Auto Insurance |
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Optional Limitations on PIP Insurance: |
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| When you buy a policy, you have the option to select a higher deductible and/or exclude disability benefits (loss of wages). Selecting either or both of these options can reduce your premium. The deductible is the amount a policyholder must pay per claim or accident. You are not required to have a deductible on your PIP coverage, but if you do, after an accident, you pay the deductible, and your insurance company pays the remainder of the approved claim according to the policy provisions. |
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| Usually, the higher a policy's deductible, the lower the insurance premium. Although you can save money by choosing a deductible, the premium reduction is usually very small, and you may be better off without it. Understand your options when purchasing PIP coverage, and ask for several quotes on various deductible amounts as well as a nondeductible quote. Also, you may choose one that applies to only you, or to you and other members of your household. The deductible will not apply to anyone else, even when they are covered by your PIP. Deductibles are not applied to reduce the amount of death benefits. |
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