Price Versus Coverage – A Balancing Act

The phrase "you get what you pay for" doesn’t necessarily have to apply to insurance if you take the time and effort to shop around for the best price. When balancing price and coverage for New York insurance, you should first consider the exact amount of coverage that you need. Generally, you should start with the legal requirements. In terms of auto insurance, New York is a no-fault state that requires a minimum of liability auto insurance. The no-fault component of this plan basically means that any coverage you purchase will go toward covering your own expenses in the event of a car accident, regardless of fault. Liability auto insurance would provide for the expenses of a lawsuit in case the other party involved in the accident sued you for the resulting damages.

After considering New York legal requirements, you should then determine what coverage plans pertain to your unique needs and your unique circumstances. You should avoid buying excessive insurance, but also try to get a sufficient amount to protect yourself in case a tragedy occurs. Since shopping around for insurance can be time-consuming and complex, comparing New York insurance rates through an independent agent is the most effective way to acquire unbiased quotes within seconds. Using a tool that enables you to search for insurance rates based on your unique information no only speeds up the process, but also makes it easier to more accurately compare between coverage and rates for a better balance.

How Much Car Insurance Do I Need?

Car insurance is a necessity for all motorists and required to some degree in every state. New York car insurance requirements, for example, mandates that motorists have at least $10,000 of liability coverage for property damage. Additionally, if you live in New York, you must carry at least $50,000 in bodily injury liability per accident, with up to $25,000 available for each person injured in an accident that you are at fault for.

Although the New York minimum liability requirements are a good start, they may not be enough if you find yourself responsible for a three-car pile-up that sends you and six people to the hospital. That’s why it’s a good idea to purchase liability coverage that covers at least $100,000 per accident, regardless of what state you live in.

In addition to liability insurance, New York, along with several other states, requires that you have no-fault insurance protection that helps pay for your own injuries and those of your passengers following an accident – even if you were not at fault. Personal injury protection supplements any existing health insurance you may have to help you avoid out-of-pocket costs for medical care following an accident. It also protects in the event that no one is at fault for an accident or an at-fault driver is underinsured.

The minimum no-fault coverage in New York is $50,000, although you may purchase additional coverage for more thorough protection. Even if you live in a state with no personal injury protection insurance requirements, you should carry this type of coverage to ensure you and your passengers are financially protected.

Finally, collision coverage is optional according to the law, but not if you have a lien against your vehicle. Collision coverage will repair or replace your own vehicle if you are involved in an accident for which you are at fault. Ideally, you should purchase a fully comprehensive insurance package that covers liability, collision, property damage, personal injury protection and non-collision related events, such as theft or hail damage.

Although comprehensive insurance costs the most, it also provides the most protection. Shop and compare comprehensive coverage plans between insurers to get the best rate.

Understand Your New York Insurance Options

To fully understand your New York insurance options, you must consider the legal requirements in the state, as well as the available coverage from insurers. Between auto, home and health insurance, you’ll have many choices to make when you purchase a policy.

New York Auto Insurance Options

Auto insurance options in New York are similar to those of other states, in that you are required to purchase at least $10,000 in property damage liability coverage, as well as $25,000 in per-person bodily injury and $50,000 in total bodily injury available per accident. However, additional coverage is up to you and recommended. You may also wish to include coverage for your own vehicle, your own medical bills and additional liability coverage than the law requires.

New York Home Insurance Options

When you insure your home or property in New York, you must choose between protecting it for replacement value or for market value. The market value is directly connected to your home’s value in the housing market, and insuring your home for this amount could mean your insurer will not pay you enough to rebuild your home in case of a loss. Replacement value, on the other hand, pays you the amount it will cost to completely rebuild your home as it previously was. In some cases, New York homeowners cannot find home insurance, perhaps due to a high risk factor. In these situations, homeowners may joint the New York home insurance insurance pool, where they are guaranteed coverage for their property, albeit at a higher premium.

New York Health Insurance Options

Your health insurance options in New York include employer-sponsored health plans, government health plans for low-income and elderly individuals, and private health insurance as well. If you are searching for private health insurance, be aware that you may purchase all types of coverage, including high-deductible health plans, indemnity plans, PPOs, HMOs and even temporary health coverage. Policies with high deductibles and lower coverage amounts cost the least, while comprehensive plans with the lowest out-of-pocket costs will cost the most. In New York, all health insurance plans, regardless of cost, cover preventive care expenses and do not exclude pre-existing conditions for children.

When you decide to purchase coverage of any type, whether it is auto, home, health or another type of insurance, be sure to shop and compare premium quotes using an independent agent online. You’ll avoid feeling pressured into purchasing insurance from a particular company and will save precious time searching for quotes.

What insurance providers look for in drivers

Auto insurance companies know there is a big difference when it comes to drivers in New York. They also realize if they give discounts to great drivers, they will keep long term customers. If you are wondering how car insurance providers determine how much you will pay for your premium, it is based on a few simple facts. Once you have educated yourself about auto coverage, contact an independent agent to compare rates and find you the cheapest quotes in New York.

If you are a safe driver and you have not been in an accident in several years, you will pay less money for car insurance. Top providers are looking for drivers who are responsible and take driving seriously. This is another reason companies check a person’s credit before issuing a policy. The assumption is that if you pay your bills on time, you must also be a responsible driver. Your age also has a lot to do with how much you pay. Teenage drivers will always make an insurance premium go up. If you have a teen getting ready to go on your insurance, it may be a great time to evaluate your coverage and look for possible discounts. An independent agent will be able to compare multiple quotes and find you the best rate possible.