Trying to figure out how much insurance coverage to purchase can be a very confusing affair. While you already having auto insurance, that comes at somewhat of a gamble since benefits are also blame-based when it comes to auto accidents. No Fault Insurance on the other hand, otherwise known as PIP insurance coverage in Jacksonville and other cities, will pays costs regardless of blame. Here are a few tips about how much you should actually purchase.
1. Figure Out How Much You’d Actually Need
Figuring how much coverage you’d actually need in a blameless scenario can be a useful thought process. PIP insurance can be thought of as both a blessing and a curse. On the one hand, in some states, it’s required by law for motorists. On the other, it means that you’re not penalized and have medical costs covered regardless of who hit whom.
2. The Minimum Requirement is Bare Bones
The honest truth is that the minimum is bare bones. According to the Florida Department of Highway Safety and Motor Vehicles, the minimum of PIP protection is $10,000, also referred to as Florida No Fault Insurance. However, that doesn’t mean that you can’t purchase more. Consulting with an attorney before this type of purchase can be a boon when it comes to planning for the worst and hoping for the best, rather than going in blindly investing in PIP insurance coverage in Jacksonville.
PIP insurance coverage varies widely from person to person. Depending on how many assets you have, how many dependents you’re supporting, and how many medical expenses you might foresee, you may want to buy more or less. The biggest benefit of PIP insurance is that it’s no fault, but it’s also unfortunately plagued by false claims which makes it difficult to get a speedy resolution should a problem pop up where the company doesn’t want to cover all your expenses.