You need $25,000 in bodily injury coverage per person ($50,000 per accident). Bodily injury liability insurance pays for other people’s injuries after a car accident that you cause, and it can also cover your legal fees if you are sued after a crash.
In addition to bodily injury liability insurance, drivers in New York need to purchase $10,000 in property damage liability insurance. Property damage liability coverage pays for damage to others’ property after an accident caused by the policyholder. Together, these liability insurance requirements are often written as 25/50/10.
New York also requires drivers to buy $50,000 in personal injury protection (PIP) and uninsured motorist bodily injury coverage equal to the minimum required liability limits. For more information, check out WalletHub’s breakdown of how much car insurance you need in New York.
New York is a no-fault state, which means that drivers get coverage for car accident injuries from their own insurer without the need to determine who caused the accident. Policies in no-fault states must include personal injury protection (PIP). New York also requires uninsured motorist protection, which replaces the liability coverage another driver should have had and pays for your costs up to your policy limits.… read full answer
Drivers in New York are required to carry at least $25,000 in bodily injury liability insurance per person, up to $50,000 per accident, and $10,000 in property damage liability insurance. When an insured driver is responsible for an accident, liability insurance covers the other driver’s expenses.
On average, state minimum coverage costs $1,026 per year in New York, but there are many factors that can affect how much you pay for a policy. Any coverage above and beyond what is required by New York law is optional, but it’s usually worth the money to get some additional protection. The biggest reason is that state minimum coverage doesn’t protect your personal vehicle. For insurance to pay for damage to your car, you’ll need full coverage.
In New York, full coverage refers to a policy that includes collision and comprehensive, plus higher coverage limits than what is required by state law. Full coverage car insurance costs about $1,818 per year in New York. There may be cases when you don’t need full coverage insurance, but New York drivers should buy as much coverage as they can afford as a general rule.
Most policies offer coverage for six months to one year at a time and can be paid in a variety of ways, including monthly payments. The best car insurance companies in New York balance affordability with quality coverage and strong customer service. You can easily get a quote from top companies like State Farm, Travelers, Allstate, New York Central Mutual and MetLife online or over the phone, or use WalletHub’s comparison tools to find the best car insurance policy for your needs.
Car insurance in New York is $143 per month for minimum coverage and $378 per month for full coverage, on average. The cheapest insurance companies in New York are NYCM Insurance, American Family and Geico, and getting quotes from several companies can help you find the best deal.
The average cost of car insurance in New York is 137% higher than the national average auto insurance premium, and New York ranks 50 out of 50 for the most affordable car insurance rates in the U.S.. There are several factors that affect how much you’ll pay for car insurance in New York, including your driving record, age, location, the amount of coverage that you purchase, and the insurance company you buy it from.
Finally, it’s worth noting that car insurance premiums in New York are high, compared to the cost of coverage in neighboring states like New Jersey and Connecticut. You can find more details in the table below.
Cost of Car Insurance in New York vs. Neighboring States
Yes, uninsured motorist coverage is required in New York. Drivers in New York are required to carry $25,000 in uninsured motorist bodily injury (UMBI) coverage per person (up to $50,000 per accident) as well as $25,000 in underinsured motorist bodily injury coverage per person (up to $50,000 per accident). New York does not require drivers to have … read full answeruninsured motorist property damage (UMPD) insurance, however.
Uninsured motorist insurance covers the policyholder’s expenses after an accident if the other driver doesn’t have insurance or doesn’t have enough coverage to pay for the damage. UMBI pays for the policyholder’s medial bills, while UMPD pays to repair or replace their vehicle. Instead of UMPD, drivers in New York can use collision insurance, which covers repairs after any car accident.
How Uninsured Motorist Coverage Works in New York
Normally, a New York driver can collect damages from the at-fault driver’s liability insurance after an accident. However, if the other driver is uninsured, getting compensation can be time-consuming or nearly impossible. That’s where uninsured motorist coverage can help. Instead of having to file a lawsuit, you can file a claim with your own insurance company in order to pay your bills and get the repairs or treatment you need without waiting for the courts.
Even though car insurance is required in New York, an average of 6% of drivers in the state don’t have car insurance. Car accidents in New York can be extremely expensive, too. For example, fatal accidents in New York have a total cost of $1.44 billion each year. As a result, uninsured motorist insurance is a smart investment for New York drivers.
Key Facts About Uninsured Motorist Coverage in New York:
Uninsured Motorist Bodily Injury Coverage: $25,000 per person and up to $50,000 per accident
Underinsured Motorist Bodily Injury Coverage: $25,000 per person and up to $50,000 per accident
Uninsured Drivers on the Road: 6%
Total Annual Cost of Fatal Accidents:$1.44 billion
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.