PIP can usually be purchased in increments of $2,500, $5,000, or $10,000 per person. The more you can afford the better, but even the minimum ($2,500) is far better than nothing. How cheap is cheap? Last time I priced it, $10,000 in PIP coverage for three vehicles cost right at $13.00 per month.
Why is it so valuable? PIP is so valuable because of what it covers. Simply put, it is no-fault coverage for medical bills and lost wages. In addition, it is not subject to subrogation or reimbursement by your car insurance carrier. Let’s look at an example. You get into a wreck and it’s your fault! As a result of the wreck, you are injured and miss several days of work. If you were smart enough to purchase PIP coverage, you would have coverage under your auto policy. Even though the car crash was your fault, you can still make a claim on your policy for PIP benefits. Those benefits can help you pay medical bills and would even pay you up to 80% of your lost wages. And, there’s more. PIP covers passengers in your vehicle as well and would even cover you if you were injured as a pedestrian.
If you are looking to save money on your car insurance, don’t do it by declining PIP coverage!
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