Auto Insurance Coverage in New York: Getting Quotes and the Best Rate

Looking to get auto insurance coverage in New York? Every state has its own rules and regulations regarding auto insurance policy. Here are some of the key considerations to getting a New York insurance plan to cover drivers and vehicles registered in the state.

1. Get minimum liability coverage - Most states have a requirement for minimum liability insurance coverage that protects people who may be injured by the policy holder in an accident. In New York, the limits are pretty high: New York residents must take out coverage of $50,000 per person and $100,000 per incident in bodily injury insurance, with a separate amount for property damage. Get more details on what is required for minimum liability from a New York auto insurance agent.
2. Get other required auto insurance – Recently, insurance sources have been reporting that New York state now requires uninsured motorist coverage in the same limits as general liability insurance. There's also personal injury protection insurance that covers the policy holder in an accident regardless of who is at fault.
3. Know about New York's no-fault auto insurance system - The personal injury protection insurance mentioned above is part of a no-fault auto insurance system that New York now uses to compensate victims of car accidents. While many states still have a traditional tort system, where vehicle accident compensation gets worked out in the courts, in New York's new no-fault system, insurance companies pay out to victims regardless of who was at fault in the accident.
4. Find out about New York's insurance enforcement strategy - The state of New York maintains an Insurance Information and Enforcement System (IIES), where the Department of Motor Vehicles gets reports from insurers about specific vehicles and drivers. The state also sends out letters to verify insurance for registered drivers. These methods ensure that residents are complying with New York state insurance requirements.
5. Use the New York auto insurance plan to secure a policy - Some high-risk drivers within New York have a hard time getting their needed auto insurance on the conventional market. For these kinds of drivers, New York has set up a risk pool called the New York Auto Insurance Plan or NYAIP. Some people also call this simply the “New York assigned risk plan.” In this program, the state assigns a high-risk driver to an insurance company who must provide rate quotes for getting the insurance that is needed to comply with the state rules.

All of the above can help New York drivers figure out what they need in terms of auto insurance. Be sure to ask qualified New York state auto insurance agents about other policies, such as collision and comprehensive coverage, that will help protect your investment in your vehicle, especially if you are leasing or financing, since lenders may require these kinds of coverage. Knowing more about New York's unique auto insurance system will help you make the best choices about what's right for your budget and how to be compliant with what you need to avoid fines and penalties in the state of New York.