Automobile Insurance: Auto Coverage Guide


Compare New York State Auto Insurance Coverage with the NYCM Guide

Auto insurance combines several different types of coverage into one policy.  New York State requires that you have certain coverages.  So what type of coverage do you need?  Although everyone's situation is different, the following chart might help you find the coverages you should consider.


Coverages
Mandatory/Optional
Required Limit
Most Common
Personal Injury Protection (PIP)
Mandatory/OptionalRequired by NY State Law
Required Limit$50,000
Most Common$50,000
Optional Basic Economic Loss (OBEL)
Mandatory/OptionalOptional
Required LimitNot required
Most Common$25,000
Bodily Injury Liability
Mandatory/OptionalRequired by NY State Law
Required Limit$25,000/$50,000
split limit
Most Common$300,000
single limit
Property Damage Liability
Mandatory/OptionalRequired by NY State Law
Required Limit$10,000
Most CommonIncluded in combined single limit above
Statutory Uninsured Motorist
Mandatory/OptionalRequired by NY State Law
Required Limit$25,000/$50,000
Most Common$25,000/$50,000
Supplementary Uninsured Motorist
Mandatory/OptionalOptional
Required LimitNot required
Most Common$50,000
Medical Payments
Mandatory/OptionalOptional
Required LimitNot required
Most Common$5,000
Collision
Mandatory/OptionalOptional
Required LimitNot required
Most Common$500 deductible
Other than Collision (Comprehensive)
Mandatory/OptionalOptional
Required LimitNot required
Most Common$200 deductible

Split Limit: Split limits restrict the maximum amount that a policy will pay for a specific type of loss, such as property damage and bodily injury. A split limit auto insurance policy, for example, might pay $25,000 per person and $50,000 per accident in bodily injury benefits, and $10,000 in property damage per accident. By contrast, a single limit policy might pay up to $60,000 for all property damage and bodily injury resulting from a single accident. Although the total amount of coverage is the same, the single limit policy is more flexible, because it does not cap the amount that can be paid for any type of loss.


Single Limit: A policy with a single limit of liability pays up to a single maximum amount for any type of liability loss. By contrast, a policy with split limits pays different maximum amounts for bodily injury and property damage.


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NOTE: difference between split limits and single limits below.

Coverages
Split Limit Policy
Combined Single Limit Policy
Bodily Injury 1
Split Limit PolicyPays $5,000
(because under $25,000 per person maximum)
Combined Single Limit PolicyPays $5,000
(because under $60,000 limit)
Bodily Injury 2
Split Limit PolicyPays $25,000
(because per person maximum)
Combined Single Limit PolicyPays $30,000
(because $5,000 and $30,000 total still under $60,000 limit)
Property Damage
Split Limit PolicyPays $10,000
(because property damage maximum)
Combined Single Limit PolicyPays $20,000
(because $5,000, $30,000 and $20,000 total still under $60,000 limit)
Total Paid
Split Limit Policy$40,000
Combined Single Limit Policy$55,000

Trying to figure out for yourself what coverages you may need can be very difficult.  Choose one of our independent insurance agents near you today! They will sit down with you and figure out what coverages best fit your needs.