What Other Coverages Should I Have On My Auto Policy?
Depending on your insurer, other options typically include collision/comprehensive
medical payments coverage (medpay), rental car, road side assistance, wage replacement, etc. Depending in
the value of your vehicle, collision/comprehensive coverage may or may
not be necessary. This coverage will pay for repairs to your car or for
its total loss if you cause the damage or no one causes the damage, like
a deer in the road or hail. If you own an older, less valuable vehicle
debt-free, it may not be worth the premium. If however you still owe money
on the vehicle or do not feel comfortable with the idea of having to pay
for damage on your own, you could consider this coverage. Medical payments
coverage is also a coverage to consider. It will help pay for medical
bills you and your passengers incur as a result of an accident, regardless
of who was at fault. If you have health insurance and won’t forego
medical care just because of the deductible or co-pays, medpay may not
be necessary. However, if you have no health insurance or have a high-deductible
plan, this coverage is relatively inexpensive and is a good safety net.
Lastly, other coverages like road side assistance and wage replacement
oftentimes go unused, and many of you may already being paying for the
same coverage somewhere else, like a disability plan at work or as a AAA
member. For that reason, we often encourage our clients to consider putting
that money towards better UM coverage.