Over the last 20 years our Society has transformed to being so price driven. Many people don’t shop with value in mind anymore. At the end of the day when prices are cheaper that is what they are going with. Shopping for insurance is not any different. Many consumers go online and set up coverage without an agent and typically skip out on a few important insurance coverage.
Insurance Coverage: Un-insured Motorists
This is a coverage in Missouri that everyone is required to carry at the State Minimum Limits. Uninsured Motorists comes into play when someone hits you that doesn’t have insurance. It is designed to help pay toward medical expense and loss of work from injuries caused by a un-insured driver.
Scenario
Lets look at a real life scenario. Lets say you are driving down the road with 250,000/500,000 coverage and boom someone slams into the back of you. Don’t worry you have great coverages right? Well when you set up the policy, you choose what was “required.” Anything over the state required limit of $25,000/$50,000 may not be covered for the full amount of loss you experience if you are hit by a un-insured driver, things to think about are the expenses for the Ambulance Ride, ER visit, Inpatient care, Medication, Physical Therapy, loss of work…ect.
Insurance Coverage: Under-insured Motorists
Under-insured Motorists is a coverage that is not required by law and many people see it that way. Too many we find that people don’t have this coverage, or even know what it is. Under-Insured motorist coverage is a coverage designed to pay the additional expenses you the injured party sustains even when other personal who was at fault in the accident doesn’t have the proper insurance coverages to cover all your bills.
Scenario
Lets say you have $100,000/$300,000 liability Coverage and you get in a not at fault accident that puts you into the hospital. The final bills for your care from the accident comes back at $80,0000. If the other party had the State Required coverage ($25,000 Per Person/ $50,000 Multiple Persons). Then you might have to pay anything over the $25,000 per person limit or consider hiring a lawyer to sue this person.
This is an insurance coverage that typically has a very minimal cost but protects you and your Family.
Insurance Coverage: Medical Payments
Misconception: Your bodily injury liability limits will come into play when you are in an at fault accident. Yes, it will help pay for the injuries of the other party if you are found at fault but you may be responsible for everyone in your vehicle. This is where Medical payments coverage comes into play.
Medical Payments is a coverage that is commonly looked over. It is designed to help pay toward medical expenses when you are hurt in a at-fault accident or single vehicle incident accident, like hitting a deer. So in the event of an at fault accident or situation like hitting a deer you and your passengers medical bills could be covered up to a set amount with Medical Payments coverage.
Don’t skip out on the coverage that you need. Let Millennium Brokers help you set a policy up the proper way. Give us a call at 417-773-7822 or visit our office in Springfield.