“Med Pay”: Everything You Need to Know

While every state requires vehicle owners to have an auto insurance policy, the same can’t be said for ‘Med Pay’. What is ‘Med Pay,’ you may be wondering – a great question!

Med Pay is coverage that’s part of an auto insurance policy. Short for ‘medical payments coverage,’ “it may help pay you or your passengers’ medical expenses if you’re injured in a car accident, regardless of who caused the accident.”

This coverage is optional and it isn’t available in all states.

What does med pay cover? Imagine you get into a car accident that results in injury to you or another person. Med Pay may cover:

  • Doctor or hospital visits
  • Professional nursing services
  • Surgery, X-rays or prostheses
  • Health insurance deductibles and copays
  • Ambulance and emergency medical technician fees

Med Pay may also cover medical bills if you or one of your family members is hit by a car while on foot or riding in someone else’s vehicle.

Do I need Med Pay? Most states offer Med Pay, but there are a few that don’t, including Oregon, Minnesota, New York, and North Dakota. Medical payments coverage IS required in:

  • Maine
  • Pennsylvania
  • New Hampshire

Essentially, this type of policy is great if you frequently drive passengers who aren’t part of your immediate family. Remember, Med Pay applies to anyone riding in the car at the time of the accident.

You may think you don’t need Med Pay if you already have health insurance…but the two aren’t mutually exclusive. Med Pay can serve as a safety net in case you exceed your health plan’s limits or receive charges the plan doesn’t cover, including chiropractic care or an ambulance ride. Med Pay may also help to cover your health insurance deductible or co pays incurred for car accident treatment.

Plus, Med Pay typically doesn’t cost that much more on top of your other insurance policies. It may run you an extra $10 per month, more or less depending on your state of residency. For whatever the cost may be, it will definitely give you extra peace of mind.

Learn more about our insurance policy offerings at the Ambassador Group today. We’re here to help you pick the policy that’s best for you!

Umbrella Policies: Everything You Need to Know

When it rains, it pours…and that’s exactly why umbrella insurance policies exist!

There are many types of insurance – from auto insurance and health insurance to business insurance and more! An umbrella policy goes above and beyond these types of insurance, you may already have.

An umbrella policy is “an extra liability insurance coverage” that goes beyond the limits of your home, auto, or other insurance policies.

How does it work? Imagine you get into a car accident that results in damages or injury to another person’s personal property. This person may sue you for damages that go beyond what your auto insurance may cover. That’s when your umbrella coverage would kick in to cover costs if your deductible has been met.

Umbrella policies can cover many other situations. From your beloved pet injuring a stranger to an accident occurring within your home– an umbrella policy can be helpful across the board.

Do I need an umbrella policy? An umbrella insurance policy isn’t necessary for everyone. An umbrella policy is good for those who:

  • Own a business
  • Have significant savings/assets
  • Own a swimming pool/trampoline
  • Own property (especially investment properties)

Essentially, this type of policy is great if you have a lot to lose. If you own property or equipment (like a trampoline) that can cause real harm to someone, resulting in a potential lawsuit that could cost you your retirement fund, future earnings, and more, an umbrella policy is good to have.

Plus, an umbrella policy typically doesn’t cost that much more on top of your other insurance policies. It may run you an extra $15 per month, more or less. For whatever the cost may be, it will definitely give you peace of mind.

Learn more about our insurance policy offerings at the Ambassador Group today. We’re here to help you pick the policy that’s best for you!

3 Ways to Shop Local!

As the end users of our economy, it is easy to feel like we lack control over the products we buy and where they come from. A slight change in perspective reveals something different; every dollar is a vote. When you purchase local goods and services, you are voting for something that matters: the success of your local economy.

Use these three tips, and start shopping local today.

  1. Buy local produce.

A quick search online or a thumb through the paper will uncover a secret treasure trove of farmers markets. These markets offer fresh, seasonal produce grown by local farmers. There’s nothing like knowing the people who grow your food! Phoenix area folks, check out the Open Air Market this Saturday.

  • Gift locally.

Skip Amazon. Search local boutiques for unique gifts to suit every occasion.

Phoenix locals are lucky to have a wealth of local gift shops to choose from. Start by checking out Whozitz and Whatzitz, and Strawberry Hedgehog!

  • Hire local service professionals.

There is a local expert for just about every service you could need. Next time you need a mechanic, gardener, CPA, or (yes) insurance broker, search your local market. You just might find a hidden gem!

No matter what, spending money is a part of life. The good news in, your dollars count! You can use your money to support families in your community. The best news? You can rest easy knowing the local businesses you patron will support you back.

The Dangers of DIY Coverage

With a whole digital world at your fingertips, building your own insurance policy seems simple. Why consult a broker when you can compare rates online from the comfort of your own home? Unfortunately, there is a lot to watch out for when selecting your own coverage.

Do-It-Yourself insurance can come with major risks.

  1. Coverage Gaps

Insurance brokers have industry specific knowledge. They are able to assess your needs and closely examine policies to make sure you are fully covered. When individual consumers piece together their own policies, it is easy to get distracted by low rates and overlook serious coverage gaps.

  • Over-kill

Similarly, most individuals struggle to understand how much coverage they actually need. Insurance terms can be pretty technical, so some people choose the coverage that looks the most complete. This often means you are paying for more coverage than you will ever use.

  • High Premiums

Insurance underwriters use your data to determine your policy rates. When you visit the same website again and again, they take notice. Brokers understand how to represent you in the insurance market, so they get the same policies at a lower monthly premium. While DIY coverage may be convenient, it certainly does not come without risk. When it comes to the things you care about, you deserve to empowered and protected by someone you trust. A trusted insurance broker will help you avoid these three DIY coverage mistakes, and make it easy to protect the things that matter.

Why Your Auto-Rates are Rising

It’s simple: if you drive, you need insurance.

Most people don’t think twice when shopping for their automobile policies on the Internet, but lately things have changed. If you review your monthly statements, you might have noticed a trend; Car insurance rates are on the rise in Arizona.

Here’s why:

Auto insurance rates have been rising in Arizona for decades. There are several reasons for this trend.

  1. Newer vehicles are getting high tech upgrades. While this improves ease of use and the overall driver experience, these features are more expensive to fix.
  2. Arizona is experiencing a population boom. Phoenix is one of the fastest growing cities in America. More people mean more traffic and, yes, more accidents.
  3. Arizona has recently enacted a law to discourage distracted driving.  It is now illegal to use a handheld device while driving, and when the law goes into full effect in 2021, violators will receive tickets that pack a large fine.

All these factors amount to a higher risk index, causing insurance companies to raise auto-insurance rates.

What you can do:

  1. Drive carefully with an alert mind to avoid pricey accidents.
  2. Set aside a bit more money each month to account for a rise in premiums.
  3. Consult your local insurance broker for help finding the best rates.

Don’t be thrown through a loop when rates are on the rise. You deserve to be empowered and prepared. The Ambassador Group is here for you. Drive safely!

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