Healthy competition exists amongst auto insurers in New York. Nearly 270 New York insurers currently write auto insurance policies, with over $8 billion produced each year. Selecting your New York auto insurance agent and company wisely will help make sure you get the auto insurance protection you and your family deserve.
Required and Optional Coverages
Required Coverages
Residents of New York are required to purchase certain minimum amounts of auto insurance to satisfy the financial responsibilities of owning and operating an automobile. These coverages include:
- Personal Injury Protection (PIP)
- Bodily Injury Liability—Protects you against claims alleging your negligence or fault in an accident. State-mandated minimums are $25,000/$50,000, with limits of $50,000/$100,000 respectively in the event of death.
- Uninsured Motorists—Provides bodily injury protection for you and your family members, as well as anyone to whom you give permission to drive your automobile. Required minimums are the same as those for bodily injury liability.
- Property Damage Liability—Insures against damage to another person's automobile or property. State-mandated minimum is $10,000.
Optional Coverages
New York auto insurance companies also offer additional protection through coverages not extended in state-mandated minimums. These types of insurance further protect you and your family in case of an auto accident. Some non-required options include uninsured motorist, comprehensive and collision coverages. Ask a licensed New York auto insurer to explain these added policies, their coverages and prices.
About Cancellation/Nonrenewal
New York auto insurance companies are not allowed to cancel or nonrenew your auto insurance policy once it is in force for 60 days unless your driver's license is suspended, you do not pay your premium, or you commit fraud through misrepresentation. Notice of mid-term cancellation must be sent at least 20 days prior to its effective date, and must list the reason/s for your policy's termination. A recent change in New York law also requires that any cancellation due to nonpayment clearly state the amount outstanding.
New York auto insurance renewal periods occur once a year. By state law, your New York insurer must renew your policy unless giving you at least 45 to 60 days advance written notice of its intention not to do so.
Money-Saving Tips
Tips for lowering your New York auto insurance premium include:
- Find out what insurance will cost before you buy a car.
- Set deductibles at the highest possible levels.
- Inquire with your New York auto insurance company about any discounts available, such as multiple-auto or multiple-policy discounts.
- Drive safely.
- Don't drink and drive.
- Maintain a good payment record.
- Comparison shop through an insurance referral service like InsureMe.
Insurance Ratings
It is important to scrutinize an insurer's financial stability ratings and complaint history before purchasing your New York life insurance policy. This type of information can be obtained through the following consumer rating companies, provided by the Insurance Information Institute (I.I.I.):
- A.M. Best
Oldwick, New Jersey 08858
908-439-2200
www.ambest.com
- Moody's Investors Services
99 Church St.
New York, N.Y. 10007
212-553-0300
www.moodys.com
- Standard & Poor's Insurance Ratings Service
55 Water St.
New York, N.Y. 10041
212-438-2000
www.standardandpoor.com
- Weiss Research
4176 Burns Road
Palm Beach Gardens, FL 33410
800-289-9222
www.weissratings.com
Thank you for visiting our New York auto insurance information page. We hope we have provided you with sufficient information to make a wise auto insurance purchasing decision.
If you have questions or need further information about New York auto insurance, speak to a licensed New York auto insurance agent, or contact the New York Department of Insurance online at www.ins.state.ny.us or by phone at 800-342-3736.
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This article was written by Insureme for informational purposes only and is not intended as professional advice.
