Insure What Matters Most
Protect Yourself and Your Loved Ones in an Accident
Buy the Most Important Insurance Coverage You May Not Know About
Car Insurance in New York State is costly, but for a few dollars more per year, you can purchase coverage that protects the most important people in your life. This guide will explain the most important insurance you should buy now, BEFORE you are involved in a serious car accident.
Under New York State Law, you must have mandatory minimum insurance coverage limits on your car. This includes the following:
Liability Insurance: This is insurance coverage that would pay a person who has been injured by you in an accident. Minimum Liability Coverage in New York State is $25,000 per person/$50,000 per accident.
Personal Injury Protection: Otherwise known as No Fault Insurance Benefits. This is insurance that would pay your medical bills, lost income, transportation to and from medical providers and household help if you are injured in a car accident, no matter who is at fault. Minimum “PIP” coverage is $50,000 per person in the accident.
Uninsured Motor Vehicle Coverage: This is sometimes referred to as “UM”. This coverage kicks in if you are in an accident with a car that has no insurance or with a hit-and-run vehicle. The minimum UM coverage is $ 25,000 per person/ $ 50,000 per accident.
Property Damage: This is the maximum amount your insurance policy will pay when an insured person becomes legally liable for damage in an auto accident to the property of other people (e.g. light poles, fences, another vehicle, etc.). The minimum property damage coverage is $10,000 per accident.
Minimum Coverage is Not Enough!
Your insurance agent probably tried to sell you extra coverage, and you may have thought that it wasn’t necessary. However, for you and your loved ones to be properly protected in a serious car accident, the New York State Mandatory Coverage is simply not enough.
If you or your passengers sustain catastrophic injuries as a result of a car accident with another vehicle that does not have adequate insurance coverage, you may not receive compensation that even comes close to your pain and suffering.
Additionally, if you or your passengers sustain catastrophic injuries as a result of a car accident in which you only have minimum No Fault coverage, the injured person may be responsible for payment of health care bills once the No Fault insurance has been exhausted.
So, What Do I Need to Do?
You need to purchase specific coverage on your OWN insurance policy.
Supplemental Uninsured/Underinsured Motorist (SUM) Coverage: A recent study by the Insurance Research Council estimates that 14% of drivers nationwide and 7% of drivers in New York State are uninsured. You don’t want to put yourself (or the family members who reside with you) in a position where you have sustained serious injuries and all you can recover is $ 25,000.
You should purchase additional coverage for bodily injuries (up to the Bodily Injury limits you have selected) caused by uninsured or underinsured motorists. What does this mean? You will need to purchase higher liability insurance coverage so that you can buy appropriate UM coverage.
In addition, Supplemental Uninsured Motorist (SUM) Insurance broadens coverage to cover accidents that occur OUTSIDE the State of New York.
Remember, the higher you raise your bodily injury liability coverage, the more UM/SUM coverage you can purchase for yourself.
Additional Personal Injury Protection
Although $50,000 in No Fault coverage is mandatory on all motor vehicle policies in New York State, you can buy additional protection. This is often referred to as Additional Personal Injury Protection or “APIP”.
APIP gives you and your loved ones additional coverage for medical expenses, work loss, transportation and household help, up to $100,000 more than the minimum. With the cost of health care expenses on the rise, this extra coverage will afford you peace of mind if you or your family should suffer catastrophic injuries.
Since you never know when a life-altering accident could happen, make sure you have the proper coverage before you need it.
If you have any questions concerning insurance coverage, your attorney is available to discuss them with you.
Medical Bills Can Skyrocket After an Accident
