Like every other state in the United States of America, New York has automobile insurance laws. These laws exist not only to protect you, but also other drivers on the road. New York requires that anyone who operates or owns a motor vehicle to be financially responsible. The most common way to satisfy this requirement is through an auto insurance policy.
New York law requires the following for auto insurance coverage: Bodily Injury Liability and Property Damage Liability.
Bodily Injury Liability
Bodily injury liability protects you if you are responsible for an accident in which someone is killed or injured. The minimum requirement is $25,000/$50,000. This means that the insurance company will only pay up to $25,000 per person injured and up to $50,000 per accident. So if there is more than one person injured, the most you are covered for is $50,000.
Property Damage Liability
Property damage liability covers the damage your vehicle causes to someone else's property, such as your car running into someone else's car or house. The minimum requirement is $10,000. This means that the insurance company will only pay up to $10,000 for damage your vehicle does to someone else's property.
Usually, you see the above written as a split limit: 25/50/10.
New York State Minimum Requirements
Also required are $50,000 personal injury protection (or PIP, for short) and uninsured/underinsured motorist liablity.
In summary, the NY state minimum for liability insurance in the state of New York is:
- $25,000 per person / $50,000 per accident for injury (bodily injury liability)
- $50,000 per person / $100,000 per accident for death (bodily injury liability)
- $10,000 for property damage caused by one accident (property damage liability)
- $50,000 of basic no- fault insurance called personal injury protection (or PIP)
- $25,000 per person / $50,000 per accident for uninsured/underinsured motorist liability
This NY state minimum only sets a minimum standard. We strongly recommend that you not only meet, but exceed these minimums. A serious accident could exhaust more funds than the minimum requirements will allocate. By spending a few extra dollars on your premium, you can rest assured knowing that you have coverage if the unthinkable happens.
Let us help you find the best value
At Pepe Insurance, we work with top rated auto insurance companies and compare options to find the best balance of cost and coverage that meets your needs. If you are shopping for auto insurance, price is important, but it is not the only thing. Don't be fooled for very low-cost policies that leave you unprotected. You might be surprised, but it often costs just a little more to improve your coverage. Every insurance company has differences in what they offer, so comparing them isn't as easy as you might think.
We help you compare those options, look for discounts, and focus on maximizing your coverage in a way that fits your budget. We want you to have peace of mind that you and those you care about are protected. Give us a call or request an auto quote today!