Adding Onto Your Personal Injury Protection
The minimum requirements for a personal injury protection plan are $10,000. However, that does not mean you can’t purchase additional coverage on your plan. These can increase your premiums, although you may be able to negotiate with your insurance company to secure a better rate. Options for additional personal injury protection coverage include
• Extended PIP – This option will extend medical benefits for you and your family members. The minimum PIP policy covers 80% of your medical expenses and 60% of your expenses that come as a result of missing work. This plan is still subject to the $10,000 maximum payout, but will instead pay 100% of your medical bills and 80% of your expenses as a result of work loss.
• Additional PIP Coverage - $10,000 may not be enough to cover your expenses, so you can purchase additional coverage to increase the maximum benefit amount. Options include $25,000, $40,000, and $90,000. If you purchase additional PIP coverage, you can also exclude work loss coverage for anyone on your policy, including yourself.
• Broadened PIP – If a non-family member frequently drives your car, you can add them to your own policy. They’ll receive the same benefits as family members would. If they’d like, they are also still eligible to purchase Additional PIP Coverage. This option may be beneficial to couples who are not married and share a car.
Finding The Policy That’s Right For You
Your insurance company should be willing to work with you to come up with a plan that leaves completely covered and financially comfortable, especially if you have a good driving record. You can choose to combine multiple coverage options to ensure your family is protected.
If you are worried about cost, you may also be able to negotiate a deductible into your policy. Deductibles will reduce your premiums, but you will be responsible for paying your deductible out-of-pocket before continuing with your efforts to recoup your expenses. In Florida, many insurers offer deductible options that range from $250 to $2,000. The higher your deductible, the more you’ll save on your premium. Switching to a deductible payment could be an effective way to offset the cost of purchasing additional PIP coverage.
Premium payments are made monthly, whether you are in an accident or not. With a deductible, you pay more when an accident occurs, but your monthly payments are reduced. For good drivers who do not frequently find themselves in accidents, a deductible could be an good way to lower your premiums.