Driving is a privilege, as well as a huge responsibility, and your responsibility grows even larger when you have passengers in your vehicle. Not only are you responsible for your own safety, but you will be responsible for the safety of everyone in your vehicle. This is a good reason to have more than the bare minimum amount of insurance that your state requires, and to add more coverage, including personal injury protection auto insurance. This is coverage that is going to benefit you, as well your passengers. In some states, including Florida, PIP insurance is part of the mandatory insurance package that all drivers must have.
Understanding PIP Insurance
Also referred to as Medical Payment Insurance or Medpay, PIP insurance pays policy holders for any expenses from bodily injuries caused by an accident. It pays for medical and hospital expenses, as well as childcare expenses. This type of coverage will also pay for loss of services and even funeral expenses.
One of the reasons why it is so important to have this coverage is that liability insurance does not cover policy holders or anyone on the policy if they have bodily injuries from an accident. The personal injury protection insurance will take care of the expenses of anyone who is named on the policy.
What Are the PIP Insurance Requirements in Florida?
Anyone who owns a vehicle in Florida is required to carry PIP insurance. The minimum amount of this coverage that drivers must carry is $10,000. In addition, vehicle owners are required to have $10,000 in property damage liability insurance (PDL). Insurance must be maintained as long as the vehicle is licensed and registered.
What Does PIP Insurance Cover?
If you live in Florida, you must have PIP insurance in order to be able to have your vehicle on the road legally. Florida PIP insurance, also known as Florida No Fault Insurance, will cover the following:
- Any members of your household and anyone else who is named on your policy who are passengers in your vehicle are covered.
- Some passengers who do not have PIP insurance of their own may be covered while they are in your vehicle.
- Children of parents who have PIP insurance and who are riding in school buses have this coverage if there is an accident.
- Policyholders have coverage when they are riding bicycles or are pedestrians and are hit by a vehicle.
- Policyholders are protected if they are passengers in another vehicle and there is an accident.
Your PIP insurance will cover you up to the limits of your policy. If passengers or other drivers of your vehicle have their own personal injury protection insurance, they will be covered under their own policies in the event of an accident.
Your Expenses Are Covered
One of the biggest expenses that can arise following an auto accident is medical treatment. This can be great, especially if hospitalization is necessary. Often, health insurance will pay for injuries, but having PIP insurance will give you that extra protection that will provide you with peace of mind. You can use either type of coverage to cover your medical expenses, depending on which one has the most benefits, but remember, the cost of health insurance does not usually increase following a claim, but the cost of auto insurance does.
Another huge expense after an accident is lost wages. If there is an injury that requires you to be hospitalized or out of work for any amount of time, you are going to need coverage for the wages you will lose. PIP insurance will pay a certain amount of lost wages, so you don’t have to worry about not having an income while you are recovering. There are a number of PIP packages you can choose from, that offer a variety of benefits.
You have enough expenses in life, and your insurance coverage does not have to be one of them. Yes, you are going to have to pay a monthly premium, but if you take the time to look around and find out which insurance companies are offering the best products and the best prices, you can be sure that you are not going to pay an arm and a leg for your PIP insurance coverage.
You need to have PIP insurance in Florida, so you might as well make sure that you are going to get it for a good price. Start the process of getting your insurance quotes by simply entering your zip code.