Personal Injury Protection coverage (also known as PIP), not only covers reasonable and necessary medical and hospital expenses when an insured is involved in a covered loss, it can also help you with other expenses while you're healing. These vary state to state, but can include:
- Income continuation
- Loss of services
- Funeral expenses
- Child-care expenses
These expenses might not be part of your budget and may not be covered completely by your health insurance.
See Personal Protection Explained
As a general rule, you should consider purchasing as high a limit as you can afford so that you have additional coverage beyond what your health insurance offers. Some of the factors that may affect the limit you choose include:
The high cost of health care
- Your deductibles or co-payment arrangements
- Protecting your savings for retirement or education
- Cost of higher coverage limits
PIP isn't the most expensive coverage on your policy, but it isn't the cheapest either. It's one of those in the middle group.
What's great about PIP is that it's a supplement to your regular health insurance plan. You can decide whether the extra coverage is worth the price you're quoted.