New York Car Insurance
The state of New York requires that by law drivers purchase four different types of auto insurance coverage. New York drivers are required to carry minimum liability coverage of $25,000 for one person, $50,000 for all parties in an accident for bodily injury damages. For property damage liability, the state requires $10,000 of minimum coverage. This amount of coverage may be more simply stated on an auto insurance policy as 25/50/10.
New York drivers are required to purchase Personal Injury Protection (“PIP”) coverage with limits of at least $50,000. PIP pays for medical bills, lost wages, household services, and funeral expenses for a driver and their passengers following an accident regardless of fault per policy terms.
Uninsured/Underinsured Motorist (“UIM”) coverage is also required in New York. UIM coverage would take effect in the event the driver at fault for an accident is uninsured or does not have enough insurance to pay for the damages sustained by the other driver(s) or passengers in an accident. The minimum allowable UIM bodily injury liability coverage in New York is $25,000 for one person, $50,000 for the accident.
For example, if a driver in an accident in New York had 25/50 UIM coverage, they would be able make a UIM claim with their auto insurance company and be able to receive up to $25,000 for their own bodily injury damages. Per the policy limits, their insurance company would only pay up to $50,000 for all UIM bodily injury claims. New York drivers are not required to purchase UIM property damage coverage but it is a good idea.
Collision and Comprehensive Coverage
Other important available insurance coverage types in New York include Collision and Comprehensive. These coverage types are not required by law but can be very important in the event of an accident. Also, many financial institutions require vehicle owners to purchase collision and comprehensive coverage as a condition of their loans.
Collision pays for vehicle repairs or vehicle replacement value following a collision regardless of fault. Comprehensive coverage pays for all vehicle repair damage or replacement value for incidents other than a collision such as the tree falling on a car or the car being stolen. There are minimum deductible limits for these collision and comprehensive such as $500, but drivers can also raise their deductible amounts to lower their premiums.
Keep Your Car Insurance Current
New York drivers should never allow their auto insurance policies to lapse. Each day, thousands of New York drivers are involved in car accidents. Uninsured drivers in New York pay fines and may be forced to comply with state financial responsibility laws, which require them to purchase expensive SR–22 Insurance. They can also be held personally responsible for all damages caused in an accident. A car accident can cause hundreds of thousands of dollars in damages. Driving without car insurance in New York is fiscally irresponsible and can lead to financial ruin.
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