Auto Insurance in New York
Over 270 companies write insurance policies in New York, generating over $8 million dollars in annual premiums. The state requires that motorists have a minimum amount of liability insurance of $25,000 for bodily injury to one person, $50,000 for bodily injury to all persons, and $10,000 for property damage in any one accident. The state also requires mandatory no-fault coverage of $50,000. New York also requires uninsured motorist insurance in the same amounts on all policies.
One thing you may have heard of or experienced with auto insurance in New York is the assigned risk plan. This is a special plan in which motorists are involuntarily assigned an insurance plan. This plan, also called The NYAIP (New York Automobile Insurance Plan) takes on those who other insurance companies wont, for various reasons. For example, they may have had too many previous claims, have little driving experience or simply a poor driving record. The auto insurance in New York that is forced on the consumer is usually more expensive and motorists are still encouraged to shop around during the time they’re in this plan.
Many people who have car insurance in New York also want to know what kind of discounts they can qualify for to achieve the lowest premiums possible. Among the many things a driver can do to make his rates lower is take an accident prevention course. These courses can reduce your insurance by up to 10% as well reduce any driver violation point totals by a maximum of four points. These classes can be chosen from a list of of approved classes from the New York State Department of Motor Vehicles and include classroom courses as well as online Internet based classes.
Another program you may want to consider to reduce your cost on car insurance in New York is known as a Combat Auto Theft (CAT) Program. This is a program whereby you notify the police that your vehicle is not driven between the hours of 1:00 A.M. and 5:00 A.M on a regular basis. You then fill out a registration form and sign it and turn that into your local police. They in turn give you a safety decal to put on the front and back of your car. The police can then pull your car over for questioning if it’s seen out at during those times of the night. This program, while not an end all, be all solution is a tool to help prevent thefts.
Driver Training classes are also a way for teen drivers to save money on their insurance. Both school sponsored ones and professional schools will teach young motorists the rules and methods for driving safely. This is an invaluable lesson that insurance companies are more than willing to provide discounts so long as the classes are taken by individuals under 21.
Other car related areas that can save you money on your insurance include factory installed daytime running lights on your car. Because this safety item has shown to reduce accidents by making the car more visible, insurance companies are willing to give the motorists discounts if their car has them. Additionally, if your car has automatic seat belts or air bags, you may qualify for a discount. Having factory installed anti-lock braking system (ABS) brakes is another discount available as well as anti-theft devices like glass etchings that are identifiable and electronic tracking devices.
Remember, to own and drive your car in New York, you must have licence plates, register your car and have auto insurance in New York or by an agent licenced by the New York State Insurance department. While no one likes to pay insurance premiums, they’re a necessary coverage to protect you and your property as well as that of other drivers.