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)  |
Required by NY State Law | $50,000 | $50,000 |
| Optional Basic Economic Loss (OBEL) |
Optional | Not required | $25,000 |
| Bodily Injury Liability |
Required by NY State Law | $25,000 / $50,000 split limit |
$300,000 single limit |
| Property Damage Liability |
Required by NY State Law | $10,000 | Included in combined single limit above |
| Statutory Uninsured Motorist |
Required by NY State Law | $25,000 / $50,000 | $25,000 / $50,000 |
| Supplementary Uninsured Motorist |
Optional | Not required | $50,000 |
| Medical Payments |
Optional | Not required | $5,000 |
| Collision |
Optional | Not required | $500 deductible |
| Other than Collision (Comprehensive) |
Optional | Not required | $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.
NOTE: difference between split limits and single limits below.
| Coverages | Split Limit Policy | Combined Single Limit Policy |
|---|---|---|
| Bodily Injury 1 | Pays $5,000 (because under $25,000 per person maximum) |
Pays $5,000 (because under $60,000 limit) |
| Bodily Injury 2 | Pays $25,000 (because per person maximum) |
Pays $30,000 (because $5,000 and $30,000 total still under $60,000 limit) |
| Property Damage | Pays $10,000 (because property damage maximum) |
Pays $20,000 (because $5,000, $30,000 and $20,000 total still under $60,000 limit) |
| Total Paid | $40,000 | $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.