INSURANCE

The consequences of not having car insurance are irrefutable; in today’s rapidly growing economy the cost of vehicle repair and medical expenses is out of reach of many. Finding the right car insurance policy can be very difficult, however, and requires at the very least a basic understanding of the minimum requirements established by the consumer’s state of residence.

Complete information about insurance options for New Yorkers can be obtained from the New York State Insurance Department at any one of their seven locations by calling 1-800-342-3736 or by visiting their website at http://www.ins.state.ny.us/. New York is a no fault state, which means that in the event of an accident it does not matter which party is responsible, each will have their expenses settled by their own insurance company. The other driver will not be held liable. This was intended to decrease the number of lawsuits per year and allow drivers who were involved in an accident to seek medical care as quickly as possible. PIP, or Personal Injury Protection, insurance is intended to cover the costs of medical care for the insured, and residents who are covered by a comprehensive health insurance policy may elect to carry only the minimum amount of PIP insurance; however, this is not recommended as PIP does not exist solely for medical expenses. It will also assist the insured with such matters as lost wages or funeral expenses following an accident if the need exists.

There are loopholes in every system and the no fault system is no exception. In the event that an injury is severe enough and medical bills excessive enough an accident victim may seek recompense from the driver who caused the accident. This loophole has led to the requirement that all NY drivers purchase a liability policy. Liability will pay for damages suffered by the vehicle and person of the victim of an accident, and in New York provides minimum benefits to the tune of twenty five thousand dollars for medical expenses accumulated by a single driver, fifty thousand dollars for the combined medical expenses of all of the occupants of the vehicle and ten thousand dollars for repairs to any property that may have been damaged in the accident, including the victim’s vehicle.

In addition to liability and PIP insurance NY also requires its drivers to carry uninsured/underinsured motorist insurance. This will pay for damages suffered by the vehicle or person of the insured in the event that they are struck by a vehicle belonging to a person who either does not possess insurance or whose insurance policy does not extend to cover the quantity of damages inflicted. Uninsured/underinsured motorist insurance also provides coverage for those drivers who find themselves the victims of a hit and run.

While not required it is suggested that drivers purchase collision/comprehensive insurance for their vehicle. In the event that a driver is responsible for an accident liability will leave them to foot the bill for their own auto repairs. Collision will provide some assistance with these costs and total the vehicle if the cost of repairs exceeds the vehicle’s blue book value. Drivers who possess a collision policy and whose vehicle is currently under lien may elect to purchase gap cover will make up the difference between the value received for the car and the amount remaining on the lien in the event that the car must be totaled and the blue book value is less than the amount remaining on its lien.

New York auto insurance

There are many ways to save money in New York, but there is only one way to save money on your car insurance. CarInsurance.com offers the leading Online Insurance Marketplace™ where you can compare great rates and get the most affordable local car insurance available in New York. By comparing rates from over a dozen insurance companies, you not only get the lowest rates, you also get a policy that fit your needs and protects you. We offer a convenient way to purchase your car insurance online after comparing rates, saving you time and money.

New York auto insurance

Even if you are driving an out-of-state vehicle registered outside of New York, it must satisfy the NYS financial responsibility law.

Ways to Establish Financial Responsibility

The only way to establish financial responsibility is to obtain NYS liability insurance coverage. Some states offer their residents a few choices, but here your sole option is to sign up for a liability insurance policy. This is purchasable through an insurance provider.

New York Liability Insurance Requirements for Private Passenger Vehicles

You must purchase NYS insurance coverage from a company authorized to do business in the state (out-of-state policies will not suffice). Such companies must also be licensed by the NYS Insurance Department.

The state minimums for liability insurance coverage fulfilling New York’s financial responsibility law are as follows:

* $25,000/50,000 for injury

* $50,000/100,000 for death

* $10,000 for property damage caused by any one accident

New York is a no-fault state. As long as your registration is valid you must maintain liability coverage, even if your vehicle is not in use.

You will want to consider researching many types of coverage before you settle on one insurance company’s policy. For example, if the value of your assets is high and want to protect them, you might prefer to purchase a policy that covers more than the state minimums. And, once you determine what and how much coverage suits you, shop around for a competitive rate.

Once you purchase a policy in your name (as the registrant), keep it in your name at all times; the policy and your registration must be in the same name and address. If you make a name change on your insurance policy that differs from the name with which registered the vehicle, it will cause a lapse in coverage.

To read about the penalties that result, scroll down to the section titled "Penalties for Failure to Maintain Financial Responsibility."
Electronic Reporting

Be sure your insurance company files an electronic notice of insurance coverage with the DMV; this is NOT something an agent or broker can do. This is very important in proving financial responsibility as showing the Department of Motor Vehicles (DMV) your card alone will not suffice.
Proof of Insurance and Financial Responsibility

In addition to having your insurance company file an electronic notice of insurance coverage with the DMV, you must also show the DMV a NYS Insurance Identification Card when you register your vehicle. The state requires both electronic filing and paper proof.

Be sure to obtain two original NYS Insurance Identification Cards―from either your insurance company, broker or agent― that display the same name you have printed on your registration application. These cards must also have a barcode.

You must take one card to the DMV within 45 days of the effective date of your insurance policy; the DMV will keep it when you apply for registration. Keep the other card in your vehicle at all times just in case you get pulled over by a peace officer or if you are involved in an accident.
Penalties for Failure to Maintain Financial Responsibility

Once you show proof of insurance at the time of registration, do not allow your coverage to lapse. If it does lapse the following will occur:

* Your driver’s license will be suspended.

* Your registration will be suspended.

* If you are involved in a traffic accident while not insured with liability coverage, the state will revoke your license and registration for at least one year. The same will happen to you if someone else crashes your vehicle while it is not insured.

* You will be fined as much as $1,500 for driving without insurance or allowing someone else to operate your uninsured vehicle. When you try to get your license back you’ll have to pay the DMV an additional $750 civil penalty.

If you allow your insurance to lapse, you must submit your plates to the DMV. For more details, read below.
No Insurance, No Plates

The state has a simple rule regarding adequate insurance coverage: If you do not have it, immediately turn in your license plates. If you hold your plates once your coverage lapses, the state will suspend your registration for the same number of days you lacked coverage. If that time exceeds 90 days, the state will also suspend your license for the same number of days as the registration.

After the suspension, you’ll have to pay a $25 termination fee to reinstate your license.

Save yourself the hassle and simply submit your plates in person to the DMV or mail them to:

* NYSDMV, Port Jefferson Office

* 3 Roads Plaza

* 1055 Route 112

* Port Jefferson Station, NY 11776-3054

If you fail to surrender your plates at all, the state will suspend your license and registration indefinitely.

You can avoid getting your registration suspended when you pay a civil penalty instead of turning your plates in to the DMV as long as the lapse is 90 days or less. If you have taken advantage of this option already in the past 36 months, you cannot do so again. Here’s how the penalties per day pan out:

* One to 30 days: $8 per day

* 31 to 60 days: $10 per day

* 61 to 90 days: $12 per day

For more info on auto liability insurance and penalties for no proof of insurance or failure to maintain insurance, call the state at (518) 474-0700.

 

New York Car Insurance Requirements

New York state law requires minimum Bodily Injury Liability limits of $25,000 per injured person up to a total of $50,000 per accident, and Property Damage Liability coverage with a minimum limit of $10,000. This basic coverage is often referred to as 25/50/10 coverage with 25/50 UM limits.
New York Insurance Coverage:
Bodily Injury Liability: $25,000/$50,000 Limit
Property Damage Liability: $10,000 Limit
Uninsured/Underinsured Motorist Bodily Injury: $25,000/$50,000 Limit
Personal Injury Protection: $50,000 Limit

The state of New York follows a No-Fault system meaning your insurance company will make payments for your injury claims regardless of fault, up to a specified limit. Typically, you lose some of your rights to sue under a No-Fault system. Details of a no-fault system vary from state to state.

Personal Injury Protection (PIP) helps pay for "reasonable and necessary" medical expenses for you and your passengers. New York state law requires a minimum Personal Injury Protection coverage of $50,000.

To help protect against damages caused to you and your passengers by an uninsured driver, New York state law requires a minimum Uninsured/Underinsured Motorist coverage of $25,000 per person up to a total of $50,000 per accident for any bodily injury caused by the uninsured and/or underinsured driver.

When you get a quote at CarInsurance.com, our coverage page will give you the option of choosing the Minimum State Required package, more wide-ranging coverage packages, or you can customize every limit and deductible to fit your needs. If that is too complicated, CarInsurance.com's insurance agents are licensed in New York and available to help you all the way through the quote and purchase process.

See how New York's car insurance quotes are trending. CarInsurance.com's Average Premium Trend Tool shows these changes in New York auto insurance rates, over the past few months. The arrow shows the montly trend and the graph shows the change in New York's average car insurance rates over the past few months. Hold your mouse over the points to see New York's annual average premium.

 

 

 

 

 

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