PIP in Florida: we’re probably seven or eight states left that are doing PIP, Personal Injury Protection. You hear the PIP law.
It’s a No-Fault law, and it’s really confusing because it stands for the proposition, regardless of whose fault it is: I run into somebody, my medical bills are paid by my PIP
I get run into by somebody, I’m at the STOP light waiting for the light to change, somebody rear-ends me, clients really have a hard time – “why is my insurance paying my bill, I wasn’t doing anything wrong,” that’s what No Fault is.
Full coverage in Florida, two things, $10,000 in PIP to pay your medical bills and lost wages up to 10 grand, and $10,000 of property damage. I ran into your car and I’ve caused the bumper on the quarter panel, pay up to 10 grand. That’s all you need.
That’s all you need to get the little sticker on the license tag to get you on the road. Notice, I didn’t say “bodily injury”.
You don’t have to have insurance, or if you hurt somebody, uninsured motorists, towing, comprehensive collision, those are all things that you have to add on.
I send out a newsletter to all my clients. I have clients call me all the time, “Frank, look at this dec sheet,” a declaration sheet you get every six months, “is this okay?” It only takes me five minutes, “hey no, get this, don’t get that.”
I highly recommend uninsured motorists, half the guys riding around here in Central Florida don’t have insurance, and it’s scary. And all the sudden, you’ve got the ability to turn to your own policy to get paid.
So PIP is a No-Fault statute that the first $10,000 in bills is paid regardless of that you’re at fault. We need to look and get higher limits if you can afford it, and it’s a case-by-case analysis.