New York Auto Insurance Company
Finding the right New York auto insurance company can be a complex process. There are many insurance agencies to choose from, from nationally recognized companies to local specialists, all of which offer competitive rates and a wide range of coverage. All companies however must have the following basic coverage types for you to mix and match.
Liability Insurance
Required by the state, liability insurance is the first thing you will need to purchase in order to be able to legally drive your vehicle. This will cover for any damages that you may be liable for in case of an accident. Damages that are covered include bodily injury to yourself, your passengers, or the other driver, as well as property such as your vehicle, the other vehicle, or other properties damages as a result. This is a fixed amount, from a minimum of $25,000 to a maximum of $50,000.
Collision Insurance
While liability insurance can cover some vehicle damages up to the insured limit, collision insurance offered by your New York auto insurance company will cover the entire vehicle. It will pay for all damages and repair costs incurred in an accident, and in the event of damage beyond repair, pay the cash value of the vehicle. This is entirely optional, but recommended if the vehicle is of special value.
Uninsured / Underinsured Insurance
If you are in an accident, and the driver of the other vehicle is not insured properly, this kind of insurance will make sure you receive more coverage for damages you incur that cannot be covered by the other driver. Every reputable New York auto insurance company will offer this, as it is required by the state.
Loss of Use Insurance
If you require a car for work, you may want to consider Loss of Use insurance, which will pay for a car rental while your vehicle is being repaired. If the loss of your vehicle means the loss of your livelihood, this is a type of coverage than can help you continue with your daily responsibilities.
Car Towing Insurance
In New York, towing is a part of life – especially in densely populated areas. A popular type of coverage that a New York auto insurance company will offer is Car Towing insurance. When a tow is required outside of an accident, and due to flat tires of mechanical reasons, this can be very useful.
Loan / Lease Payoff
Also known as GAP insurance, this is helpful for drivers taking out a loan to buy a car, or for those leasing a car. Since the value of a car drops dramatically after a purchase, there is usually a gap between what the driver owes and the adjusted value of the vehicle. In the case of a loss of the vehicle, this insurance will cover this gap so that the driver is not stuck with the difference.
When you are searching for the right New York auto insurance company, consider what types of coverage are available to you and determine whether they are a factor in your final decision. Speaking to an independent agent can also help you decide what you need.
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