In Florida, all drivers have to carry a type of car insurance called personal injury protection, or PIP coverage. A PIP policy is coverage for the driver’s own personal losses in case vehicle accidents occur. However, Florida’s minimum PIP insurance limits might not be enough for you. You should always carry higher PIP limits than those required by the state, and here’s why.
With PIP insurance, you will have protection for yourself and your passengers in case accidents occur. No one wants to experience injuries in car accidents. Still, if you have more PIP coverage, you’ll often receive even more assistance than your health insurance alone can offer.
What’s PIP Insurance?
Personal injury protection, perhaps self-evidently, insures your personal injury costs in case a car wreck occurs, injuring you or your passengers. Florida requires drivers to carry at least $10,000 in PIP coverage. This means that, if you get hurt in a wreck, your policy will pay you up to $10,000 for your injury costs. It might compensate you for:
- Medical bills your health insurance won’t cover
- Income replacement
- Certain death benefits in case a fatality occurs
PIP insurance is a requirement in Florida because the state has no-fault laws for car insurance. Rather than always forcing other at-fault drivers to pay for your injury cost, Florida law requires your own policy to pay with PIP coverage. If you don’t have coverage, you will likely face legal penalties besides just the injury costs accidents might cause.
Why You Need Higher Limits
Generally, the $10,000 PIP coverage required for all Florida drivers is not enough coverage for those who want ample injury assistance in case of wrecks.
- Even if you have health insurance to cover your medical bills, that does not mean that your policy will pay for all your medical costs. Therefore, PIP insurance might help you cover costs that your health insurance might not. The personal costs of medical care can get expensive, even with health coverage.
- Not only that, PIP coverage can provide income recovery assistance, and even potential death benefits. You’ll have more security available for your overall solvency. This is important given how most people cannot afford significant time lost off work.
Raising your PIP insurance limits might increase the costs of your policy. However, most will only do so in balanced and affordable ways. Therefore, the relative cost of paying a bit more for your premiums will far-and-away be easier than paying more medical or personal debt.