Personal Injury Protection Explained
Personal injury protection (PIP) is coverage that extends to your auto insurance. This coverage helps reimburse you for your expenses from an accident, regardless of who is at fault. If you live in a state with no-fault insurance laws, like New York, you are typically required to buy PIP coverage.
Who Needs PIP?
New York drivers are required to carry a minimum amount of PIP in addition to their minimum required amounts of liability coverage. In New York, PIP insurance covers medical costs, economic losses and death benefits. Nexus Point Advisors LLC can ensure your PIP coverage meets your needs as well as the state’s requirements.
What Does PIP Cover?
A PIP policy is an auto insurance policy that reimburses you for expenses that result from an auto accident. It generally provides coverage for reasonable and necessary medical expenses for those named in the policy for injuries sustained from an automobile accident, income replacement and funeral expenses.
If you carry PIP on your vehicle, it applies to all your insured vehicles; however, there is a premium for each vehicle. Because specific limits and coverage vary by state, we can help ensure you have the amount of coverage you need to carry in New York.
What Is Medical Payments Coverage Versus PIP?
PIP is similar to medical payments coverage but unique in its protection. Unlike medical payments coverage which strictly covers medical bills, PIP helps cover health costs and lost wages for you and your passengers after an accident, regardless of fault.
What Does PIP Cost?
The cost of PIP insurance varies based on your driving history and where you live. For instance, New York City residents may pay a different rate than Albany residents. We can determine what your policy will cost for where you reside in New York.
We Can Help
Call Nexus Point Advisors LLC today at 844-673-8439 to speak with one of our agents about adding personal injury protection to your auto insurance