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.
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