I have said it many times before, but it bears repeating: insurance companies are businesses, not charities. Careful attention to the fine print is important.
An obvious example of this is car insurance. All drivers need to carry it, and the law lays out in great detail what that insurance has to cover and at what level. I want to focus today on Personal Injury Protection, or PIP, insurance. Unlike many states, Washington does not require drivers to carry PIP coverage, though insurance companies are required to offer it as an option. If a Washington driver opts for PIP coverage the legal minimum level is $10,000 (in Oregon, at least $15,000 in PIP coverage is a requirement).
Though many Clark County, Washington drivers may be tempted to waive it, PIP coverage can offer essential financial help in the event of an accident. Washington law requires PIP claims to be paid within a few weeks of being filed. As an analysis by BikePortland explains “few are aware that after a collision an injured person’s automobile insurance pays medical bills first – before health insurance and before the at-fault driver’s auto insurance. The injured party’s own Personal Injury Protection coverage pays these bills.”