Cheap Vehicle Insurance in New York
Reader’s Question:
I am planning to purchase vehicle insurance from someone who offers the cheapest rate. My husband however says I should try to look for other firms which are more stable here in the New York area. Is he right?
Kylie
Amherst, NY
The usual thinking most car owners have is that the insurance company offering the cheapest insurance rates is the best and thus, the company they should purchase vehicle insurance from. If you are on a budget, this makes sense. However, not all vehicle insurance companies offering the cheapest rates are considered good insurance providers.
If you are looking for a dependable vehicle insurance company New York, you should not just look into the rates they are offering. You should also look into their financial standing. A good vehicle insurance company New York is financially stable and rated highly by credit rating agencies. This means that the vehicle insurance company can pay you in case you make claims.
A good vehicle insurance company New York should also have good customer support. Their customer service team should be dependable enough especially when you call them regarding your concerns about your insurance policy. You do not want to be with an insurance company that gives you a hard time when you make claims.
How Much Car Insurance Coverage Do You Need in New York
Reader’s Question:
How much car insurance coverage do I need to purchase in New York?
Jeff
Buffalo, NY
The State of New York is a no-fault state. This means that in the event of an accident, you will need to file a claim against your own car insurance company through your no-fault insurance policy. The minimum amount of no-fault insurance as part of personal passenger car insurance policy in New York is fifty thousand dollars. The minimum liability insurance that you must purchase is referred to as the 25/50/10 coverage. This type of coverage will assist with $25,000 for bodily injuries to one person, $50,000 for bodily injuries to all persons, and $10,000 for destroyed property in any one accident. The no-fault insurance policy is also known as the Personal Injury Protection (PIP) policy, and it is there to financially assist a policyholder’s medical costs. Additionally, PIP is devised to pay promptly regardless of who was at fault in the accident. This is to cut back on lengthy court litigations and provide necessary financial help right away. Due to the no-fault law, cases against car accidents can be tried only for losses that go beyond the no-fault insurance limits. A case can also be brought to the court for non-economic damages such as suffering and pain sustained from a serious injury.
Want Cheaper Auto Insurance Premiums in New York?
Reader’s Question:
One auto insurance company here in New York is charging me higher premiums for their insurance, citing my not-so-good credit history as reason for my not getting cheaper auto insurance. Do they really look into people’s credit history? What for?
Daisy
Albany, NY
Interesting question. Really interesting question. I asked around, too, and did some research on my own, you see. And here is what I got.
There are some auto insurance companies (I suppose that includes yours there in New York) that take into account one’s credit history. They feel that a good credit standing is a reflection of how good one’s behavior would be when the time comes that he or she would be making the claims on the auto insurance. They think that a good credit history can prevent unpleasant insurance losses. From my own point of view, I do not see where this line of reasoning is coming from.
Well, anyway, apart from your credit history, these auto insurance companies consider a few other things about you, and they are: your age, your driving record, the state you live in, your type of vehicle, and so on. These are the factors that the auto insurance company will consider when computing for your premium.
So, if you’re after cheaper auto insurance premiums, you should start working on cleaning up your credit record this year. By next year, you may ask certification from the Credit Bureau. That way, you may avail of auto insurance discounts that someone who does not have a good credit record normally would not enjoy.
Auto Insurance Lapse – Need Temporary Auto Insurance in New York
Reader’s Question:
I have an unregistered car in community parking lot. Because of the insurance lapse in NY, my registration is suspended so I returned the car plates. But my community apartment parking management warned me of towing my car because it is not registered. Since I do not have a private home, where should I store my car? Is there a temporary parking registration? Where can I get this?
Mishi
Brooklyn, NY
As you are aware, registration and driver’s license will be suspended indefinitely if the car is without insurance and he owner fails to surrender the vehicle plates to the New York DMV.
On the otherhand, a lapse in your insurance coverage in New York State and failure to immediately surrender the vehicle plates will suspend the registration for the same number of days that the car is without an insurance but has held the vehicle plates. You should pay the termination fee of $25 when the suspension period ends to reinstate your driver’s license.
The site of New York State Department of Motor Vehicles provides a list of the civil penalties amounts for registration suspensions caused by insurance lapse. You can look for a private storage facility to solve you parking situation until you get your plates back and reinstate your registration since most of the pubic lot, like your apartment’s parking lot, will tow vehicles if the parking lot management finds out that the car is without a registration.
You can check with NYS DMV if there is any temporary parking registration or any other type of decal that you could place on your car while it is in current location so that the car will not be towed.
What Is The Minimum Auto Insurance Needed in New York?
Reader’s Question:
I would like to know what is the minimum insurance that I should have for my car. Is it okay to get just the minimum or should I buy more insurance? This is Chris from Buffalo, New York.
Chris
Buffalo, NY
Hey Chris. If you want to drive legally in Buffalo, New York, you will need to have liability insurance with the following minimum amounts of coverage: $10000 for property damage, a minimum of $25000 and maximum of $50000 for injury and a minimum of $50000 for death with a maximum of $100000. Your coverage for liability has to remain in effect even if the vehicle is not used as long as the registration is valid. Now, as to your question on getting more coverage, this would be dependent upon several factors as well. First of all, you will have to decide up to how much can you pay for your insurance. Second, take into consideration your ability to pay out of your own pocket if ever something happens that is not covered by your insurance?
Next think about the value of your car both to your lifestyle and as an asset in your personal finance books. Now, decide whether it is more practical for you to pay a higher premium for more coverage, then get more insurance. Generally you would do this if your car is relatively new, or too costly to repair on your own. Otherwise, it may be better to just keep a little more in your bank account to tide you over if you do have to pay out of your own pocket should anything happen.
Tags: auto insurance, car insurance
Property Damage – What is The Insurance Company Definition?
Reader’s Question:
I live in Queens, New York. What is the definition of “Property Damage” here in my state?
Karen
Queens, NY
According to the New York Insurance Law, Property damage Liability insurance is defined as insurance against legal liability of the insured, and against loss, damage or expense incident to a claim of such liability, arising out of the loss or destruction of, or damage to, the property of any other person, but not including any kind of insurance specified in paragraph thirteen, fifteen or twenty-eight of this subsection.
So if your vehicle is damaged in a car accident and it is the other drivers fault then, you may be able to place a car insurance claim against that other party’s car insurance policy for Property Damage Liability. According to the New York State Insurance Department you may also go to court against the other driver for property damage.
If you want to get more information on the specific definition of terms of a New York State Property Damage Liability coverages you may contact the New York State Insurance Department.
Tags: auto insurance
Automobile Insurance Company in New York
Reader’s Question:
I am planning to move to Manhattan, New York from CO and I am wondering if I also need to change my drivers license to NY and if its possible to keep my car insurance in CO.
Brad
Manhattan, NY
According to the New York State Department of Motor vehicle you must apply for a New York driver license not more than thirty days after you become a New York resident. You also have thirty days after you become a resident to register your car in the state of New York. When you apply for a NY title and registration you must have valid New York liability car insurance. According to the NYS DMV you cannot show proof of insurance from a different state under any circumstances.
Most insurance providers would not want to keep insuring you if you and your automobile are now garaged out of state. The garaging location of the automobile is essential to an insurance provider and once you move into a new state normally they will suggest you to obtain insurance now from that state in Manhattan, New York, especially since state financial responsibility or insurance laws vary from state to state.
Minimum Liability Or Comprehensive Auto Insurance in New York?
Reader’s Question:
I have the minimum liability insurance in Albany, New York and yesterday my vehicle was stolen, can I get something from my car insurance carrier?
Tony
Albany, NY
It is unfortunate that your vehicle was stolen but the minimum liability coverage that you have will not cover your stolen vehicle in Albany, New York. You need the physical damage of comprehensive coverage on your car to be covered by your insurance provider.
If your vehicle is stolen comprehensive coverage will also provide a certain amount per day for transportation expenses such as rental car, public transportation, depending on the what the terms on your car insurance policy. In general, this car insurance coverage is provided until the time the insurance carrier makes an offer to settle your car insurance claim.
Since you did not have comprehensive coverage on your vehicle there is no coverage on your stolen car and so your insurance carrier will not compensate you or be required to assist you with the vehicle that was stolen in any way.
What Is The Cheapest Auto Insurance in New York?
Reader’s Question:
I live in Albany, New York. Everything about my car is so expensive. What can I do to get the cheapest car insurance in New York ? Your help is appreciated.
Lindsey
Albany NY
Hi Lindsey,
There are things you can do to get the cheapest car insurance policies. You have more control than you may think. Like any other form of insurance, you need to shop aggressively for the cheapest car insurance possibilities.
We recommend you package your vehicles into one policy. This should qualify you for package discounts with most carriers. You can also modify the amount of your deductible. The higher the deductible, the lower your policy cost. Although this is an effective way to get the cheapest car insurance, it does give your some exposure. Make sure you can afford the deductible.
You can reduce the carrier’s risk by installing 21st century anti-theft equipment. This will help qualify you form the cheapest car insurance available. Additionally, most insurance carriers in New York, will discount your policy if it is annualized. For the cheapest car insurance rates, request yearly policy rates.
Most important though, Lindsey, is to shop competitively for the cheapest car insurance in New York. Request and receive multiple proposals for the cheapest car insurance by entering your specifications on this site. Then, sit back and study the responses to your request for the cheapest car insurance rates. Making an informed decision is at the heart of obtaining appropriate coverage.
Is Collision Car Insurance Coverage Required in New York
Reader’s Question:
Am I required to get collision and comprehensive coverages on my car if I have a lien on my vehicle in White Plains, New York?
Brenda
White Plains, NY
The state of New York state does not require you to carry physical damage coverages of collision and comprehensive on an automobile that has a lease or lien on it, but the lien holder will likely require you to get this physical damage coverages since the automobile is their asset which they have a lien upon. Many auto insurance carriers are filed with the state to require physical damage coverage if there is a lease or lien on a car.
If you have a vehicle with a lien on it in New York normally you would want to have comprehensive and collision coverages on the car since if the vehicle was totaled out or damaged in a hit and run or you were at fault in an accident or if the vehicle is stolen then the best way for you to make a car insurance claim would be if you had these physical damage coverages. If you are unable to repair or get paid the ACV for the car due to an accident then the lien holder would come to you for the monies since the vehicle which is their asset with the lien on it is not viable any more.
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