The State of New York has one of the most stringent insurance requirements in the United States. Basically, NY auto insurance requires a motorist or a vehicle owner in the state to carry three types of coverage, namely: 1) No-Fault or the Personal Injury Protection; 2) Liability Insurance; and 3) Uninsured Motorists.
The said requirements are set in order to empower vehicle owners on financial responsibility as they keep and operate their vehicles, and in the event of accidents, be able to immediately pay for claims on injuries and damages caused to other parties. NY auto insurance “No-Fault” policy is designed to ensure that insurers will pay immediately on claims regardless of whose fault the incident was. To discuss further the mentioned basic auto insurance coverage, please continue reading below:
1) No-Fault (Personal Injury Protection)
This will cover medical expenses, lost wages and all necessary expenses that pertain to the injuries sustained by you, your vehicle’s driver and passengers, and pedestrians that may be hit by your vehicle. Basic No-Fault coverage has a maximum of $50,000 per person. The said amount will pay for the medical expenses, 80% of lost wages of those people injured, and a $25 per day payment on other necessary expenses of those people injured such as transportation expenditures for medical treatments. No-Fault will promptly pay for claims, however there are some exemptions. A person might not be eligible for such claims if he or she was driving while intoxicated, or under the influenced of drugs, or if he or she had intentionally caused the injuries, injured while committing a felony, injured in a stolen vehicle, or if the vehicle owned is uninsured.
2) Liability Insurance
Liability has two types – the Bodily Injury and Property Damage. This coverage will pay for liability claims to injuries and damages inflicted to other people and their properties in the course of an accident. Minimum limit for Bodily Injury is set at $25,000 per person, and $50,000 if the injury results to death of a person in one accident. If there are two or more persons injured, limits are set at $50,000 and $100,000 if these injuries had resulted to death of two or more persons in one accident. As on Property Damage, the limits are set on $10,000, which will pay for the damages to the third party’s car, or to other people’s property that were damage in the incident.
3) Uninsured Motorist Coverage
This coverage will provide for bodily injury protection for you, and your vehicle’s passenger if they are injured by an uninsured motorist or have been victims of hit-and-run. This only covers injuries that were sustained in an incident that transpired within the state and does not cover property damage.
In buying auto insurance, one must consider taking higher insurance limits as vehicle prices and medical expenses nowadays are much higher and the price range is near those set minimum insurance limits. In the event that injuries and damages exceed the limits, a policyholder might be sued in court to compel him or her to pay for the remaining amount.
For more information to your NY auto insurance needs you may call our Toll Free (800) 807-0762, or start getting our quotes now through the links provided above.