When an
automobile collision occurs, you know it’s important to contact your insurance company
to report the collision. What you may not know is what your insurance
policy actually covers.
In order to uncover how much your coverage provides for damages and injuries,
start by looking at the “Declarations Page” of your policy.
This is where you’ll find the following:
Med-Pay
Med-Pay coverage will pay your medical bills, regardless of fault; however,
Med-Pay is not generally included in basic insurance policies and costs
a little extra. Most med-pay policies pay up to $5,000 – $10,000 of your
medical bills. In a study done by a global network of health insurance
industries called the International Federation of Health Plans (PDF) it
was reported that the daily cost of a U.S. hospital stay was on average
more than $4,000. That could be a good portion of your med pay coverage.
How much money is available for victims of accidents in Indiana?
Uninsured Motorist Coverage
Because there are a number of drivers on the road with no automobile insurance,
Indiana law requires insurance companies to provide uninsured motorist
coverage in their standard policies. If you are hit by an uninsured driver,
you can make a claim for personal injuries under your own insurance policy.
Underinsured Motorist Coverage
Similar to uninsured motorist coverage, underinsured motorist coverage
applies in cases where the driver responsible for the accident has purchased
the minimal amount of insurance necessary by law; yet, it doesn’t
cover all of your damages. Again, you can make a claim under your own
insurance policy for compensation in such a circumstance.
Bodily Injury/Property Damage
Bodily Injury/Property Damage coverage pays claims made against you if
you are at fault for an accident. This money is not available to you if
you are injured, only to persons that you may have injured in the collision.
Understanding the difference between Med Pay, Uninsured, Underinsured and
Bodily Injury/Property Damage is a good place to start when it comes to
knowing what money is available after an automobile accident. Once your
claim has been filed, you may need to do additional research before speaking
with an insurance adjustor. Get a clear idea of exactly what your current
and future health costs will be. The cost of recovery can add up quickly.
Insurance coverage can be complicated and insurance policy language difficult
to understand. Personal injury attorneys communicate regularly with insurance
companies, claims adjustors, law enforcement officers and specialists.
An experienced personal injury attorney at
Tabor Law Firm is available to
consult with you about your options at no cost. There’s nothing wrong with
letting an experienced attorney help you determine what your best course
of action is after an automobile accident.
