Everything You Always Wanted To Know About Car Insurance In New York
Everything You Always Wanted To Know About Car Insurance In New York
Before you buy a car, you should examine car insurance requirements and pricing. Each state has different minimum liability requirements, including New York car insurance. In addition to this, you will need to understand all the different terms used in this industry so you will understand what you are paying for and what your benefit would be. When buying a new car that is paid for with a bank loan, you will be required to carry the most costly insurance, called collision. Collision will cover the cost of your vehicle if damaged so that the loan company can be assured of getting their money if you have an accident. Collision coverage is not required by the state of New York, but is required by the lending institutions for car loans.
The other type of insurance is mandatory in New York and is termed liability. Liability repays an injured party for damages, whether they are to property or medical bills, in the event your actions cause an accident resulting in damage to someone or something. The minimum amount of liability coverage that a driver can carry in NY is $25,000 to cover bodily injury to someone or $50,000 of coverage if the result of the accident is death. Liability coverage will also help pay legal bills if you are sued due to an accident. Property damage liability has to be a minimum of $10,000, to cover the cost of any damage to property.
Another mandatory NY insurance coverage type is uninsured or uninsured motorist. You pay for this so that if you get hit by someone without insurance or are a victim of a hit and run, your injuries and those of your passengers will be covered. Those limits are also $25,000 per injury or $50,000 in case of death. Personal injury protection is the last type of mandated New York car insurance. The minimum amount that can be carried is $50,000 and it covers any potential loss to you in lost wages, medical expenses, or other damages. This is also called no fault insurance that should not raise your premiums if you make a claim of this type.
Auto insurance is a necessary expense if you drive a car and there are many complex issues to understand when looking to lower your costs. The minimum levels above as set by New York car insurance regulations are required, though many people choose to carry more than the required amounts of coverage and pay a higher premium to feel better protected from personal loss. Auto insurance premiums are dependent upon many factors in addition to the amounts of coverage you buy. The age of the driver, the type of car, and the driving record of the driver plays a factor in the amount you will pay for your insurance rates.
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