Is it possible to have too much auto insurance? In general, the answer is “no.” Personal Injury Protection (PIP) and Medical Payments can be great, additional coverages on your auto insurance policy. While the two may appear to offer the same protection, each option has its own, unique benefits. For example, Personal Injury Protection will replace lost wages while Medical Payments will pay for medical expenses.
Medical Payments cover the costs of reasonable and necessary medical care. The coverage applies no matter who is at fault in an accident. It protects you while driving your own car or somebody else’s car, with his or her permission. Medical Payments also cover you if you are struck by another vehicle as a pedestrian.
Personal Injury Protection coverage is commonly referred to as “no-fault” insurance. It is required in states with no-fault laws. It provides broader coverage than Medical Payments, but like Medical Payments, it pays regardless of who is at fault in an accident. Personal Injury Protection provides the following:
- Payment for medical care
- Replacement of lost wages
- Coverage for personal services, such as a home aide or physical therapist
In addition to enhancing your auto insurance, Personal Injury Protection and Medical Payments can support your existing health insurance. Although you don’t want to duplicate coverages, Medical Payments can sometimes help to pay the deductibles associated with your health insurance. The Personal Injury Protection can also help pay for professional nursing services that might not be covered by your health insurance.
Rather than viewing Personal Injury Protection and Medical Payments as separate entities, it may be better to view them as supporting coverages to your existing auto or health insurance. Personal Injury Protection will replace lost wages and cover additional expenses related to an accident. Medical Payments will cover medical expenses, including deductibles. For more information, you should speak with Flor & Associates. They can explain the coverages that are available to you.
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