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.
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
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.
My Car Was Stolen In New York Will My Liabilty Insurance Cover It?
Reader’s Question:
My vehicle was stolen last week and I only have liability insurance so I am pretty sure it is not covered. Should I cancel my auto insurance in NY? Would I be held liable if the thief cause damages to other property with my vehicle?
Cory
Levittown, NY
Since you did not have comprehensive coverage on your car in NY unfortunately you are correct it is not covered for being stolen. You should still have notified your insurance companies of the car being taken without your permission and verify from your insurance broker when you should cancel your insurance policy on the car.
Typically if your stolen car has been recovered but is found to have caused damages to other cars when it was in the possession of the thief, you are not held liable for these damages. Normally to be held liable for damages caused by your vehicle, you would have to give the driver permission to operate the car.
To get consumer help about this situation, beyond what your car insurance agent can tell you, you may try contacting your state’s insurance regulator.
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