New York is a no-fault state for auto personal injury protection purposes, requiring drivers to carry at least minimum levels of bodily injury and property damage liability insurance. While the state sets minimum standards, it doesn’t necessarily suggest that this is the amount of liability insurance you should carry. If you want to discuss the amount of liability insurance you need, contact our L & S Agency Inc. team, serving the Buffalo, NY area.
Determining Auto Insurance Liability Levels
At-fault drivers in New York must carry minimum levels of liability insurance. Often noted as (25/50/10), the numbers refer to:
– Bodily Injury Liability: $25,000 per person and $50,000 per accident
– Property Damage Liability: $10,000 per incident
While the state considers these the minimums, they are the maximum amounts insurers pay on claims unless you extend your policy. New York’s no-fault status means each driver’s policy pays for bodily injury, but those found at fault remain responsible for damage to others’ property. So, if you carry the $10,000 property minimum and cause damage exceeding that amount, you are responsible for the difference, putting your savings and other assets at risk.
Some insurers recommend increasing the claim limit based on your net worth or historical damages awarded in New York. Another approach is to increase the limits to, for example, $100,000 in property damage. Alternatively, adding an umbrella policy would extend your liability coverage on your auto and home policies and cover certain lawsuits.
Working With The L & S Agency Inc. in New York
Our L & S Agency Inc. team serves the Buffalo, NY area. We will gladly answer your insurance questions and prepare a coverage plan to meet your needs. Call us at (716) 828-4400 today for an appointment or stop in to see us.
