Have you ever heard of PIP? For those who are not familiar, we will give you the full name of this form of coverage. Personal insurance protection is an extension of an auto insurance policy that is optional coverage in some states, mandatory coverage in others, and not available in others. States yet.
What is it?
PIP or Personal Insurance Protection is medical insurance that protects you or your passengers in the event of injury following a car accident. If you have acquired it, PIP will cover medical expenses and more even if you are responsible for the accident or collision.
Of course, coverage is also referred to as “no-fault insurance” because of the non-liability nature of the coverage.
Of course, in states like New Jersey, New York, Pennsylvania, and Florida where personal insurance coverage is mandatory, drivers only need a minimum amount of coverage required. .
This is where insurance professionals put their advice.
"Don't get the minimum amount of PIP coverage," they say. Even if you find that your overall auto insurance premium is on the rise due to our recommendation of at least $ 250,000 in associated coverage, you will be grateful if the need arises. "
The following example from a policyholder illustrates the truth of the claim.
One man didn't like the fact that his auto insurance would increase with the acquisition of $ 250,000 in PIP, so he decided to stay with the status quo of $ 15,000 in related PIP coverage and no increase in PIP. the global automobile premium.
But luck was not on his side in this case.
After being in an accident and being in the hospital for two days, the associated bill was over $ 45,000!
It was a hard lesson, which prompted her to request additional PIP coverage as recommended by her agency.
“Like me,” he said, “most people don't understand how important adequate health coverage is when it comes to vehicle protection. I've learned the hard way that it pays to listen to the professionals who understand the impact of an accident. – something that can happen anytime at any time. "
Personal insurance protection can provide the following coverage after an accident that could result in injury.
• Medical costs, rehabilitation costs, ambulance, drugs, durable medical equipment
• Loss of salary if applicable
• Replacement service by the injured party, if applicable
• Funeral expenses if the injury results in death and, if applicable, in coverage.
For more information on this important coverage, speak to experienced professionals.