New York Car Insurance
Car Insurance » New York
Many states require drivers to purchase car insurance when they operate a vehicle, from the individual driving a private vehicle to New York taxi cab drivers. These requirements vary by state and dictate both the types of coverage you must carry, as well as with the minimum dollar amounts those types of coverage can pay out. Before you purchase your car insurance, it is best to know exactly what you need.
Liability Insurance
If you are involved in an accident that is your fault, your liability insurance covers the injury, death and property damage for the other involved parties. In New York, injury insurance must cover at least $25,000 per person with a cap of $50,000 per accident; death insurance must cover at least $50,000 per person with a cap of $100,000 per accident; property damage must be at least $10,000 per accident. This liability coverage must be under the name of the person to whom the vehicle is registered.
Other Insurance Types
While there are other insurance types available, New York doesn't require drivers to carry them. Uninsured and underinsured motorist insurance covers you when the person who is at fault doesn't carry insurance or doesn't have enough. Collision insurance provides you with payment for damages caused to your car when you are at fault. If you choose comprehensive coverage, this will pay for damage due to severe storms, theft and other issues.
Taxi Cab Insurance
Taxi drivers must also have special insurance to cover passengers. Taxi cabs in New York must have at least $100,000 in liability insurance to cover injury to passengers if there is an accident. Because this insurance involves the safety of the public, it is often expensive. However, if you drive a taxi, the company for which you drive often pays the costs associated with this insurance.
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