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PERSONAL INJURY PROTECTION (PIP) INSURANCE COVERAGE (AKA NO FAULT INSURANCE)
Getting in to a car accident can be painful. No one wants to get hurt on the road. But other than physical pain, hospital visits can get quite painful as well, and you need to financially plan for the worst case scenario.
Personal Injury Protection, or PIP Insurance Coverage (also known as no-fault insurance coverage), is a car insurance product that helps you minimize the costs of medical expenses if you get in to an accident and get physically injured.
DO I NEED PERSONAL INJURY PROTECTION INSURANCE COVERAGE?
If you already carry health insurance, PIP Insurance may not be needed. However, without a proper health insurance that covers auto accidents or Personal Injury Protection coverage, paying the full medical costs involved with an auto accident related injury will come out of your own pocket… UNLESS, you get Personal Injury Protection, aka PIP insurance, also known as no fault insurance.
You may want to ask yourself the following questions while exploring your options:
- Do you have a safe car? You may be fine with a high deductible plan.
- Do you have Health Insurance? You may not need this plan at all.
- Do you drive carefully and follow all the legal guidelines? If your answer is no, a low deductible option may save you the most money in the long-run.
Personal Injury Protection (PIP) coverage is an extension of auto insurance that covers medical costs, and in some events, also lost salaries due to an injury caused by auto accidents.
PIP insurance is also known as no-fault insurance coverage, since it is being paid with no relation to any fault and legal liability.
However, the PIP insurance premium rates of the policyholder who filed the claim, can be increased.
