If you’ve ever been involved in a car crash that resulted in an injury, you already know that the insurance process afterward can be complicated and that there’s no guarantee that you will receive the money you need to cover medical expenses and other losses. The complications multiply when the other driver is at fault and is uninsured or underinsured. To make sure you are covered for injuries in every situation, you may want to consider adding Personal Injury Protection (PIP) insurance to your policy.
Here is more information on PIP insurance and the pros and cons of adding it to your policy. Want more information? Read here: Understanding Personal Injury Protection (PIP) Insurance.
What is Personal Injury Protection Insurance?
PIP insurance is what is referred to as no-fault insurance, meaning it will provide protection no matter who was at fault for the accident. It will cover medical expenses for you and for any passengers you have with you when the accident occurs. Most PIP plans cover not only medical costs, but also compensation for lost wages if you need to miss work due to your injuries and funeral costs if someone loses their life in the accident.
Want more information on what PIP insurance covers? Read here: Understanding Personal Injury Protection (PIP) Insurance.
What Are the Pros of Adding PIP?
There are plenty of pros to adding PIP insurance to your regular auto plan. They include:
- The coverage of additional expenses such as lost wages that your regular plan or the person a fault’s plan might not cover.
- It provides immediate benefits as opposed to having to wait for negotiations with an insurance company or the settlement of a lawsuit.
- It provides peace of mind that you will be covered in the event of an accident no matter the circumstances.
- It helps you cover your medical and other expenses so you can focus on recovery rather than stress about how you will pay your bills.
Still not sure if you want to add PIP insurance? Learn more about it when you read here: Understanding Personal Injury Protection (PIP) Insurance.
What Are the Cons of Adding PIP?
Of course, there are some drawbacks to adding PIP insurance to your plan. You should weigh these against the cons before making a final decision. Here are some to consider:
- It can come with higher insurance premiums.
- It does not cover property damage such as car repairs.
- It has coverage limits, so all your medical expenses may not be covered.
- It does not cover pain and suffering losses. You will have to work with the at-fault party’s insurance agency or hire a personal injury attorney to address these.
Read Here: Understanding Personal Injury Protection (PIP) Insurance
PIP insurance can be a valuable add-on to your existing auto insurance plan. When you weigh the pros and the cons, you may find that it’s worth the extra cost to have peace of mind that your medical and other expenses will be covered no matter who is at fault in an accident. To learn more, read here: Understanding Personal Injury Protection (PIP) Insurance.
