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The Curious Bag
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PIP, an acronym for Personal Injury Protection, pays medical expenses for the driver and his passengers who are injured in an automobile accident. However, motorists must have this coverage on their policy for it to pay.
What It Covers
Some PIP coverage is known as medpay as it covers medical expenses only. Full PIP coverage also pays loss of income, for household help if needed, and death benefits, according to Carinsurance.com.
Optional Coverage
Most states do not require vehicle owners to carry PIP on their auto insurance policies. Insure.com maintains a list of required coverage by state.
Amount Needed
Medpay coverage starts at $5,000 per person. Full PIP coverage starts at $10,000, but some insurance companies, such as State Farm, may require minimum $25,000 or $35,000 per person, as $10,000 is insufficient to pay for serious injuries.
No PIP
If the driver doesn't have PIP coverage, passengers who have PIP on their policies can apply to that insurance company for assistance. Personal health insurance will cover accidents when PIP is not available or is exhausted.
Cost of PIP
PIP costs vary with the amount of coverage and by insurance company. It is generally the most expensive coverage on policies.
Source:
Resource:
Insurance Information Institute
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