurance coverage. Make sure to check with your insurer to see what kind of coverage you have and what options are available to you.
3) Rental Reimbursement Coverage
Rental reimbursement coverage is an often overlooked type of auto insurance that can be extremely beneficial in the event of an accident.
This type of coverage reimburses you for the cost of renting a car if your own vehicle is in the repair shop due to damage from a covered accident.
This coverage is usually an add-on to your existing auto policy and may require an additional premium. Depending on the specifics of your policy, rental reimbursement coverage can cover you for the costs associated with renting a car for a certain number of days, usually up to 30 or more.
When selecting rental reimbursement coverage, you should consider the type and size of car you plan to rent. Most policies will only reimburse you for a car that is similar to what you have insured. Also, be aware of any limitations placed on rental car use.
For example, most policies will not cover the cost of renting a luxury vehicle or off-road vehicles. Additionally, the policy may not reimburse you for the cost of tolls or gasoline associated with the rental car.
It’s important to remember that rental reimbursement coverage is not intended to replace your own transportation needs while your car is in the shop; it’s just meant to help with the additional costs associated with having to rent a car.
The policy typically does not cover additional loss of income if you need to rent a car for a business trip or other purpose. Lastly, it’s important to read the fine print of your rental reimbursement coverage before relying on it in the event of an accident.