Many of us are unaware of what the medical payments coverage in an insurance policy covers in a policy of auto insurance and home insurance. This part of the policy provides coverage for any medical expenses that may have incurred by any individual who was in the vehicle during the accident or at your property or home, regardless of whose fault it was.
Medical payments in an auto policy cover pay for medical expenses sustained from the accidents by you or your passengers or even pedestrians involved in an accident. Covering medical expenses for several members at one time can be expensive and can cause a huge dent in ones financials. These medical bills and ambulance rides, surgeries, hospital admissions and any diagnostic testing, and labs can be covered by coverage from medical payments.
Similarly, medical payments, provide coverage to home insurance owner or insured to cover for medical payments for the injured party. If a guest slips at the front door due to snow or wet floor or a postman slips on your icy footsteps, your medical payments coverage helps you cover their medical bills. This part of the insurance packet aims to provide immediate and prompt payment for minor injuries to avoid any lawsuits that can arise from the injured party.
Medical payment comes with a limit that it will cover. It is important to note the amount of coverage in your policy, often abbreviated as “MedPay”. This is the maximum amount of coverage that the insurance will cover for medical expenses per person if injured.
It’s important to note that medical payments coverage is a “no-fault” coverage. The medical payments cover regardless of who is at fault and the injured can also make a claim against your policy regardless of who was at fault for the accident.
Medical Payments are a valuable part of your Auto and Home insurance coverage. Its always recommended to consult with your insurance professional at Karstens to ensure that adequate insurance coverage is available based on the risks that you may face.
At Karstens Financial, we help you navigate and understand your policy and the coverage that you need. It is essential to understand the coverage and exclusions with medical payments coverage. At Karstens Financial, we provide a review of the coverage that is needed and help you make an informed decision.
Contact Karstens Financial in Hinsdale and Oak Brook area to ensure that your home insurance and auto insurance policies offer you adequate coverage.