What is Auto Insurance?
Auto insurance protects you against financial loss if you have an accident. It’s a contract between you and your insurance company. You agree to pay the premium, in return, the insurance company agrees to pay your losses as defined in your policy.
Yes, your insurance policy only pays for your losses based on your current automobile insurance policy.
Auto insurance provides property, liability and medical coverage:
- Property coverage pays for damage to or theft of your car.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.
Most auto policies are for six months or a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.
Why do you need auto insurance in New York?
To protect yourself financially.
- If you're in an accident or your car is stolen, it costs significant amounts of money, to fix or replace your car.
- If you are injured, or any of your passengers are injured, in an accident, medical costs can quickly skyrocket.
- If you or your car is responsible for damage or injury to others, you will more than likely be sued for much more than you're monetarily worth.
- Not only is having insurance a prudent financial decision, New York requires you to have at least some coverage.
What coverage is required BY LAW in New York State?
New York State law requires motorists carry a minimum amount of liability insurance of:
- $25,000 for bodily injury to one person
- $50,000 for bodily injury to all persons
- $10,000 for property damage in any one accident
Beyond the liability insurance, there’s also mandatory "no-fault" coverage of $50,000.
It’s up to you as a New York State motorist if you want to carry higher liability limits and additional personal injury protection beyond these minimum benefits required by law.
However, this is New York, and there’s additional auto insurance requirements.
- All auto insurance policies must provide uninsured motorists coverage (for bodily injury), subject to the same minimums.
- SUM (Supplementary Uninsured/Underinsured Motorists) coverage can also be purchased, in amounts up to the bodily injury liability limits of an insured's own policy. An insurer must offer SUM limits of $250,000 per person per accident and $500,000 per accident ($250,000/$500,000) if a person has bodily injury liability limits of that amount or higher. Insurers may offer higher SUM limits if they wish.
Questions To Ask Your Tango Insurance Agent
A: Auto insurance has many variables, but the simple answer is we can keep premiums lower by having a higher deductible, which would require your willingness to pay more for repairs IF an accident occurs.
A: Each insurance company has their own level of service, and with the years of experience all of our agents have, we’re well-versed in how a variety of insurance companies handle claims and customer service. We do our best to find the best company for the needs of our clients, taking price into consideration, too.
A: Tango Insurance Agents are here to dig up various discounts available to our clients. Things like good driver, multiple policy, and even student, discounts.
A: Our insurance agents will explain who to call, as well as what to expect after you file a claim. You’re in good hands with our team.