New York Auto Insurance – Miniumum Coverage Amounts
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? Are there discounts on New York auto insurance that I can take advantage of as well?
Chris
Buffalo, NY
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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?
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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.
Discounts on New York Auto Insurance
1. How is your credit score and history? Most carriers will check it to determine your premiums.
2. How is your driving record, can you take defensive driving to clean it up?
3. Can you combine your other lines of coverage together like home and auto?
4. Can you raise your deductible amount to a higher level, say $1,000? This alone can save you a bundle in the long term.
5. Do you belong to a credit union or some other fraternal organization that offers group discounts?
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