If you are new to the Albany area, you may have heard that New York is a no-fault state. If this is your first time living in a no-fault state, it can be confusing distinguishing no-fault coverage from other forms of auto insurance coverage. To clear up any confusion, here is a quick look at the ins and outs of no-fault insurance in the state of New York.
What is No-Fault Insurance?
Most drivers are familiar with liability coverage because it is required in nearly every state. Liability coverage goes into effect when you are responsible for an accident, and it pays the expenses from any medical bills and property damage that the other driver incurs.
However, no-fault insurance goes into effect no matter who is responsible for an accident. If you are in an accident in New York, there is a 30-day period in which you can choose to file for no-fault coverage and receive compensation for medical expenses or for injuries to passengers or pedestrians.
What are the Benefits of No-Fault Insurance?
The main advantage of no-fault insurance is that it protects drivers from lawsuits. No-fault states enact laws that make it very difficult for drivers to sue one another in cases where no-fault insurance can cover the cost of damages.
Because drivers may be able to sue you if the costs of an accident are far beyond your levels of coverage, it is always recommended that you purchase additional no-fault coverage that goes beyond the required minimum.
Where Can I Purchase No-Fault Insurance?
New York drivers are required to carry a minimum of $50K in no-fault coverage on their auto insurance policy. Any licensed car insurance agent in New York and the Albany area can help you add no-fault car insurance to your coverage.
However, no-fault insurance can be one of the most expensive forms of coverage to add to your policy. This is where an independent agent can help. An independent agent carries insurance plans from multiple companies and can help you obtain the best rates on no-fault insurance. Contact us today in order to clarify your doubts about no-fault insurance or any other type of insurance.