Auto Insurance in New York
In the busy world of New York, many people opt to use public transportation instead of driving a vehicle. However, being the most populated state in the United States, those individuals who do choose to drive must always consider not only the legal requirements for New York auto insurance, but also extra protection in the event of an accident.
According to the Department of Motor Vehicles (DMV), New York drivers must at least maintain liability insurance if they intend to operate a vehicle. Liability insurance in New York consists of a minimum amount of $25,000 per injury per person, up to $50,000 for two people. In addition, drivers must also have at least $50,000 in the event that they cause a death in an accident, with a maximum of $100,000 for two people. Furthermore, drivers in New York must have $10,000 for property damages. These figures are only for the minimum state-required liability insurance. Most New York insurance companies offer added protection as well, which is highly advised considering the high rate of auto accidents in the state.
On average, New York drivers can expect to pay roughly $704 per year for their policies, which can be broken down into monthly payments of around $59 per month. In addition, the average collision deductible in New York averages around $335 per month, making it one of the most expensive states to carry auto insurance in.
However, as expensive as New York insurance may be, the penalties for not having insurance are much higher. In addition to driver’s license and registration suspension, New York drivers that don’t have at least liability insurance can expect to fork over around $1,500 in fines as well as a driver’s license and registration reinstatement fee. Once your driver’s license and registration is restored, an additional $750 penalty fee follows. Drivers who do not purchase insurance and pay the allocated fines within 90 days are subject to the indefinite suspension of their driver’s license and registration.
The easiest way to avoid these fines is to ensure that you always maintain the required amount of auto insurance in New York. For a detailed list of companies and rates, visit the official New York Department of Financial Services’ (DFS) website.