Written by Parnall Law Firm reviewed by Bert Parnall Personal Injury Blog
Owner/CEO at Parnall Law Firm
When you’re involved in an auto accident, the resulting medical expenses and lost wages can quickly become overwhelming, especially if you’re forced to miss work due to your injuries.
That’s where Personal Injury Protection (PIP) insurance comes in – it’s a type of coverage designed to provide financial protection and peace of mind in the event of an accident, regardless of who is at fault.
If you or a loved one has been in an auto accident, an Albuquerque car accident attorney will help you get compensation for your injuries and lost wages.
Personal Injury Protection, commonly referred to as PIP or “no-fault” insurance, is a type of auto insurance coverage that pays for medical expenses, lost wages, and other related costs for you and your passengers after an accident.
Unlike traditional liability insurance, which only covers damages and injuries you cause to others, PIP covers your own expenses, regardless of who was at fault for the accident.
In some states, PIP insurance is mandatory, while in others like New Mexico, it’s an optional coverage that drivers can choose to add to their auto insurance policy.
The specific requirements, coverage limits, and benefits of PIP vary from state to state, so it’s essential to understand your local laws and regulations.
Personal Injury Protection insurance typically covers a range of expenses related to injuries sustained in a car accident, including:
The specific amounts and limits of PIP coverage can vary significantly based on your state’s requirements and the policy you’ve purchased.
Generally, PIP policies will have a maximum limit for medical expenses, lost wages, and other covered expenses.
For example, in Florida, the minimum PIP coverage required is $10,000, while in New York, the minimum is $50,000. Some states also have limits on the amount of lost wages that can be covered, such as 80% of your gross income or a specific dollar amount per month.
In New Mexico, PIP is not required, and instead, insurers offer medical payment insurance or MedPay.
While Personal Injury Protection (PIP) and Medical Payments (MedPay) coverage may seem similar, there are some key differences:
PIP and uninsured/underinsured motorist (UM/UIM) coverage are two separate types of auto insurance that serve different purposes:
While PIP and UM/UIM serve different purposes, they can work together to provide comprehensive protection in the event of an accident.
The cost of Personal Injury Protection insurance can vary based on several factors, including:
On average, PIP coverage can add anywhere from $50 to $200 or more to your annual auto insurance premium, depending on the factors mentioned above.
However, the added cost may be well worth the peace of mind and protection it provides in the event of an accident.
At Parnall Law, we understand how auto insurance policies can be confusing, and we explore all available coverage for our clients. Our experienced attorneys will review your policy, explain your rights, and ensure you seek proper compensation in the event of an accident.
If you or a loved one has been in an auto accident, contact us today to schedule a consultation. We will fight for your rights and ensure you get the justice and compensation you deserve. Call us at (505) 268-6500 or online to get started.
Bertrand Russell Parnall is an Albuquerque native, salutatorian of the Class of 1988 at Albuquerque High School, and co-captain of the district football champion Bulldogs. He earned his undergraduate degree from Rice University with a double major in history and French, and his law degree from the University of New Mexico School of Law after coming home to Albuquerque.
Years of Experience: 27+ years
Justia Profile: Bert Parnall
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by Founding Partner, Bertrand Russell Parnall who has more than 20 years of legal experience as a personal injury attorney.
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