MedPay
Business & Finance abbreviation · Insurance
| Stands for | Medical payments coverage |
|---|---|
| Categories | Business & Finance |
MedPay stands for Medical payments coverage, an insurance abbreviation.
Optional auto or homeowners coverage that pays reasonable medical expenses for injured people regardless of fault, in modest amounts such as $1,000 to $10,000, often covering health insurance deductibles.
Example: MedPay covered my daughter's ambulance ride after the fender bender.
Usage notes
In auto policies, MedPay is the lighter alternative to personal injury protection in states without no-fault laws. On homeowners and commercial liability policies, medical payments coverage pays guests injured on the property without requiring a lawsuit.
Related abbreviations
More insurance abbreviations
- ITV – Insurance to value
- IUL – Indexed universal life
- LAE – Loss adjustment expense
- LTC – Long-term care insurance
- LTD – Long-term disability insurance
- MEC – Modified endowment contract
- MGA – Managing general agent
- MVR – Motor vehicle record
- MYGA – Multi-year guaranteed annuity
- NAIC – National Association of Insurance Commissioners
- NCD – No-claims discount
- NFIP – National Flood Insurance Program