Article by Miles Henry
Owning and driving a car in New York City can be a very expensive venture. This is due to the expenses associated with driving a car. Some of these expenses are registration costs and monthly parking fees. Because of this, many people choose to either take the public transport system or leave their cars uninsured. In New York, it is illegal to drive without car insurance New York and like many other large cities; New York has its own insurance requirements.
The first insurance requirement that drivers in New York need to be aware of is that there is a minimum limit that all drivers must have. If the drive does not insure their car for the minimum limit, they will not be able to register their car and get license plates. This minimum limit includes personal injury protection. This part of the insurance will pay out if there is an accident and medical care is needed. Personal injury protection will cover medical expenses and loss of earnings for the driver, the passenger or pedestrian that was injured in the accident. The insurance must cover each passenger, driver or pedestrian for at least fifty thousand dollars each. Liability insurance is also required, as it will protect the driver from paying out for any damage that is done to the property of the other party. The state of New York also requires that drivers have coverage for uninsured drivers in case the insured person gets into an accident with a person who either has no insurance or is under insured.
New York is what is called a “no-fault” state. This means that drivers have No-Fault car insurance New York. The purpose of this is to ensure that drivers that are injured are healthy and get back to their regular lives as soon as possible. This means that lawsuits can only be filed when the economic losses that are a result of the accident exceed the No-Fault limits set out in the insurance policy. Lawsuits can also be filed for non-economic damages. An example of non-economic damages is pain and suffering after a serious injury is sustained.
No-Fault insurance does not cover the damage that is done to either of the cars in the accident. Drivers that want the damage to their car covered will need to purchase collision insurance. This will cover incidents such as theft, fire, windstorm, glass breakage and numerous other situations.
The first place buyers should go when purchasing insurance is their current agent. They may be able to give them a discount for having multiple policies with the same companies. Buyers should take the time to shop around and compare both the price and features of the numerous policies out there.
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