There are several reasons why it’s extremely important to have sufficient car insurance here in New York.
- As a no-fault state, the very first place you’ll collect compensation from will be your own PIP, or personal injury protection insurance.
- You cannot sue in all car insurance cases, only those in which you have suffered from a pre-set list of severe injuries.
- Insurance companies will only pay compensation up to their policy limits, and if you get into an accident with someone who has few resources you may not be able to recover very much money.
- There’s always the chance that you could become the at-fault party in a car accident that is eligible for a lawsuit.
So how much coverage do you actually need?
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Do you have assets you need to protect? If so, you may need more than the bare minimum of insurance coverage required by New York state law. The average cost of a disabling car accident that might be serious enough for a lawsuit is $101,000. $25,000 in liability for a single person means you could be left with a $75,000 bill, or more. That could translate a lien on your home or garnished wages.
Uninsured/Underinsured Motorist Protection
This protection helps get you paid even if the other driver is insufficiently insured. 12.6% of drivers are uninsured in New York, and an even larger number are simply buying the cheapest, most basic coverage they can get away with. You might want to consider purchasing at least $100,000 in coverage, if not more.
Personal Injury Protection (PIP)
Minimum PIP insurance only covers up to $50,000 in injuries.
Even if your injuries aren’t severe enough to warrant a lawsuit, everybody knows that hospital bills can be unpredictable and can spiral out of control. The more PIP coverage you can afford, the better off you’ll be. The maximum amount is $250,000.
Maximize Coverage with Help from Your Lawyer
Did you know that even your own insurance company can balk at paying for your car accident? You can pay them faithfully for years only to find they don’t want to pay you a cent when you really need them.
If we take your case, we can help you deal both with your own insurance company and the other driver’s insurance company. This can help speed up coverage payouts and avoid situations which might result in delays or denials.
Not sure whether you have a case? Reach out to schedule a free case review today.