Should I Opt-Out of Med-Pay On My Colorado Auto Insurance Policy?

Colorado state flag shaped in a circle
As of Jan. 1 2009, vehicle owners in Colorado are required to carry medical payment coverage (med-pay) with a minimum limit of at least $5,000 to legally drive. However, residents have the option of “opting out” of this of form protection with a written statement. The potential advantage of opting out of med-pay is a decrease in coverage costs, but doing so may also make a policyholder more vulnerable to the cost of expensive medical procedures and services. Before buying a policy, motorists are encouraged to consider the potential advantages of retaining this additional protection, as well as the possible outcomes of choosing to opt-out.

Before motorists can determine whether or not their Colorado auto insurance policy should include med-pay coverage, they should know what it covers. After an accident, med-pay typically pays for many of the immediate medical expenses of the policyholders and their passengers up to the limits of the policy, regardless of who is at-fault. This often includes expenses for ambulance transportation, emergency room stays and many necessary medical procedures.

One of the primary reasons that some motorists may want to reject med-pay is the possibility cutting policy costs or eliminating redundant coverage. Sometimes individuals who already have health insurance may be able to omit this protection because potential medical expenses after an accident may already be covered. It should be noted that med-pay may pay for funeral expenses of the insured and passengers, which may not be covered under a health care plan.

Being involved in an accident has the potential to lead to serious bodily injury, and medical costs can quickly become expensive. Although individuals that hope to get cheap car insurance in Colorado may want to save money by omitting med-pay, having to pay large medical bills after an accident entirely out-of-pocket can be financially devastating for many residents. Maintaining med-pay can help cover many of these costs, up to the limits of a motorist’s policy. Some residents may want to consider improving upon the minimum $5,000 limit that is required by the state for additional protection.
United States flag shaped as Colorado
Motorists in Colorado are encouraged to consider shopping around and to compare multiple quotes online to find an affordable policy that still retains medical payment coverage. Finding cheap car insurance that contains an adequate amount of vehicle protection can help residents avoid expensive repairs or medical costs. Residents be aware that med-pay is generally offered at an affordable price and may be worth the extra premium.