The average cost of living in New York is about $70,000 for a single person. Interestingly enough, though, it does not cost as much as one would think to have basic auto insurance in The Empire State. Buying the minimum insurance coverage, however, may not be the best idea if you have a lot of assets. XL Brokerage Inc. can help you sort through the web of indemnity coverage to determine just how much auto insurance you need in Selden, NY.
How much coverage is required?
State law requires drivers to show proof of at least $25,000 in bodily injury coverage for one person ($50,000 per incident). You need at least $10,000 in property damage coverage to remain in compliance with the law.
Is the minimum enough?
It is hard to fathom the notion of $10,000 serving as enough property damage coverage in New York when the average single-family home sells for about $680,000. You may want to consider more property damage coverage than the minimum if you travel often.
It may also be a good idea to increase bodily injury coverage if you are a commuter. Adding payment for medical bills is equally a good idea if you drive with passengers who may attempt to sue you for their injuries after an accident.
How much auto insurance do you need in New York?
The exact amount of auto insurance you need in New York depends on a number of factors. First, you should consider your lifestyle. You may not need as much coverage if you do not drive as often.
Second, you should think about your budget. It is important to commit to monthly premiums that you know you can comfortably pay while living in Selden, NY. Finally, you should purchase an auto insurance plan that allows for expansion. You never know when you may need to insure more than one vehicle.
It is best to contact XL Brokerage Inc. when you want to insure your car in New York. Call them today to get started with a quote for coverage.