New York Auto Insurance – Minimum Requirements For New Car

2007-03-08 10:33:40

( Automobiles )



New York auto insurance regulations require that your New York auto insurance policy should be bought only from insurance companies licensed to do business in the state. You can get the required minimum amounts of coverage in the New York state insurance department.

You naturally will want to purchase more coverage over the basic minimums. You may need this to protect your assets from lawsuits and claims. If you don’t have money to spare for more coverage, it is often smart to buy more no-fault protection because its cost-effective design allows extended benefits as a relatively inexpensive option.

If you cannot find a private New York auto insurance company willing to insure you, you can go to the New York Auto Insurance Plan, a special facility established by state law. You may find its premiums generally higher than private insurers, because the overall loss experience for this group of drivers has been consistently worse compared to the voluntary market.

There are many insurers operating in New York. This should help you try to find cheap car insurance. There is no substitute for comparison shopping on insurance rates, and make sure you request for discounts. Beyond pricing, however, you’ll want your insurer to be very responsive to your needs when a claim arises.

If you’re buying a new car search around before you buy it. Most people do not look beyond a car’s attractive features and safety systems. You should consider the vehicle’s insurability, insurance cost and cost of repairs before buying a new car. And don’t forget to inquire about new car rebates on the insurance premiums. In case you cannot find coverage, you can also insure under New York Auto Plan. However, the cost will be higher and physical damage cover is limited and based on the car’s actual cash value within certain limits.

The state insurance superintendent’s office estimates that more than a quarter or as much as one third of all auto insurance claims contain some element of fraud, resulting in higher insurance premiums. In recent months several insurance fraud cases have been discovered. Newspapers say this has caused New York auto insurance premiums to become the second highest in the nation. You’ll have to work hard to find cheap car insurance in New York.


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