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PIP is an insurance term that every driver should know. Bankrate explains what it is.
Personal injury protection, commonly known as PIP, is an extension of your auto insurance coverage. PIP covers such things as medical expenses incurred as the result of an auto accident. Most times, PIP coverage kicks in whether or not you were at fault in the accident.
Other expenses that PIP covers include anything associated with your injury, such as lost wages or having to hire someone to mow your lawn because the injuries suffered in the accident prevent you from doing so yourself.
PIP kicks in after you have had an accident. Being “no fault” means that the insurance company often makes payments associated with PIP coverage quickly, since it does not need to go through an investigative process to determine who is to blame for the accident. PIP is similar to the medical payment coverage that many insurance policies offer, except that PIP covers more than just medical expenses.
PIP is mandatory coverage in some states. The District of Columbia, Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania and Utah require insurance companies to provide PIP coverage with auto insurance, as well as requiring individual drivers to buy a certain amount of this coverage as a part of their insurance policies.
Other states offer PIP coverage as an option on your insurance policy.
In addition to qualifying medical expenses, PIP covers other costs associated with an accident, such as lost income, such as:
To determine how much PIP coverage you need, you first have to determine the amount you would need if a car accident kept you from working. You also need to factor in additional costs, such as child care or anything else you might have to pay someone to do for you. You should calculate a year’s worth of these expenses to get an idea of the amount of coverage you need.
With the average payment for a personal injury claim averaging $5,000 per month, paying a small amount for basic PIP coverage can make a big difference if you have an accident. Most PIP coverage costs around $50 for about $5,000 worth of coverage.
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