New York has set a minimum requirement for the auto insurance. Car owners have to purchase the minimum insurance to prove that they have already met the financial responsibility requirements. Some of the auto insurance coverage that is required includes no fault, liability and uninsured motorist insurance.
The no fault insurance, also known as personal injury protection is used to compensate the medical costs and salary for the policy holder, and passengers regardless of the culprit of the accident. The no fault insurance should be able to compensate up to $50,000 per person. It covers 80% of the lost salary. The maximum compensation is up to $2000 per month for 3 years. In addition, it should provide $25 of allowance for trivia expenses such as maid, transportations and etc.
The bodily liability insurance covers the medical costs of the third party if you are at fault. For per person, the minimum limit is $25,000 and $50,000 for injuries that results in death. For multiple passengers, the minimum requirement did not result in death is $50,000 and $100,000 for injuries that result in death. If you are injured in an accident due to the fault of the other party, you can file a claim to the insurance company to obtain compensation for the bodily injury and property damage liability. You have to provide substantial evidence to prove that the other party is responsible for causing the accident.
New York also requires the car owners to purchase the uninsured motorists coverage. The uninsured motorists coverage offers protection for the all the family members, car occupants in the event that you are hit by an uninsured vehicle. It also covers accidents that involve hit and run motorist.
