When asked how much insurance coverage they have, many people say “I have full coverage”. Unfortunately, there is no such thing as full coverage. Insurance agents use this term as a selling tool so that people feel they have all the coverage they need at a competitive rate. To adequately protect you, your insurance coverage should be based on your amount of assets and your income level.
The most important insurance coverage with respect to personal injury claims is Underinsured/Uninsured (UIM/UM) motorist coverage. This is the coverage that protects you when you are injured in an accident by someone who has little or minimum policy limits or no insurance coverage at all.
Many people think that their health insurance will cover their medical expenses, but co-pays add up quickly. Health insurance doesn’t pay for lost wages or pain and suffering either.
Another important coverage is Medical Payments Coverage or “Medpay”. Medpay will pay your medical bills and co-pays whether you are injured due to someone else’s fault or your own negligence while in an automobile collision. There are many nuances to automobile insurance that perhaps your insurance agent is even unaware.
Please feel free to contact us any time to discuss your insurance coverage so that you can be prepared before you are the victim of an automobile accident.