Do I Need Extra Medical Protection in my Auto Insurance Policy?
The number one reason for bankruptcy is medically incurred expenses and therefore Med-pay, while optional, is a highly encouraged coverage for your auto insurance policy. Med-pay is referred to by some insurance agents as “Cadillac” coverage in that it offers the named insured in addition to any passenger(s) riding in the car, extra medical payment protection in the event the insured driver has an at-fault or not at-fault accident. Med-pay will pay medical expenses up to a stated limit for each of the people in the insured’s car. Typically, the limits range from $1,000 to $5,000 and is often used as “first dollar” coverage or it can act as supplementary coverage to a pre-existing health insurance policy.