Insurance Requirements in New York State

Anyone approaches you and like to discuss about the Insurance, First question which comes in mind is: is insurance is required for me, if yes, how much insurance coverage required? Which one is the best for me? Which insurance company full fill my requirements, etc. and all these questions are genuine, you have right to know about all these answer, must use the insurance service by those only satisfy you with the answer of these question with your budget as well as maximum cover under  policy.

Most common insurance required by you and others are as –

Car Insurance or Auto Insurance

Home Insurance

Bike or Two wheeler Insurance

Flood Insurance

Renters Insurance

Worker Compensation Insurance

Gas station insurance

Business owner Insurance

TLC Insurance, and else as per your needs.  But if we have a look on deeply on any list you will find that here are only two types of Insurance, i.e. PERSONAL INSURANCE AND COMMERCIAL INSURANCE.  Have a look to understand about insurance and its need.

Do I need insurance? Understand with an example –

Yes. To register a vehicle in New York State you must have New York State issued automobile liability insurance coverage.  If you do not maintain the coverage, the DMV can suspend your vehicle registration and your driver license. 

The Next Question is what kind of insurance do I need? 

New York law requires that you have auto liability insurance coverage. The minimum amount of liability coverage is

  • $10,000 for property damage for a single accident
  • $25,000 for bodily injury and $50,000 for death for a person involved in an accident
  • $50,000 for bodily injury and $100,000 for death for two or more people in an accident

Your liability insurance coverage must (As per Norms and Policy you taken)

  • Remain in effect while the registration is valid, even if you don’t use the vehicle (there are exceptions for motorcycles.
  • Be New York State insurance coverage, issued by a company licensed by the NY State Department of Financial Services and certified by NY State DMV – out-of-state insurance is never acceptable.
  • Be issued in the name of the vehicle registrant, and remain in the name of the registrant at all times.

Have to understand all the need and requirement to get Insure. Here KBIBROKERAGE will help you get proper decision to buy Insurance as required and needed for you. Our experts will answer your all the queries and help you to fulfill requirements.

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