Due I need medical auto insurance-I have Medicare?

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fmhealth
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Due I need medical auto insurance-I have Medicare?

Post by fmhealth »

Spoke with my State Farm agent today. She thought that since I have Medicare & a secondary health insurer, I should consider dropping my "medical payments" in my auto policy. Also,since I have a 2003 Honda Accord with 124,000 miles, I should probably drop collision coverage as well.

So, this would save me $165.00/year. Does this appear to be a prudent move or am I missing something?? Thanks in advance for any actionable thoughts.

Be Well,
fmhealth
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dm200
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Re: Due I need medical auto insurance-I have Medicare?

Post by dm200 »

fmhealth wrote:Spoke with my State Farm agent today. She thought that since I have Medicare & a secondary health insurer, I should consider dropping my "medical payments" in my auto policy. Also,since I have a 2003 Honda Accord with 124,000 miles, I should probably drop collision coverage as well.
So, this would save me $165.00/year. Does this appear to be a prudent move or am I missing something?? Thanks in advance for any actionable thoughts.
Be Well,
fmhealth
As best I recall, auto medical payments coverage provides modest amounts of payments. We dropped ours many years ago when we did not have child(ren) of others commonly in the car (carpools, etc.). Our "logic" was that if another child was slightly injured, it would be simple to have a claim for the bump or bruise. Never needed it.

As far as collision and comprehensive, can you afford the replace the vehicle? Even if totaled, you would not get a large payoff. Put the $165 a year into a savings account and use it if car is damaged and/or down payment on the next car.
Jack FFR1846
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Re: Due I need medical auto insurance-I have Medicare?

Post by Jack FFR1846 »

I broke a finger working on my car. The medical payment portion of my car insurance picked up the first $2k and then they were done. My medical picked up after that.
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LadyGeek
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Re: Due I need medical auto insurance-I have Medicare?

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (insurance).
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soboggled
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Re: Due I need medical auto insurance-I have Medicare?

Post by soboggled »

Probably a close call, depending on the deductibles and your specific car, though I never dropped it unless the car's value went below $4K.
Says Consumer Reports: "If you have an older car worth less than 10 times your annual collision and comprehensive premiums, your payments are more than you’d probably recover in a claim after your deductible. In that case, your vehicle will be declared a total loss if the cost to repair it surpasses its declining book value. So while the car might be repairable, you won’t collect enough to cover the cost."
RudyS
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Re: Due I need medical auto insurance-I have Medicare?

Post by RudyS »

Michigan: Medicare is secondary for automobile medical claims, so I cannot use the coordinated benefits discount for the medical payments coverage. I do have medigap, but they will only cover the gaps for medicare approved expenses. So, I think I am having to keep my (non coordinated) medical coverage.
boglerdude
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Re: Due I need medical auto insurance-I have Medicare?

Post by boglerdude »

If you're in an accident and a passenger is injured, medical payments will pay them, without them having to sue you.

Also, it's dirt cheap coverage. See for yourself on statefarm.com's calculator
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fmhealth
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Re: Due I need medical auto insurance-I have Medicare?

Post by fmhealth »

Thanks to everyone for their rapid replies. This will give me numerous iterations to think through.

Be Well,
fmhealth
mickroark
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Re: Due I need medical auto insurance-I have Medicare?

Post by mickroark »

If I read my policy correctly medical payments in the amount of $5000.00 will pay for me only, if I am in a at-fault accident. And I think if my passenger is hurt the liability coverage would pay for him or her. Anyone know for sure?
Swansea
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Re: Due I need medical auto insurance-I have Medicare?

Post by Swansea »

Living in Maryland, I dropped the medical coverage and lost wages coverage for myself. I was required to keep what they call Personal Injury Protection (PIP) for non-family members. I am sure this coverage varies state-by-state.
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