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The Basics of Car Insurance in New York

Without auto insurance, you cannot drive in the state of New York, as it is illegal. The auto insurance policy protects you and your property from damage and loss. It does not only assist you financially in coping up with the loss in case of an accident but can help you in case of wrecked car, either damaged through fire or being stolen depending on your policy, which you can select after going through the auto insurance quotes in New York. Besides compensating your financial loss, it is made compulsory by the New York law and it is a social responsibility. It protects you, your relatives, and other citizens from the loss. Base line of auto insurance companies has six constituents based on your livelihood facts and on your life-stage.Constituents of car insurance in New York:

•             Bodily injury liability

•             Property damage liability

•             Injury Protection

•             Collision

•             Comprehensive

•             UM/ UIM

•             Add-on Benefits

Liability insurance:

The liability coverage for the damage you do is written in three numbers, which specify the coverage applicable for each factor. For example, 20/40/10 interprets $20,000 on per person injury coverage, $40,000 on per accident coverage on bodily injury, and $10,000 on per accident coverage in property damage. Minimum liability is set by the insurance company depending on the type of insurance you have purchased. Coverage is paid according to the liability limit.

The bodily injury applies to the damage caused by you to other people. It pays the expenses that are made for the medical treatment of the injured people. Property damage liability is being paid for the repair or property replacement destroyed in an accident. This includes others car or property, such as fences, gates or anything that is damaged in the accident. It is also not possible that your financial responsibility exceeds the liability limits. In case when you have caused damage of worth $75,000 with the insurance limit of $50,000, then the remaining amount of $25,000 has to be paid by you.

Collision & comprehensive coverage

Liability coverage pays for the damage that is done to the other party due to the accident that was caused by you. Collision and comprehensive coverage pay for your own vehicle. The damage and loss that you have suffered is allocated from this coverage category. The insurance company set a limit to which the damage will be compensated else it will give you the real value in cash of car. No state pays collision and comprehensive coverage. If you have your car leased from a bank and you have not paid the full amount, then there is a possibility that the bank offers you to carry this coverage.

Purchasing collision and comprehensive coverage can increase the rate of your insurance premium. To reduce this rate you can increase the deductibles. The higher the deductibles you pay, more are the chances that the final premium is lesser. However, one thing you should keep in mind that deductible is the amount you have to pay, select the amount according to your budget.

Comprehensive coverage pays for damage to your car that is not due to car accidents which includes fire, theft, collisions with some objects, and natural disasters. In addition, one other benefit covered by this coverage is your windshield. Glass replacement can be a part of the insurance policy and the coverage you have purchased.

Medical payments, PIP & no-fault

This pays for the medical expenses suffered by you, passengers or the other party involved in the accident. If you are driving someone else’s car then also you will be given this privilege. Medical payment is provided regardless of the cause of accident and whose fault. If the accident happened due to the other party, then insurance company charge them afterwards. Contemporarily injury protection pays for the medical expenses for you and injured passengers if any. It also pays for funeral in case of death.

Uninsured/Underinsured motorist coverage:

Uninsured Motorist coverage pays for your medical bills in case if an uninsured driver of motor vehicle incursion you and runs. Underinsured motorist coverage is given when the person who caused the accident do not have insurance enough to cover the bills and wages. The amount that he can pay is taken from him and the rest is compensated through UIM policy.

Add-on Benefits:

Apart from this coverage, there are extras that you can buy as per your budget and need. This includes rental reimbursement, this pays for the rental car if you do not have a car or is damaged because of an accident. Towing in addition of roadside assistance pays for road breakdown. Such extras can also benefit you in compensating any loss that is of this type.

Accomplishing Process:

One can get the auto insurance in New York online or by visiting their office. In order to discover the cheap insurance policy and the one, which suits your need you have to search for it, gather information and discuss with car insurance agents or brokers. Seek information from different companies; compare their prices and services, financial conditions and customer’s feedback. In addition, the insurance departments of New York State also release the annual reports representing the actual number of complaints that are received against the registered insurance company having the business within the State. This can help you in selecting your insurer and the type of coverage they provide.

There exist dozens of companies of car insurance in New York. In order to refine the auto insurance policy you want for your car, you have to surf online for the information. Almost every insurance company has maintained the website with all the relevant information present there. Get the information from these sites, evaluate the policies, and choose the right one. If you want to get free quotes from different companies, enter your ZIP in the above bar and choose the best quote after comparing the pros and cons of quotes from different auto insurance companies.