Definition of PIP Insurance

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PIP is an acronym that stands for "personal injury protection." Learn about the definition of PIP insurance with help from a dedicated insurance professional in this free video clip.

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Video Transcript

Hi, my name is Doug Levi. I'm principal agent and owner of Strategic Insurance Services and today I'm going to talk to you about the definition of PIP insurance. PIP insurance is often referred to as personal injury protection insurance. It has to do with your auto insurance. And what it really comes down to, is it's going to give you up to ten thousand dollars in the event of an accident, regardless of who's at fault, for your injuries. So, with the carriers and the states that have this law in effect, what they want to make sure, is that regardless of who's at fault in an accident, they know that a person has as least ten thousand dollars for their medical injuries. Typically, it's going to pay eighty percent for medical and it's going to pay sixty percent for lost wages, up to a total of ten thousand dollars. And again, the whole concept behind it is that the states want to make sure that the person has some coverage for their medical liability in the event of an accident regardless of who's at fault. This has been what is the definition of PIP insurance. You can get more information at our website at Tampa Bay Insurance dot net on PIP insurance. My name is Doug Levi. I'm principal agent of Strategic Insurance Services.

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