What does an average guy need for PIP? By average I mean 5'8" 150lb, four kids, two pets. Older ranch home in the burbs.
I have paid more in premiums for the last almost 30 years than the cost of all my cars and have never made a claim. It drives me nuts that my car insurance costs so much.
This is a way to reduce the cost, I just don't want to shoot myself in the foot by not electing for the unlimited PIP. (Personal Injury Protection) Looks like my options are $250k, $500K or unlimited.
What you need to do is find out if your healthcare coverage covers the same thing. If it does, then all PIP is good for is covering lost wages due to an accident. Given that I'm not likely to drive to work much until I'm done, we opted out.
In reply to alfadriver (Forum Supporter) :
We left ours in place when we figured we'd be working more.
Also, for us - the Healthcare coverage will be unlimited, but if we lose employment/are unable to work following a bad enough injury then the coverage goes away. We opted in, but we were switching insurance companies at the time and saved ~50% of what our costs would have been anyway.
In reply to classicJackets (FS) :
We are both just over a year from retiring. So the worst loss of wages will be about 1 year. And for most of that last year of work, we do it from home.
I looked into this a fair amount. The difference for me (im near G.R. Michigan middle age, married/w kids) between 250k and unlimited was about 60 dollars a year. I stuck with unlimited. If you use your health insurance as your primary, you're stuck paying the health insurance deductibles, which are usually much much higher and are restricted by the limits of your plan. If your medical costs go above those limits due to a catastrophic wreck, you're in trouble. Best thing you can do is contact your health insurance to fully understand your coverage there, then your insurance agent and work through your options.
In reply to TGMF :
If you have a restricted plan, you are not really allowed to fully opt out of PIP. We were required to show that our healthcare plan had unlimited coverage and qualified for the law. (and we save $500)
We went with the $500k after finding out in our case the price difference was $18/mo. Seemed like it was a no brainer.
I just checked, my Health Insurance does not cover auto related injury. So I'll just leave it at Unlimited for now, $250-$500 can add up in hurry. This required gambling is such a racket.
alfadriver (Forum Supporter) said:In reply to classicJackets (FS) :
We are both just over a year from retiring. So the worst loss of wages will be about 1 year. And for most of that last year of work, we do it from home.
thread jack risk: alfa, if your employer extends WFH into 2022, will you delay your retirement?
AngryCorvair (Forum Supporter) said:alfadriver (Forum Supporter) said:In reply to classicJackets (FS) :
We are both just over a year from retiring. So the worst loss of wages will be about 1 year. And for most of that last year of work, we do it from home.
thread jack risk: alfa, if your employer extends WFH into 2022, will you delay your retirement?
No. Timing is timing- we are ready to do something else.
alfadriver (Forum Supporter) said:No. Timing is timing- we are ready to do something else.
dang, that's great! i'd be inclined to draw that fat salary for another year, because in my last year of employment I think work from home would really mean work half-assed from wherever.
In reply to AngryCorvair (Forum Supporter) :
realistically if we are still WFH, the incentives to retire should be pretty good. They were to end 2020.
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