Do I need MED or PIP if…
I’m currently unemployed and have state insurance for myself and my children.
From my understanding, MED and PIP cover hospital expenses, lost wages, and even funeral costs. Since I have free health insurance through the government and I’m not working, should I just choose the “I decline” option for these coverage types?
It’s a bit confusing for me. My insurance has lapsed for a while, and I want to ensure I’m back on track with the right coverage.
Thank you!
It’s understandable to feel confused about MED (Medical Expenses Coverage) and PIP (Personal Injury Protection), especially with your current situation. MED and PIP can cover various costs related to accidents, including medical bills and lost wages, but since you have state insurance that provides health coverage, some aspects might overlap.
Here are a few points to consider:
State Insurance Coverage: Since you have government insurance for yourself and your kids, it’s likely that your medical expenses could be covered through that. It’s good to check specifically what your state insurance covers to avoid paying for overlapping coverage.
PIP Benefits: PIP can be particularly useful if you were to be involved in an accident. It may cover costs like lost wages or additional medical expenses that state insurance might not fully cover, especially if you have other expenses related to recovery.
Declining Coverage: Before you decide to decline MED and PIP, consider how often you use your vehicle and the risks involved. If you’re concerned about potential medical expenses or lost income in the event of an accident, keeping those coverages might be beneficial.
Assess Your Needs: Think about your situation, including your job status and financial stability. If you believe you won’t need the benefits provided by MED and PIP, it might make sense to decline. However, if you want more peace of mind, maintaining that coverage could be advantageous.
Consulting a Professional: If you’re still uncertain, it might be helpful to talk to an insurance agent or financial advisor who can provide personalized advice based on your specific situation.
Ultimately, the choice to decline or keep those coverages should be based on your comfort level and understanding of potential risks. Good luck getting everything sorted out!