Do You Need More Than the Minimum Auto Insurance Coverage? At Katz & Unterreiner Insurance Agency we offer industry leading Auto Insurance policies at competitive prices to the entire Hudson Valley: Peekskill and Wappingers Falls areas. We are committed to helping you find the right policy for you, at the right price.
If you have ever asked yourself if you really need more than the minimum auto insurance coverage, you are not alone. It is a common misconception that you only require the state’s minimum auto insurance, but this is not to your benefit. The simple answer is that, yes, you do require more than minimum coverage, and this particularly applies to New York auto insurance, too. In the scenario that something truly awful happens to you on the road, the minimum auto insurance simply will not be enough to cover your costs.
There are quite a few factors that you have to keep in mind when deciding to buy more than the minimum coverage.
If the amount of minimum coverage in New York State, for example, is lower than the national average, then it is a very good idea to purchase further coverage. This is a good idea because it can keep you from having to pay the remaining insurance costs to another party, should you be responsible for a pretty serious accident or collision.
The issue of liability property damage is another thing to keep in mind. If New York’s state’s property damage limit was particularly low, for instance, it would protect your car from only minor body damage. However, let’s say that your negligence was at fault for totaling the other driver’s automobile. In that case, you could be on the hook for a lot of money, especially if the other car was a newer and more expensive model.
Properly calculating any additional coverage is vital when deciding to get more than that minimum auto insurance coverage. You must ask yourself how much in personal assets you could afford to lose instead of how much extra coverage you can afford. If you only purchase minimum coverage in New York, there always remains the threat of an injured driver actually filing a lawsuit against you, which could conceivably put your savings, home and investments on the line.
Some drivers have not mastered the coverage issue of underinsuring and over-insuring. The worst error that you could commit would be to purchase too little bodily injury liability coverage while purchasing too much comprehensive and collision coverage. Automobile repairs are far less costly than medical expenses.