Following an accident, there are several issues that can arise, the most serious, would be the injuries of those involved. While the health and safety of everyone is a priority, there are expensive bills that are also brought to the forefront of everyone’s attention, and the medical payments coverage Colorado drivers can enroll in is a great way to avoid costly losses.
Every driver is required to maintain liability coverage and besides being the law, it’s an important coverage to help restore the loss of property and bodily injury for another party. But if all you have is liability coverage, you may have to pay out of your own pockets to cover your own medical expenses.
Additionally, Colorado auto insurance medical payment coverage can come in handy for covering the medical bills of other people in your vehicle that may have also suffered injuries. Overall, Colorado automobile medical payments coverage is an important consideration for all drivers. Learn how to protect yourself for less from expensive medical costs while on the road.
Colorado Auto Insurance Medical Payment Coverage
If you’re in an accident and at fault, you’ll have liability coverage that is there for you to cover the damage to another party and their medical bills. But the medical payments coverage Colorado drivers have available aims at protecting you, regardless of fault.
This means that if you are involved in a wreck, it doesn’t matter if you caused it or if another party is to blame. You’ll have protection from the medical expenses that follow through your coverage after submitting a claim.
Residents of Colorado continue to struggle with the rising costs of healthcare, and it’s important to have the right protections in place. Even if you have health coverage, medical bills can pile up and the aftermath of an accident will become all that much worse.
In addition to helping cover you after an accident, the passengers in your vehicle are also covered. Furthermore, you and your family are still protected when traveling as a pedestrian or riding a bike and injured as a result of a car accident with medical payment coverage in Colorado.
Colorado MedPay Law
In Colorado, another name for medical payments coverage is MedPay. It offers the same protections as listed above and will pay your medical expenses. Legislation for this coverage comes from the Colorado General Assembly (10-4-635) and allows for the following:
- Regardless of fault, you have coverage for reasonable healthcare expenses following a car accident.
- Your coverage is up to the limits set by your auto insurance policy.
- Deductibles must be met for Colorado reimbursement for medical payments coverage.
- If you are injured by a car accident without medical payments coverage, you can’t receive benefits from such policies unless you are enrolled yourself.
How Much Medical Payments Coverage Auto Insurance in Colorado Drivers Should Carry
In Colorado, it’s important to have sufficient medical payments coverage to cover your own medical bills and those of your passengers after a car accident. Given the rising costs of medical expenses, it can be challenging to determine the appropriate coverage amount.
On average, drivers can face $57,000 in medical expenses following an accident for inpatient hospitalization. This is exactly why Colorado requires drivers to carry liability coverage with minimums of $25,000 per person and up to $50,000 per accident for others through bodily injury coverage.
However, as you can see, these figures come well short by thousands of dollars of the average expenses following a serious accident. Medical payments coverage in Colorado can provide additional protection with typical limits of around $2,500 to $5,000 for healthcare expenses.
However, it’s important to note that for severe injuries, medical payments coverage may not be sufficient to cover all expenses. This can leave you facing liability for thousands of dollars in medical expenses. An umbrella insurance policy may be another great option for mitigating such risks.
PIP Insurance Coverage in Colorado
Unfortunately, personal injury protection insurance coverage, or PIP coverage, is not available in Colorado. Drivers that would have such protection would be able to pay for a much wider range of losses that may arise after an accident. This can include many expensive losses, such as:
- Lost wages.
- Additional medical expenses that may be necessary such as professional nursing, x-rays, physical therapy, specialty treatments, etc.
- Medical devices that are necessary as a result of the accident.
Because these costs don’t just go away, it’s important to speak with your insurance agent about the possible risks you may face in the aftermath of an accident and prepare accordingly. In addition to maintaining a proper level of auto insurance, you may also need to explore the option of umbrella coverage.
An umbrella insurance policy in Colorado will help you protect against substantial losses which your other policies won’t have enough coverage to handle. This is supplemental coverage and can help you forgo major financial setbacks in the aftermath of an accident.
How To Save on Medical Payments Coverage in Colorado
If you’re looking to protect yourself from the potential medical bills you or your passengers might face when in an accident, Colorado medical payments coverage can be an affordable option. But not all policies are the same in how they protect you nor the premium you’ll pay.
The point of your coverage is to protect yourself from potential financial hurdles that may arise. But you can’t do that effectively if you’re paying a monthly premium that is unaffordable. This is why drivers should always compare a variety of carriers to find protection that makes sense for their needs.
There is no shortage of car insurance companies, but each carrier is going to provide a different premium for your protection. Here’s why:
- All car insurance carriers are looking at the risk you pose as a driver, but each does so with a different methodology. This can lead to differing premium costs, even for the same level or protection.
- However, your policy limits also matter. Different auto insurance companies offer different levels of protection. Rather than receiving the same exact coverage as everyone else, it’s important to build protection around your needs.
- Furthermore, when you shop with only one carrier, you are limited to the discounts and bundles available. This can not only end up costing you more money in the long run but you may not be as protected as you need to be.
Freedom Insurance Group has been helping drivers find the right coverage for their needs since 2005 by shopping among top-rated carriers, assessing your needs, and then providing you with the lowest possible rate for your coverage.
On average, drivers save 40% on their car insurance when working with our agents and we can help you bundle your coverage with home insurance, renters insurance, and even umbrella coverage.
Medical payments coverage in Colorado helps you avoid expensive bills following an accident, even if you are at fault. To learn more and save, ask an agent today, or get your free car insurance quote to compare your options.