How Much Does Personal Injury Insurance Cost? | Morgan & Morgan Law Firm
If you are a homeowner or business owner interested in mitigating the potential risks of an accident on your property, it is important that you do your research and select an insurance company that can cover these bases for you. When people have questions about personal injury insurance costs, it is usually due to two main factors. the cost of personal injury protection insurance in those states where it is offered or required; and personal liability insurance, which someone can use to minimize their potential exposure in a personal injury case. If you’re curious and want to know how much personal injuries cost, read on to learn more.
Personal injury insurance can help minimize your exposure to the risk of lawsuits, but should always be evaluated in light of the expenses you pay for personal injury insurance. If you are trying to recover PIP benefits after an accident or already know that your expenses will exceed what is available to you in PIP coverage, taking your case to an injury attorney is imperative.
Reading: How much is personal injury insurance
If you or a loved one has suffered such an injury, you can complete a free, risk-free case evaluation to learn more.
Understanding Personal Injury Protection Coverage
Personal injury protection is a specific form of insurance that covers damages when you are injured in a car accident. examples include lost wages and medical bills, both of which can add up quickly. For an accident victim, making sure insurance pays can be critical in giving them the time and focus to heal and get better after a devastating accident.
In most states, pip hedging is optional. however, there are 16 states across the country that have strict pip minimums. this can be essential to help overlap with your medical payment or health insurance, but multiple policies may even be recommended. Insurance experts may also refer to personal injury protection as no-fault insurance. this extends to those cases where you are hit as a pedestrian, bicyclist, or as a passenger in someone else’s car.
This is different from bodily injury liability insurance. Liability insurance, for example, covers the medical expenses of the passenger and the driver when they are found at fault for causing a car accident.
body pip coverage, however, pays its own expenses when you have an accident. there may be overlap with the coverage provided by your medpay plan or health insurance policy.
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but pip coverage is created and drafted for auto-related injuries. Certain health insurance policies exclude car accident injuries from coverage, which means PIP insurance can help bridge the gap and help you when you need it most. While PIP is required in some places, it’s optional in others, and those who live in optional states can choose this protection as added peace of mind within a comprehensive coverage plan.
types of coverage provided by pip
When you’ve begun your research to determine personal injury insurance costs, think carefully about what you might have to pay out of pocket if you didn’t have pip protection. The types of expenses will vary from policy to policy and state to state, but may include hospitalization, lost wages, accidental death benefits, funeral expenses, operations, and certain home care expenses.
if pip coverage is required in your state, you must file a claim under that policy before you can go to your health insurance. pip insurance also offers many different benefits that you can’t get through your health insurance policy. so even if it’s not required in your state, it could be your first line of defense.
If you were injured by another driver and you have an auto insurance policy that includes PIP coverage, you would typically exhaust all of your PIP policy coverage first, before looking into other options. If the medical costs associated with treating your injury are beyond your policy limits, you may be able to open a claim under the other driver’s liability insurance policy.
If your medical bills exceed your state’s liability threshold, or if you’ve sustained petty injuries on a permanent basis, there are circumstances where you can bypass your PIP coverage and file a lawsuit against the other driver. In these complex situations, it makes a lot of sense to have the support of an experienced personal injury attorney. You don’t want to be asking the question “how much does personal injury insurance cost?” after the fact when you’re the one who gets all the medical bills for an accident you didn’t cause.
Car insurance with personal injury protection can cost anywhere from $50 a month to a couple of hundred dollars. this will depend on a couple of different factors, including the make and model of your vehicle, the total amount of coverage received, and your age. Adequate protection can be provided by having a good personal injury protection service, even if you also have good health insurance.
Of course, there are several carriers you can work with to find the coverage and deductibles that are right for you. Although no one wants to have to resort to their insurance after a car accident, having this protection can help you and even your family members through a difficult time in your life.
minimum hedging requirements for pip
States that require PIP protection each have their own minimum amounts that must be included in the coverage.
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this includes:
- $3,000 in utah
- $4,500 in kansas
- $5,000 in pennsylvania
- $8,000 in massachusetts
- $10,000 in florida and hawaii
- $15,000 in oregon, new jersey, and delaware
- $30,000 in north dakota
- $40,000 in minnesota
- $50,000 in new york
How much does personal injury insurance cost?
On average, PIP coverage increases auto insurance coverage premiums by about $4 per year. Collision and PIP coverage is not worth the risk of going uninsured. Many popular auto insurance policy companies, such as Allstate and USAA, offer PIP coverage, so make sure you know your state’s suggested or minimum amounts before calling your current or intended insurance company.
how is pip different from personal liability insurance?
Personal liability and personal injury protection are not the same type of insurance.
Personal liability coverage helps protect you in the event someone else is injured on your property and files a lawsuit against you. it is covered in the vast majority of homeowners insurance policies. Personal liability insurance covers the cost of a lawsuit. if you have been sued by another person or for destroying someone’s property. most home insurance policies will include this clause, but it can also be purchased on its own. There are a couple of different situations where it might make sense for you to carry personal liability coverage, including:
- Property damage, such as a tree on your property falling during a storm and damaging your neighbor’s roof.
- Bodily injury, such as conditions caused by a dog bite on your property.
Homeowners insurance coverage generally extends to personal injury as long as you have personal liability on the policy. however, not all injuries will be covered by your personal liability insurance. the only ones that are covered by your insurance company are those caused by negligence on your part.
Although it can be overwhelming to find yourself in this situation, the support of an experienced personal injury attorney can help you navigate the details of a personal injury insurance claim. If you have tried to contact your personal injury insurance company and they have refused to contact you or are giving you unreasonable delays or denials on your case, you should be prepared to share this information with your personal injury attorney.
An injury attorney can take these circumstances seriously and use them to open a claim on your behalf or create a strategy to take your case to court.
If you or a loved one has been injured and would like to explore your options, complete a free, risk-free case evaluation to learn more.
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