Posted On July 13, 2016 In Personal Injury
If you or loved ones are involved in a car accident, lacking certain types of coverage means you may not be fairly compensated for injuries. Understanding the differences between certain types of coverage is a matter of significant importance.
If your Texas auto insurance policy does not have personal injury protection (PIP) coverage or medical payments coverage (also called Med Pay coverage), you should finish reading this blog. People who lack PIP or Med Pay coverage may not have the resources needed to pay for medical bills, rehabilitation, lost wages and other costs associated with serious injuries.
It is also extremely important to know the differences between PIP and Med Pay coverage because Texas law does not allow both on an individual policy! Keep in mind, we are only discussing Texas insurance policies. If you are from another state, insurance requirements and laws will be different.
Med Pay coverage:
The differences between PIP and Med Pay coverage should ring alarm bells for Texas auto insurance policyholders. Let’s say for example you were to suffer multiple broken bones from a car accident. If you lacked PIP coverage or had the minimum amount required, you would be in trouble. Medical bills and lost income from missing work could create a financial catastrophe for you and your family. Even with minor injuries, not having PIP coverage could spell disaster. You would receive less money for your injuries with Med Pay coverage because it is subject to subrogation.
Several weeks ago, we wrote a blog discussing how you could discover what was on your insurance policy. Details on whether you have Med Pay, PIP or none-of-the-above would be listed on your policy’s declarations page.
The Texas personal injury attorneys at Mike Love & Associates, LLC would be happy to review your insurance policy at no cost. We can tell you what types of coverage you have and what types of coverage you are lacking.