Is it time to review Your Medical Payments (MedPay) Auto Insurance? Most of us buy first automobile insurance when we are “young and poor.” Our interaction with an insurance sales agent goes something like this: “I have no money. Sell me the cheapest coverage you have to let me legally drive in Alaska.” As a result, insurance sales agents normally sell us “statutory minimum” “50/100” Liability insurance. We may or may not even know there is more protection available such as U/UIM and Medical Payments.
Statutory Minimum Is Not Enough
Problems arise when we get older. We are (hopefully) not so poor. Living the American Dream, many of us have worked hard and saved money. We have a home and are raising families. Through decades of effort, we have a bit of “heel on our shoes.” Yet, we continue to drive with the same terrible automobile insurance that we bought as kids…
If you are over 35 (and certainly if you are over 45), it is time to update your automobile insurance. Here are my nuts-and-bolts suggestions, after 33 years of cutting through automobile insurance like a hot knife through butter. Talk to your insurance sales agent. He/she is trained to help you understand how much insurance is appropriate in your circumstances. It is his/her job to ask you questions, evaluate your situation, and make informed suggestions. Furthermore, this service costs you nothing. Call your insurance sales agent right now and set up an “Insurance Review Meeting.”
Medical Payments Insurance
Medical Payments or “MedPay” insurance normally pays for medical bills arising from an automobile accident. It covers you and all occupants of your vehicle. And while it is not mandatory under Alaskan law – it should be. Many people have no MedPay or only $5,000. This is not enough.
How Much Does It Cost
I recommend you buy $100K of “MedPay” insurance. It should cost between $50 and $75 every six months. People with sufficient MedPay rarely get bankrupted by medical bills and aren’t harassed by collection agencies after a Motor Vehicle Accident. It is cheap peace of mind. Buy all you can afford.
This Blog is Part 3 of a 3 Part Series. Check these posts for information about Liability and U/UIM Insurance.
The Merdes Law Firm has been helping injured Alaskans for more than 30 years. It’s who we are. And while we hope you never need us … We’re here if you do. ~ Ward Merdes
Source: Ward Merdes
Image Source: Adobe Stock
