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C. Medical Coverage
Most auto policies with medical coverage will pay medical expenses for
an
injury resulting from an automobile accident regardless of who is at fault.
Injuries as
simple as slamming your thumb in the car door to being seriously injured
in an auto
accident are covered. You would be covered even if you are injured while
getting in
or out of a vehicle.
It's important to know which type of medical coverage you have on your
auto
policy. Some policies pay regardless of any other medical coverage you
carry
while other policies cover only as "excess medical." In essence,
they pay only after
you have exhausted your major medical coverage, the uninsured and/or under-insured
motorist coverages, or the other person's bodily injury liability. Usually,
if the medical
coverage is "excess medical," the premium will be substantially
lower than medical
coverage that pays no matter what other medical coverages you may have.
Some
companies offer auto medical coverage with a deductible at a slightly
lower rate.
That leads to the next consideration. Do you need auto medical coverage?
Here are some thoughts to consider in making your evaluation regarding
this
coverage. The first and most important question to ask yourself, "Do
I have major
medical coverage?" If the answer is yes, review your policy to determine
what your
maximum out of pocket risk is after your deductibles and co-payments are
met. An
excellent way to do this is to call your major medical benefits department
and ask
these questions. "If I'm involved in an auto accident and injured
and have no other
coverage to pay my medical expenses, how does my plan work? What is my
maximum out of pocket expense before the plan pays 100%?" Answers
to these
simple questions will tell you what your maximum out of pocket risk is.
You must also remember that if the accident isn't your fault, you would
have medical coverage under the other person's bodily injury liability
coverage. If the
other party involved had no bodily injury liability coverage or not enough
coverage,
your uninsured motorist or underinsured motorist coverages would pay your
medical
expenses up to the policy limits.
To sum it up, if the only true risk you would incur is your deductible
and/or co-
payment on your major medical insurance and you can afford that risk,
you should
ask yourself, "Do I need the medical coverage on my auto insurance?"
The
savings of premium dollars, 5% to 10%, realized by not carrying auto medical
coverage would be substantial. Remember, you have to be at fault in the
accident to
pay anything out of pocket if you have uninsured motorist coverage. Some
people
don't have the money to risk self insuring the major medical deductible
and/or co-
payment. If you are in that group, buy only the amount of medical coverage
you
need to meet those costs. Coverage is usually available in $1,000 or $5,000
increments up to $100,000. Some insurance companies include medical coverage
in their policies that cannot be excluded. Bear in mind in that instance,
you are paying for
the coverage whether you want it or not. So evaluate your maximum risk,
your
ability to pay that amount, the chances of being at fault in an accident,
and the cost
to insure for medical coverage on your auto insurance policy. You decide
what's
best for you.
The major misunderstanding about auto medical coverage is, "What
about
my passengers?" In most states and in most policies, the passengers
are covered
by the "at fault" party's bodily injury liability coverage or
your uninsured and/or
underinsured motorist coverages. The only way you would be responsible
for your
passengers medical expenses is if the accident was your fault. If that
were the
case, your bodily injury liability would cover them. In addition, if they
carry uninsured
and/or underinsured motorist coverages on their own auto insurance, they
would be
covered to their policy limits no matter who was at fault. Their auto
medical and/or
major medical coverage, if carried, would also cover them.
Medical coverage is probably the most duplicated coverage in the auto
policy. Mostpeople who carry major medical coverage don't need the additional
medical coverage on their auto policy.
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