Have you ever heard of PIP? For those unfamiliar, we will provide you with the long form name for this form of coverage. Personal insurance protection is an extension of an auto insurance policy that is optional coverage in some states, coverage required in others and not available in other states.
What is that?
PIP or Personal Insurance Protection is a medical insurance that protects you or your passengers in case of injury from a car accident. If you purchased it, PIP will cover medical costs and more even if you are responsible for the accident or collision.
Understandably, coverage is also known as “faultless insurance” due to the nature of the coverage that does not depend on liability.
Of course in states like New Jersey, New York, Pennsylvania and Florida, where personal insurance protection is mandatory, drivers only need to get a minimal amount of coverage required.
This is where insurance professionals provide advice.
“Don’t get the minimum amount of PIP coverage,” they say. “Even if your overall auto insurance premium is rising due to our recommendation of at least $ 250,000 in associated coverage, you will be grateful if the need arises.”
The following example of an insured person illustrates the truth to the request.
One man did not like the fact that his auto insurance increased with the acquisition of $ 250,000 in PIP, so he decided to stay with the status quo of $ 15,000 in its PIP coverage and no increase in the overall auto premium.
But luck was not on his side in this case.
After having had an accident and staying in hospital for two days, the associated bill was over $ 45,000!
This was a tough lesson, prompting him to request additional PIP coverage as recommended by his agency.
“Like me,” he said, “most people don’t understand the importance of adequate health coverage related to vehicle protection. I have learned in depth that listening to professionals who understand the impact of an accident – something that it can happen anytime anytime. “
Personal insurance protection can provide the following coverage after an accident that can result in injury.
• Medical costs, rehabilitation costs, ambulance, medical treatment, durable medical equipment
• Loss of wages, if applicable
• Replacement of the service by the injured party, if applicable
• Funeral costs if the injury leads to death and if applicable in coverage.
For more information on this important coverage, speak with experienced professionals.
by M Wyzanski