Charles Goodman Group: Professional Insurance Agency in Armonk
Before shopping for car insurance in New York, it helps to know the basics regarding New York State’s auto insurance requirements. While an Armonk insurance agent can educate you about them, having a basic understanding before shopping for coverage in earnest is sure to be quite useful.
Like most states, New York is a no-fault insurance state, which means that all registered vehicles must be covered by no-fault insurance. No-fault insurance covers the costs associated with an accident regardless of who is at fault. In New York, no-fault insurance has a $50,000 limit per person that covers accident-related medical expenses. This coverage also provides up to $25 per day for things like household expenses for up to one year. Additionally, it provides up to 80 percent of lost income due to injuries sustained in a car accident, with a maximum of $2,000 per month for a period of up to three years. Finally, no-fault coverage in New York also provides an additional death benefit of $2,000.
No-fault coverage is just one piece of the puzzle when it comes to obeying the law in New York. By law, all registered vehicles must be covered by liability insurance, which is designed to cover damages to other people’s property and other people’s injuries. In other words, liability coverage doesn’t cover your personal costs. The minimum liability coverage in New York is $10,000 for property damage, $25,000 for bodily injury and $50,000 for death for a single person, and $50,000 for bodily injury and $100,000 for death for two or more people.
An insurance agent from the Charles Goodman Group of Armonk would be happy to answer any question you have about health insurance or property insurance.
Liability insurance must be provided by a company that is licensed by the New York State Department of Financial Services and certified by the New York State Department of Motor Vehicles, or DMV.
Finally, you are required to obtain and maintain uninsured motorist coverage to operate a vehicle in New York. It must have a minimum of $250,000 per person, per accident and a minimum of $500,000 per accident.
You must meet these minimum insurance requirements to register a vehicle in New York. If you don’t maintain insurance, you must surrender your plates to the DMV. Similarly, if your insurance lapses, you must surrender your plates. It may also be required to pay a fine in the event of lapsed insurance.
If you have a lease or a loan, your lender will also require you to maintain collision coverage and comprehensive coverage. Most people realize the minimums required by law aren’t sufficient to truly protect their financial best interests and opt for auto insurance that has higher minimums and other advanced features. The right insurance agent or broker can help you decide which options and features are right for you.