|
Coverage |
Description |
Personal Injury Protection (PIP)
|
PIP is also known as No-Fault Insurance. Required
by New York State Law to have at least $50,000 worth of coverage
to pay for medical expenses, loss of income, and other miscellaneous
expenses regardless of fault. This coverage provides such benefits
as medical expenses, loss of income up to $2,000 a month or 80% of
your current monthly income (whichever is less), other reasonable
expenses up to $25 a day, and $2,000 in death benefit. |
| |
| Optional Basic Economic Loss (OBEL) |
Should your PIP protection be used up, this coverage
provides the extra amount you need above the PIP limit. |
| |
| Bodily Injury Liability |
Required by NY State Law to have at least
$25,000/$50,000 split limits to protect you if you are responsible
for an accident in which someone is injured or killed. The split
limits mean 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 |
Required by NY State Law to have at least
$10,000 worth of coverage to cover the damage your vehicle causes to
someone else's property, such as your car running into someone's
house or car. |
| |
| Medical Payments |
Medical payments insurance is coverage that
reimburses you and your passengers (whether or not they are members
of your family) for medical or funeral expenses stemming from an
accident, regardless of who was responsible for the accident. |
| |
| Statutory Uninsured Motorist |
Required by NY State Law to have at least
$25,000/$50,000 split limits to cover you for injuries sustained by
you and your passengers caused by an uninsured motorist.
Underinsured motorist coverage pays when you or your passengers are
injured as a result of negligence by someone with insufficient
liability insurance to cover your losses for accidents that occur
WITHIN New York State. |
| |
| Supplementary Uninsured Motorist |
If you ever travel out of state, you should consider
supplementary uninsured motorist coverage. This provides the same
limits as statutory uninsured motorist, but it extends coverage to
accidents that occur OUTSIDE of New York State. |
| |
| Collision |
Collision coverage reimburses you for damage to your
own car resulting from impact with another car or an object, such as
a house. This coverage is usually written with a $250 deductible,
but may be higher or lower depending on your specific needs. |
| |
| Other than Collision (Comprehensive) |
This coverage reimburses you for damage to your auto
not caused by a collision. Such losses include theft, hail,
vandalism, or hitting an animal. |
If
you own a car, you need auto insurance. This type of insurance is
mandated by the state and is designed to protect the insured against
automobile related losses. Although NY state requires a minimum amount
of coverage, different coverage's can still be purchased to personalize
your policy. There are four major categories of automobile insurance:
Personal Injury Protection (PIP), Liability coverage,
Uninsured/Underinsured Motorist Protection, and Physical Damage. Each
category should be tailored to fit you, depending on your personal needs
and wants. Contact us today and let us help you.