New York Auto Insurance
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New York Auto Insurance Requirements
Auto insurance helps protect you by offsetting some or all of the medical care and property repair costs that result from a motor vehicle accident. As a general rule, the more assets you have the more auto insurance protection you need. But more protection usually translates into higher premiums.
NY a no fault state?
Yes, New York is a No Fault state. That means if you’re in an accident, your insurer covers your bodily injury expenses as well as those of the individuals listed on your policy, without needing to first determine fault. The No Fault system was designed so needed care can be arranged without delay.
No Fault insurance (PIP)
PIP or Personal Injury Protection is what’s referred to as No Fault insurance. In New York a minimum of $50,000 is required. PIP pays the costs associated with your medical and rehabilitation care, lost wages, death benefits and replacement services such as a housekeeper. If you also have a comprehensive health insurance plan, take time to learn what it covers so you can avoid paying for redundant coverage.
New York drivers required to carry liability insurance
Because there are situations where the at-fault driver will be required to pay towards the victim’s costs, New York drivers are required to also have liability insurance. Liability coverage consists of two components: bodily injury liability and property damage liability. New York minimum liability requirements are 25/50/10. What this means is that the insurer pays bodily injury related costs up to $25,000 per person, with a combined bodily injury maximum of $50,000 per accident if two or more persons are involved. Up to $10,000 will be paid towards the repair or replacement costs of any property damaged in the accident.
Uninsured and hit and run drivers
New York also wants its citizens protected against uninsured and hit and run drivers. Such protection comes from this state’s mandatory requirement to purchase Uninsured Motorist insurance. New York law requires that the amount of Uninsured Motorist coverage must equal the amount of bodily injury liability purchased.
Mandatory auto insurance
That’s all the auto insurance considered mandatory in New York. Not required but wise to have is Comprehensive and Collision coverage. This coverage pays your vehicle’s repair/replacement costs when it is damaged because of a collision or because of reasons beyond your control.
New York State Insurance Department
More information regarding auto insurance requirements is available at http://www.ins.state.ny.us or by calling The New York State Insurance Department at 800-342-3736.