There are various car insurance products offered by the car insurance companies to lure their customers in New York City. The number of car insurance companies catering to the market is also large. The number of insurance companies and the various coverage options they offer make the choice for a customer quite difficult.
New York car insurance includes basic covers, such as liability, comprehensive, collision and uninsured or underinsured motorist coverage. There are optional insurance covers, like medical payment, loan gap cover, death indemnity and disability cover offered to the customers. Medical payment is a popular cover that many car owners purchase along with a standard insurance policy. Medical treatment is very expensive and claiming for expenses, if the car owner was not at fault, can be very exhaustive and equally expensive.
New York laws state that car insurance companies cannot sell car insurance policies with liability covers of less than 25/50/10. The authorities make it mandatory that the insurance policy must at least cover up to $50,000 for all individuals injured in an accident. This is subject to a limit of $25,000 for one individual, and $10,000 coverage for any property damage.
The state of New York requires the car owners to buy Personal Injury Protection cover for at least $50,000. This cover essentially takes care of the medical expenses that the insurance laws consider reasonable and necessary. Further, the state law recommends a minimum Uninsured or Underinsured Motorist cover of $25,000 per person, up to $50,000 per accident. This cover pays the assured amount in case of any physical injury caused by any driver, without insurance.
New York car insurance products are guided by the demands of the market and the state laws. Customers need to research and then decide on a good car insurance policy for themselves.