Most people don't realize the benefits of having personal injury insurance until they or a loved one is seriously injured. But when an accident happens and expensive medical bills start piling up, personal injury insurance can be a lifesaver.
What Is Personal Injury Insurance?
Personal injury insurance, also known as “PIP” insurance, is a type of coverage that helps pay for medical bills and other expenses related to an accident.
PIP insurance is available in some states as part of a car insurance policy, and in other states it can be purchased as a standalone policy.
What Does PIP Insurance Cover?
Personal injury insurance can help cover medical expenses, lost wages, funeral costs, and other damages resulting from an accident.
In some cases, PIP insurance can also cover expenses for rehabilitation and psychological counseling.
What Are the Benefits of Personal Injury Insurance?
If you're involved in a car accident, personal injury insurance can help cover your medical bills, lost wages, and other expenses.
Even if you have health insurance, your out-of-pocket costs could still be high after an accident. And if you don't have health insurance, PIP insurance can be a lifesaver.
PIP insurance is especially important if you live in a state that doesn't require drivers to carry bodily injury liability insurance. In these states, PIP insurance is the only way to get coverage for your injuries after an accident.
How Much PIP Insurance Do You Need?
The amount of personal injury insurance you need depends on a number of factors, including the laws in your state, the amount of coverage you want, and your budget.
In most states, the minimum amount of PIP insurance required is $2,500. But if you want more protection, you can purchase a policy with a higher limit.
Most personal injury insurance policies have a maximum limit of $250,000. But some states, like Florida, require insurers to offer policies with higher limits.
If you're considering purchasing personal injury insurance, talk to your car insurance agent or another insurance professional to find out more about your options.
What Does Personal Injury Insurance Cost?
The cost of personal injury insurance varies depending on the state you live in, the amount of coverage you want, and other factors.
In general, the more coverage you want, the higher your premium will be. But personal injury insurance is relatively affordable, especially when compared to other types of insurance.
For example, a typical $250,000 policy might cost $500 per year, or $42 per month.
What Are the Best Personal Injury Insurance Companies?
The best personal injury insurance companies vary depending on your needs and budget.
Some of the top-rated insurers include State Farm, Allstate, and Progressive.
When shopping for personal injury insurance, be sure to compare quotes from several different companies to find the best rate.
Conclusion
Personal injury insurance is an important type of coverage to have. Especially if you live in a state that doesn't require drivers to carry bodily injury liability insurance.
PIP insurance can help cover medical expenses, lost wages, and other damages resulting from an accident. The cost of personal injury insurance varies depending on the state you live in, the amount of coverage you want, and other factors.
When searching for personal injury insurance, look at quotes from a number of different businesses to get the best price.
