Anamarie Waite, Car Insurance Writer
Full coverage insurance in New York is usually defined as a policy that provides more than the state’s minimum liability coverage, which is $25,000 in bodily injury coverage per person, up to $50,000 per accident, and $10,000 in property damage coverage. Full coverage in New York also includes optional collision and comprehensive insurance. As a result, full coverage insurance costs an average of $4,535 per year in New York, while a state minimum policy costs $1,719 per year.
If you can’t afford to repair or replace your car after an accident, collision and comprehensive are important coverage types—even if they’re not required. Collision insurance covers repair or replacement costs if you are in an accident, drive into an object, or flip your car. Comprehensive insurance covers repair or replacement costs if your car is damaged by falling objects, natural disasters, floods, fires, theft, vandalism, or animals. Full coverage insurance costs an average of $4,535 per year in New York, while a state minimum policy costs $1,719 per year. Lenders usually require collision and comprehensive in addition to the insurance you must have under New York law when you finance a car.
Most people should also choose higher liability coverage limits than what is required by New York law. If you cause an accident and your liability limits don’t cover the whole bill, you are still personally responsible for the rest. In the end, “full coverage” means having the right amount of coverage to protect your assets in a worst-case scenario.
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