Reviewing your auto coverage…..
PIP coverage? Do I need this ? What is PIP? What am I paying for?
Here it is in a nutshell:
Personal Injury Protection (PIP) is an extension of car insurance available in Washington state. It is first dollar coverage, that covers medical expenses and, in some cases, lost wages and other damages. PIP is sometimes referred to as “no-fault” coverage, because the statutes enacting it are generally known as no-fault laws, and PIP is designed to be paid without regard to “fault,” or more properly, legal liability. That is, even if the person seeking PIP coverage caused the accident, they are entitled to make a claim under the PIP portion of their policy. “No-Fault” does not mean that insurance premium of the person making the claim will not increase (click here if you want an explanation of why this happens). Typically a PIP claim is made by the insured driver to their own insurance company, regardless of fault, opening up funds to cover medical and wage needs while the claim is unraveled.
Biggest Opposition I hear to having PIP:
” I don’t need this coverage, I have medical insurance.”
Answer- You get hit by someone else, they have no insurance, your hurt. Your medical deductible is 2500 or even 5,000 these days. Do you want to pay this? PIP would cover this for a few dollars a month.
Answer- Your friend is in your car, they do NOT have medical insurance (still common even with ACA in place)…… PIP would cover them , no PIP, what do they do?
For literally a few dollars a month , you can get 10,000 in PIP coverage, for a bit more 35,000 in coverage.
Do NOT be swayed by a few dollars savings, include this coverage in your portfolio. You will thank yourself later!!!!