Do You Have Accident Insurance?You're driving along one peaceful night... Suddenly you see a flashing light and a deer jumps across your path. You swerve to avoid it and slam into oncoming traffic. Do you have accident insurance to cover the costs that might arise? Accident insurance can cover the vehicle or property repair costs and medical costs of anyone else involved in an accident, but depending on your coverage may also cover your costs. It is very important to know what kind of accident insurance coverage you have, and to carry enough insurance to fit your needs. For example, several years ago my husband asked me to pay for his car on my credit card, and we downgraded his accident insurance to liability only. Literally one week later, he lost control of his car in a snowstorm and crashed into a telephone pole. Thankfully the telephone pole was fine, but the car had major damage. Had we kept the accident insurance we originally had, our car repairs could have been covered. However, by switching over to liability only accident insurance, we were left with a totaled vehicle and four thousand dollars worth of credit card debt. It is also important to remember that accident insurance can cover more than just vehicle costs. When an accidental injury occurs, accident insurance can include many different kinds of benefits. Funds may be paid to the individual or loved ones if an accidental death or dismemberment occurs. In addition, some policies include disability pay if the insured is injured and unable to return to work for a time. This type of accident insurance can be particularly useful to have for people in industries such as construction where health benefits may be inadequate, if they are offered at all. One interesting aspect of accident insurance that has come about in the last several years is the idea of pets being covered by accident insurance. In years past people did not travel as frequently with their pets, nor were they as willing to pay expensive vet bills to help with recovery after a major accident. More and more we are seeing people willing to ride around with their pets for more than just a trip to the vet, and some accident insurance companies have responded. Sometimes for an additional fee and sometimes as part of the insurance policy, many people now have the option of insuring their pet as well as themselves. |