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Automobile Personal Injury Protection
Personal Injury Protection insurance is very similar to Medical Payments insurance. Although regulations vary significantly depending on what state you live in, Personal Injury Protection (or PIP) covers you and others in your car, regardless of fault, for:
- Medical bills and medical related payments
- Reimbursement for certain other expenses you may incur as a result of being injured, such as lost wages and/or the need to hire someone to take care of your home and family.
The biggest difference between Medical Payments and Personal Injury Protection is that PIP provides additional coverage that Medical Payments does not provide. PIP will not only pay medical expenses, but will also cover expenses such as lost wages you and others incur as a result of being unable to work.
Example: You are in a serious accident where fault is not determined. You have $10,000 in Personal Injury Protection coverage on your vehicle. You sustain physical injuries that cost $5,500, and as a result you can't work for a month. Your monthly salary is $5,000. In this scenario, your Personal Injury Protection will pay all your medical bills ($5,500), and additionally reimburse you $4,500 for lost wages.
Just like Medical Payments, Personal Injury Protection can be added onto your policy in various dollar amounts ranging from $1,000 per person on up. Some states even require you have PIP coverage. Minnesota, for example, requires every automobile insurance policy to carry at least $40,000 in Personal Injury Protection!
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