Personal Injury Protection. Do not waive this protection!
This is perhaps the most common mistakes out there. You do want to lower your premiums, but you want to make sure you are getting something for what you actually paid. Person Injury protection (PIP)is usually quoted together with the liability coverage. Most states require liability coverage, so insurance companies package them together. Other states require the Personal Injury Protection (PIP), but most do not.
States like Washington require that you sign an actual waiver of the PIP before this coverage can be excluded in your policy.
Insurance agents want to sell you the policy and get a commission. The honest ones will not waive the PIP. The majority will exclude the PIP, tell you that you do not need it if you have health insurance, and reduce your monthly payment.
The reality of the situation is that if you are in a car accident, health insurance companies need first verification that you do no carry health coverage in your auto policy. This process can take more than 30 days. Also, your health insurance only covers you, while PIP coverage covers everyone in the vehicle.
The savings of waiving or declining the PIP coverages usually is very low. We are taking about saving five bucks per month. If you are in a car accident your expenses will be much more than what ever money you can save. Make sure you have PIP and Medical Payments Coverage.
