Your car isn’t just a tool to help you travel. It’s also a very dangerous and potentially destructive piece of machinery. All drivers in New York have to carry liability coverage because of the risk that comes from driving.
The state requires $10,000 worth of property damage coverage and also bodily injury liability coverage. The lowest amount someone can legally carry when registering a vehicle is $25,000 worth of protection if they hurt one person and $50,000 worth of coverage for a crash that hurts two or more people.
Although some drivers try to carry the least amount of insurance possible, it is often a better strategy to carry the right amount of insurance for your personal degree of risk. Why do some people carry underinsured motorist protection in New York?
Minimal coverage won’t fully reimburse you
The chances are good that it will take a lot more than $10,000 to reimburse you for your vehicle if your insurance company declares it a total loss. Even a broken leg could cost well more than $25,000 in medical expenses when you look at not just the hospital care after the wreck but also the lost wages when you can’t go to work during your recovery.
If the other driver doesn’t have enough insurance, you will have few options. A personal injury claim against the other driver can help reimburse you, but it can also take months to resolve. Having underinsured driver coverage on your insurance policy can help protect you from the losses you might suffer in a crash with a driver whose insurance just barely complies with New York state law.
Considering the losses you might suffer in a motor vehicle wreck can help you preemptively invest in the right Insurance beforehand.