What is PIP Insurance? What Does Florida Being a No-fault State Mean?
People are often confused about what PIP is, whose insurance company pays out the benefits in the event of an accident, and what is meant by Florida being a “no-fault” State. As a local personal injury lawyer, here are the facts:
- PIP stands for Personal Injury Protection and under Florida law it is required that every vehicle owner and driver on the road have $10,000 worth of PIP insurance coverage.
- PIP benefits are paid by your own insurance company if you are in an accident.
- PIP benefits are paid by your own insurance company regardless of who was at fault for the accident. This is what is meant by Florida being a no-fault insurance State.
- PIP insurance pays for 80% of your medical bills and 60% of your lost wages, up to $10,000. This means, you have to recover the rest of your out of pocket expenses from the driver that caused the accident.
- PIP covers any accident or injury that involves a vehicle, even if you are on a bicycle or a pedestrian and are injured by a vehicle.
Jeffrey Meldon Tip: $10,000 of PIP can often be used up before you get out of the hospital!
Jeffrey Meldon Tip: Over 50% of drivers on the road in Florida today have only the minimum required insurance, or are underinsured and some are driving illegally with no insurance at all. Make sure to protect yourself and have Uninsured/Underinsured Motorist (UM) coverage. Check your policy today!
For more information:
- On my insurance recommendations and tips.
- Floridians, Now is the time to protect yourself with adequate insurance
- But I thought I had “full coverage”?
- 2012 PIP Reform Law – How it Will Impact Accident Victims
Beware: Even if you are completely innocent in an accident, you can get stuck with thousands, or even hundreds of thousands, of dollars of medical bills, loss of income, and a permanent injury. All of which can be devastating. Make sure you are adequately protected!
Because of this, Gainesville and Ocala car accident attorney Jeffrey Meldon wrote the book Buying Florida Auto Insurance – A 3 Step Approach to Purchasing Adequate Auto Insurance at Competitive Pricing.
You can request your free, no obligation guide book by contacting our office at (800) 373-8000 or filling out the request form.