It?s no secret that New York auto insurance premiums are at an all time high. Amid a surge in drunk driving (DUI) incidents nationwide as well as a rise in claims due to an increasing number of natural disasters, insurance companies are left with no choice, but to raise rates. This has left a lot of driver wondering how they are going to fork up the required money for monthly liability. We here at Point and Click Insurance have complied a few money saving tips that can have you saving some money on your New York Auto Insurance.
General Liability Minimums
Don?t get caught in New York without auto insurance or you could be in some serious trouble. New York law states that any car registered in NY must have liability coverage from a carrier licensed to do business in the state. The current minimum coverage in New York state is set at ,000 for injury, ,000 for death, and ,000 for property damaged caused by any single accident.
If you don?t have acceptable coverage then you will face the loss of license as well as some rather hefty fines. See the New York Department of Motor Vehicles for more information of the specifics. However, as long as you own your car outright, you may be eligible to insure for the minimum possible saving you money on over insured assets. You will want to speak with your insurance professional.
Riders, Safe Driving Discounts, and Accident Forgiveness
Some insurance companies have become famous for adding one policy rider after another covering things like roadside assistance, rental car expenses, and other items. It is important that you review your policy and know exactly what you are paying for. When asked most people had no idea if their insurance company covered a rental car, or road side assistance, but make no mistake, they were paying for it.
One rider that has become popular is the accident forgiveness rider. This rider costs a significant amount of money, but will allow you to get into one accident per period (usually 3-5years) without the insurance company raising rates. The catch is that the accident has to be under a certain value in damages which of course is slanted in the insurance company?s favor. Lastly, out of pure logic, why would you buy insurance gambling on the fact that you are going to need it? It doesn?t make sense. If you are that convinced you are going to get into an accident, spend the money on driving school and you won?t get hurt.
Bucket Car = Bucket Price
Having a nice car may fair well for your ego, however it won?t do well by your wallet. Nice cars tend to command nice insurance premiums, because of the expense to repair or replace. If you are considering a new car, look to a late model. Your wallet will thank you.
