Well, if you look at your car insurance now, you will see how much you pay for PIP. There should be a line item on the insurance paperwork that you get with your bill that says how much you pay for personal injury protection.
As of July 1, the new law required the insurance companies to reduce what they charge for PIP coverage across the board:
- If you opt for unlimited PIP coverage, you will receive a 10% discount.
- If you opt for $500,000 in PIP coverage, you will receive a 20% reduction.
- If you opt for $250,000 in PIP coverage, you will receive a 35% reduction.
- If you are on Medicaid and take the $50,000 in PIP coverage, you will receive a 45% reduction.
Remember, these discounts are only to the charge for your PIP coverage, not your entire auto insurance bill.
Those are the discounts that are written into the new law, but they are only there for eight years. Then the insurance companies can hike those prices right back where they were before.