Personal injury protection

By Donna Fuscaldo Posted : 08/30/2011

Personal injury protection insurancePersonal injury protection

Personal injury protection (PIP) is an extension of auto insurance that covers medical expenses and potentially lost wages and other damages in the event of the accident. This coverage applies to you as the insured driver, your passengers, and even pedestrians you may injure.

Some states require you to carry a minimum level of this type of insurance, while others do not.

This is one type of insurance that makes sense for certain policyholders, says Eric Bagnall, a benefits consultant adviser from at Allen Insurance and Financial in Camden, Maine. He notes that PIP has no deductible and premiums can be low.

"A lot of people are using this to protect themselves because the deductible has become so high with health insurance," he says.

Edelman says this type of insurance makes sense if you don't have an umbrella insurance policy.

"It's very inexpensive and very worthwhile if your typical auto insurance and homeowners insurance will not be sufficient," says Edelman.

Still, he says purchasing an umbrella liability policy makes more sense.

"If you can't get an umbrella, PIP is the fallback," he says.

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