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AUTO INSURANCE OVERVIEW
Our minimum suggestions for automobile insurance coverage for personal non-commercial use.
WHAT IS PIP? PIP is personal injury protection that pays for your medical services for injuries caused by an autombile collision. PIP is also called "No Fault". Please note that "no fault" does not mean that the driver who caused the accident is not responsible for the damage and injury. What "no fault" means is that without determining fault, each injured person's auto insurance pays for his or her medical bills, unless the injured party is a pedestrian, bicyclist, skateboarder, moped rider, or any other person not in an automobile. The coverage that pays for medical bills is called PIP or Personal Injury Protection. By law, each driver must carry at least PIP coverage of $10,000 per person. The minimum is not sufficient and we recommend you call your insurance company and increase your PIP coverage to $100,000. The increase in insurance premium should be small compared to the peace of mind knowing you and your loved ones are covered. This will protect you and your family plus anyone else in your vehicle.
What is BI coverage? BI coverage is "Bodily Injury" Liability insurance that provides payment to persons(s) injured person(s) when you are at fault in an auto collision. BI/Liability does not provide any protection for you except to protect your assets when you are at fault, but it may protect your loved ones from your negligence. For example, if you a driver and fall asleep at the wheel and crash into a telephone pole (heaven forbid), if any of your passengers are injured, they are protected by your bodily injury coverage. Our passengers are usually our family and loved ones. The law requires a minimum of $20,000 per person and $40,000 per incident. What that means is that if you accidentally injure just one person under the minimum coverage, the most that can recover for his or her injury is $20,000. If there are two or more person injured in the collision that injured, then the max they can recover is $40,000. You would be well informed to purchase least $300,000 BI/Liability coverage plus $1 Million umbrella insurance coverage.
What is UM/UIM? UM is uninsured motorist insurance. UIM is underinsured motorist insurance. UM/UIM policies protect you and your family members who live in your home from irresponsible drivers. We recommend you carry a minimum of $300,000 per vehicle "stacked". Stacked means that if you have two cars, now you have a $600,000 policy. Three cars result in a $900,000 policy, so on and so forth. Only you and your loved ones will ever benefit from this type of insurance. UM/UIM is so important that the law requires you to sign to reject coverage. If you do not reject coverage by signature, coverage is automatically provided to you by law. For more information of UM/UIM please check the UM/UIM page. Thank you.
Disclaimer: The information provided on this website is not legal advice. Each case is unique and you need to consult with an attorney regarding your case.