New York Auto Insurance
New York Auto Insurance Laws, Minimums and Requirements
New York, like every other state, has different regulations and laws when it comes to auto insurance. Below outlines what you need to know if you plan on driving in the State of New York.
Mandatory Auto Insurance Laws in New York
All drivers must buy auto insurance that’s licensed with the New York State Insurance Department and one must carry proof of auto insurance at all times.
To register your vehicle, you must obtain minimum liability insurance in the amounts of $25,000/$50,000 bodily injury liability, $25,000/$50,000 uninsured/underinsured motorist bodily injury, $10,000 for property damage, and $50,000 personal injury protection. There are no exceptions to this rule.
By law, New York auto insurance companies must notify the DMV when it issues a policy and when the policy ends. The insurance company must also notify the DMV if your insurance policy lapses.
Penalties for non-compliance with the state of New York insurance laws include license suspension, losing your vehicle registration, tickets and fines, and the possibility of it being towed and impounded. If you lose your vehicle registration due to lack of insurance for 90 days or less, your penalties will be between $8 and $12 for each day the vehicle was uninsured.
You can find out how much you can save on monthly premiums by getting comparables. It’s simple. By entering your zip code you can acquire auto insurance quotes quickly.
29% of 16 and 17-year old fatalities in 2007 were caused by car accidents, the leading cause of deaths for that year.
The Minimum Liability Coverage
If you buy car insurance in New York, your policy must include minimum liability coverage of:
- Bodily Injury Liability: $25,000/$50,000
- Uninsured/Underinsured Motorist Bodily Injury: $25,000/$50,000
- Property Damage: $10,000
- Personal Injury Protection: $50,000
Rental Car Insurance Requirements
In the State of New York it is illegal to operate any car without insurance, this includes rentals. Rental cars must carry the minimum liability coverages required under New York State insurance law. Most auto insurance policies do however, include car rentals.
New York – No Fault System
New York follows a No Fault system. This means that if you are involved in an accident, it doesn’t matter who is at fault. Your insurance covers you, and the other party’s insurance covers them. New York’s No Fault laws make it illegal for New York drivers to go without insurance or permit others to drive their vehicle without insurance. Penalties for driving without insurance include license suspension, loss of vehicle registration, ticket and fines, and the possibility of your car being impounded.
The Average Auto Insurance Premium
New York resident’s average insurance premium was approximately $1,083 in 2006, the 4th most expensive in the nation. The national average was $817.
New York car insurance policies offer extensive protection for you, your family and your car. In this fast-paced, high-energy environment, you never know what risks you’ll face or when you might be involved in a serious accident. Your policy can secure your financial resources, protect your physical well-being and provide the benefits you need to repair or replace your vehicle.
Compare auto insurance quotes from the top insurers by simply entering your zip code.
Top 10 New York Insurance Companies
1. Infinity Insurance Company
2. Progressive Advanced Insurance Company
3. Metropolitan Casualty Insurance Company
4. Unitrin Advantage Insurance Company
5. Ocean Harbor Casualty Insurance Company
6. Integon National Insurance Company
7. SAFECO Insurance Company of America
8. American Family Home Insurance Company
9. National General Insurance Company
10. United Services Automobile Association
Sources:
New York Auto Insurance Tips
New York Health – Government
Smart Motorist
I See Cars
