Understanding Your New York Car Insurance Requirements
Understanding Your New York Car Insurance Requirements
Each state within the United States requires slightly different requirements for car insurance. If you've just moved, need to renew, or want to get a better policy and need more information about New York car insurance, then a good place to start is by referencing the "Frequently Asked Questions" page on the New York State DMV website. There you will find a comprehensive list of the New York car insurance requirements. In a nutshell, you must:
Have liability insurance. New York is a no-fault state.
Have an insurance coverage minimum of $25,000/50,000 for injury, $50,000/100,000 for death, and $10,000 for property damage caused by any one accident.
Have coverage from a company licensed by the NYS Insurance Department.
Have an electronic notice of insurance coverage filed with the DMV by the insurance company.
At this point, you may be asking yourself what that all really means anyway. Let's start at the beginning.
Liability insurance is simply one that protects the insured from claims made by a third party. For example, in the case of an accident where the insured and a third party collide, the insurance pays a certain amount to this third party in agreement with the type of policy they have.
As indicated in the second bullet, New York car insurance must meet certain minimums. As for being a no-fault state, this means that regardless of whose fault an accident is, both insurance companies pay out a claim and once paid, you are restricted in filing for additional claims through a civil court.
Your second requirement is carrying a policy with coverages that meet or beat the coverage minimums. These protect you from having to covering payments out of your own pocket for property damage (vehicles and other property), medical bills incurred by injuries, as well as death resulting from an accident.
New York also requires that the company that insures you is approved and reliable by their standards. The electronic notice helps streamline the insurance process for all involved.
With stipulations such as these, your next question might be about how to find the best New York car insurance policy available for you. Clearly, it must meet certain qualifications while still being affordable. Perhaps, in addition to having a basic liability policy, you are interested in additional insurance coverage to protect you and your loved ones.
In any case, the next step would be to find an independent insurance company. Why an independent insurance company and not just any old insurance company? Well, an independent insurance company will be able to give you the best quote for the best policy that best meets all the New York car insurance requirements.
An independent insurance company has as its disposal many more resources to find the best insurance for you because of its business relationship with numerous private insurance companies. Additionally, an independent insurance company found within the state of New York can set up the most effective policy that fits your budget and meets the state requirements. This means more peace of mind for you and a policy that works for you.
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