What does pip stand for car insurance?

pip stands for Personal Injury Protection. PIP insurance is mandatory in most states for drivers who have a financed car. It covers you and your passengers in the event you get injured in an accident. You pay into the policy through your insurance company so you won't have to. If you're the driver in the accident, you are responsible for any medical bills that you may incur. If other drivers are involved, they may be liable for some of your medical bills as well.

What does pip mean in insurance?

The acronym pip refers to Personal Injury Protection. This is a mandatory coverage created by the state in which you reside for liability and injury up to a certain dollar amount for other drivers you might collide with. If you are involved in an accident that is not your fault and you sustain injuries, you will likely be covered by your insurance company under PIP.

What does pip mean in car insurance?

The term ‘pip' is short for ‘pound per pound' and refers to the price per pound of your car insurance premium that you pay. If you pay £30 per £100 worth of value on your car, then your premium is £30 per pound. If your car is worth £20,000, then your premium will be £30 for the first £20,000 of value.

What does pip mean in terms of car insurance?

PIP means personal injury protection. This is a form of coverage provided by most states for drivers who sustain injuries in a motor vehicle accident. It pays for covered medical expenses and for other expenses that are directly related to the accident. It is not for pain and suffering.

What does pips stand for car insurance?

The abbreviation “pips” is often used to refer to the amount of money that you will pay each month for your car insurance coverage. It’s not a very common term, but it’s not an entirely unhelpful one. For example, if you were to describe the cost of your car insurance to someone, and they asked you how much you pay each month, you would likely just say, “I pay $50 or $60 in pips