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Originally Posted by ScottyRyan2019
The minimum PIP here is $40K per person per accident, $20K medical, and $20K for non-medical such as lost wages, replacement for services , etc. You can select higher coverages.
You can also stack the coverage. For each car you own you can stack the coverage so if you own 3 cars with same coverage you multiply the above coverages by 3.
Being as we are a no fault state these coverages are available regardless of who is at fault, whereas liability coverage is available to others if you caused the crash.
However, this is where your Underinsured Liability Umbrella coverage comes into play because you can supplement the PIP with it if the injuries exceed the policy limits of the other at-fault driver.
Then there is your health insurance coverage... vehicle coverage comes first but health insurance will come into play if that doesn't cover everything.
* I'm not an insurance agent or lawyer, I just play one on TV.
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I'll visit my agent and go over what PIP coverage I have or can get. I found a good article on Personal Injury Protection insurance (as it works in Arkansas).
I'll paste the PIP specific info:
Personal Injury Protection (PIP) is a coverage option that covers medical expenses and, in most cases, lost wages — regardless of who is at fault for an auto accident. In Arkansas, you have three options for PIP, and you can choose to purchase one, two, or all of them together.
The first option is Medical Payments (sometime known as Med Pay), which provides compensation for doctor’s bills, X-rays, ambulance costs, and funeral expenses. PIP-Med Pay also covers medical payments for all passengers in your vehicle if they are injured in an accident.
The second option is Lost Wages, which covers lost wages with certain restrictions.
The third option is Death Benefits. This provides accidental death benefits should you or a loved one sustain injuries from an accident that result in death within one year of the accident. Each of these policies will provide you with a minimum of $5,000 in coverage. While Insurance companies are required to include minimum PIP coverage, you have the option to reject that coverage in writing. Another important aspect of PIP is that there is no deductible. So PIP payments are preferable over health insurance for some medical bills.
PIP coverage is comprehensive, and it doesn’t take into account who is at fault in an accident. That’s why it is always recommended that you carry PIP coverage on your auto insurance policy.
In looking into PIP and what coverage I have in going over insurance declaration pages now until my eyes burn there was an unexpected bonus albeit a bit of an embarrassing one...
I learned I made a mistake regarding the insurance cost of the M2.
The 6 month premium cost for my 2023 M2 is $650.83. For my 2024 230i xDrive it is $570.51.