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A Guide to Auto Insurance in New York (NY)Each state has its own requirements for automobile insurance. New York auto insurance is a requirement in order to register a vehicle. New York is a no-fault state, meaning that your insurance company will pay for your costs in an accident regardless of who is at fault. This protects drivers who get into vehicle accidents with someone who is illegally not carrying New York auto insurance. There are individual limits that must be maintained to satisfy the state guidelines. No-fault, also known as Personal Injury Protection or PIP is the part of your insurance that covers the no-fault concept. It covers medical and health expenses, lost earnings, negligence, for up to $50,000 for each person in your vehicle at the time of the accident. PIP also covers financial obligations for pedestrians who are impacted as the result of the accident. This decreases the possibility and occurrence of lawsuits for automobile claims. The no-fault insurance carried on your vehicle for New York auto insurance comes before your health insurance in terms of payments. There are exceptions to the no-fault rules for New York auto insurance, which state that someone intentionally causing their own injuries, driving under the influence of drugs or alcohol, injury during a felony, operating a stolen vehicle or riding on an all-terrain vehicle determines that they are ineligible for no-fault insurance. Liability is another part of the New York auto insurance requirements. These requirements protect you and anyone who is driving your vehicle with your permission if a claim is made against you, where you are deemed to be at fault. You must have at least $25,000 of bodily injury liability not resulting in death and $50,000 for any injury where a death results. The minimum requirement for property damage is $10,000, and as a result the terms are frequently referred to as 25/50/10 for the minimum coverage requirements. A third requirement to consider when you purchase New York auto insurance is the uninsured motorist coverage. This covers bodily injury for you and any family members in your household and car who is injured due to being hit by someone who doesn't have insurance or from a hit-and-run accident. The requirements for uninsured motorist coverage are the same as the minimum bodily injury limits. You will need to file a claim with your insurance company if anyone is injured in your vehicle under these terms. Since New York auto insurance is a requirement, the department of motor vehicles is notified when a vehicle does not have insurance coverage any longer. You face monetary penalties, depending on the length of time you do not have automobile insurance, along with the possibility of getting your vehicle registration or license suspended, or both happening at once. Car rental companies must also adhere to the New York auto insurance requirements if you are renting a vehicle in the state. You are not required to purchase the Collision Damage Waiver, which charges up to $12/day, if you have your own car insurance policy. You may also be protected when renting a car by your credit card company, many of which provide collision damage coverage. You can also add additional liability coverage through your car rental company to add the amount of New York auto insurance that you carry during the rental period, since the car may be worth more than your current vehicle.
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