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New policy modifier offers accident victims more financial help

When most people buy an insurance policy for their vehicle they hope one day that they will never have to cash it in because of an injury-causing motor vehicle accident. That’s because, as many of our readers know, insurance policies usually only cover the cost of the car and not the medical expenses that can often follow a serious crash. This can create financial stress for accident victims that they might be ill-equipped to handle.

But Lincoln Financial Group, an insurance company that has offices here in Washington, has come up with a way to eliminate this stress by providing a new policy that attaches to existing auto insurance. Called an accident rider, a policy holder will be given an additional cash benefit in the event of an accident, which can be used to help pay for unexpected expenses such as medical bills.

As our Benton County readers know, motor vehicle accidents are common occurrences in states across the nation. And many times, a person’s insurance policy is not enough to cover the damages to their vehicle as well as their injuries. For years now insurance companies have been slow to fill this gap by offering policy modifiers such as the one now being offered by Lincoln Financial Group. The hope is that more insurance companies start offering an option like this, especially because of the immense financial burden it often relieves.

It’s important to note however that even though an accident rider may help cover additional expenses after an accident, it may still be insufficient to cover all damages. It also does little to hold a negligent driver accountable for their actions. It’s because of this that our readers may not want to discount civil litigation as a way to recover damages. Of course, because every situation is different, talking to a skilled attorney can help you figure out if this is best for you.

Source: Insurance News Net, “Lincoln Debuts Motor Vehicle Accident Coverage,” April 24, 2014

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