Personal Auto Insurance

Liability coverage is a fundamental component of personal auto insurance in New York. It provides financial protection if you cause an accident that results in injuries to others or damages their property. This coverage helps cover the costs of medical expenses, property repairs, and legal fees resulting from a covered accident.

Bodily injury liability coverage pays for medical expenses, rehabilitation costs, and potential legal fees if you injure someone in a car accident. It helps protect your assets and savings by covering the injured party's damages up to the policy limits you select.

Property damage liability coverage pays for repairs or replacement costs if you damage someone else's property in an accident. This can include damage to other vehicles, buildings, fences, or any other property affected by the accident. Property damage liability coverage ensures that you have the means to compensate others for the damage caused by your actions.

New York has specific minimum limits in New York at $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $10,000 for property damage per accident. These minimum limits serve as a baseline, but it is recommended to consider higher coverage limits to provide more comprehensive protection.

Liability coverage is crucial because it protects you from potentially devastating financial consequences. Without adequate liability coverage, you could be personally responsible for paying the medical bills, rehabilitation costs, property repairs, and legal fees of the injured party. Liability coverage provides peace of mind and ensures that you can fulfill your financial obligations in the event of an accident.

Collision coverage is an optional component of personal auto insurance that covers the cost of repairing or replacing your vehicle if it's damaged in a collision, regardless of who is at fault.

Collision coverage typically has a deductible, which is the amount you're responsible for paying out-of-pocket before the insurance coverage kicks in.

Collision coverage is often paired with comprehensive coverage to provide more comprehensive protection for your vehicle. Comprehensive coverage protects against non-collision incidents such as theft, vandalism, or natural disasters.

Personal Injury Protection (PIP) coverage is a mandatory component of auto insurance in New York that provides coverage for medical expenses, lost wages, and other related costs resulting from injuries sustained in a car accident, regardless of fault.

PIP coverage helps pay for medical expenses resulting from injuries sustained in an accident, including hospital bills, doctor visits, surgeries, and rehabilitation costs.

PIP coverage can provide reimbursement for a portion of lost wages if you are unable to work due to injuries sustained in a car accident.

New York follows a no-fault insurance system, which means that PIP coverage is designed to provide prompt medical treatment and financial support without the need to establish fault in the accident.

In New York, you can choose between coordinated or excess PIP coverage. Coordinated coverage allows you to use your health insurance first before tapping into PIP benefits, while excess coverage provides primary coverage regardless of any other health insurance you may have.

Uninsured/Underinsured Motorist (UM/UIM) coverage is an optional component of auto insurance in New York that provides protection if you're involved in an accident with a driver who either has no insurance or insufficient coverage to fully compensate you for injuries and damages.

UM/UIM coverage helps cover your medical expenses and property damages if you're injured in an accident caused by an uninsured or underinsured driver.

UM/UIM coverage also applies in hit-and-run accidents when the at-fault driver cannot be identified. It ensures you're covered even if the responsible party flees the scene.

Carefully consider the amount of UM/UIM coverage you choose based on your needs, potential risks, and budget. Higher coverage limits provide more protection but may result in higher premiums.

GAP insurance is an optional component of auto insurance that covers the "gap" between your vehicle's actual cash value and the amount you owe on your loan or lease.

GAP insurance helps protect you from the depreciation of your vehicle's value over time. If your car is totaled or stolen, and its value is less than what you owe, GAP insurance covers the remaining balance.

If you have a car loan or lease, GAP insurance covers the difference between your outstanding loan/lease balance and the actual cash value of your vehicle.

GAP insurance is particularly valuable if your vehicle is declared a total loss. It ensures you won't be left responsible for paying the remaining loan/lease balance out-of-pocket.

Some lenders or lease companies may require GAP insurance as part of your financing or leasing agreement. It's essential to check if it's mandatory or optional in your specific situation.

When considering GAP insurance, evaluate factors such as your vehicle's depreciation rate, loan/lease terms, and the potential for negative equity. These factors can help determine if GAP insurance is right for you.