An Overview of New York Auto Insurance Requirements
Laws and requirements for insurance are complicated and vary from state to state. There are numerous and varying types of coverage you choose from, whether full liability or personal injury protection. Some states require certain coverage types while others make it optional. New York has some some complicated requirements and options so lets review them.
Liability Coverage
Every states requires liability coverage, the most basic coverage , New York included. New York auto insurance laws require $25,000, $50,000 or $10,000 in coverage. These figures cover bodily injury liability per person, total bodily injury per accident, and property damage per accident, respectively.
New York State is different in that it requires twice the bodily injury liability limits in the event the accident results in death, taking the limits to $50,000/$100,000. Owning a car is expensive in NYC if you haven t figured that out yet.
Personal Injury Protection
Personal injury protection or PIP is required in New York, as well as several other states. It is an extended type of auto coverage that assists with medical costs and can cover lost wages and other miscellaneous charges.
Medical Coverage
New York is what is referred to as a “no-fault” state. All individuals that have New York auto insurance are required to have this coverage. This covers the insured s medical costs, regardless of fault. There is some controversy over this type of coverage as it is generally expensive and is thought to create redundant coverage when the insured also has regular medical insurance.
Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist coverage is optional in some states but, required in New York. This coverage will cover the insured, up to the limits they have purchased, if they are in an accident caused by another driver and that driver is not insured or does not have sufficient insurance to cover the full liability. Another common case that this type of insurance is helpful is in the event of a hit and run.
Other New York Auto Insurance Requirements
New York State requires that auto insurance remain in effect while a vehicle is registered, regardless whether or not the vehicle is being used. If a vehicle is not being used, New York State requires that plates are returned to the state to cancel the registration.
New York auto insurance law requires that New York drivers have insurance in the state, out of state insurance is not acceptable. This state also requires that the insurance must be in the same name as the registered owner. Neglecting to follow this requirement will result in a lapse of insurance and the registration will be suspended the owners driver s license will also be suspended if the lapse exceeds 90 days.
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