Uninsured/Underinsured Motorist Coverage in New York
Having liability insurance is required by law in the State of New York. But what happens when you are involved in an accident and the other vehicle does not have insurance?
What is Uninsured/Underinsured Motorist Coverage?
Underinsured and uninsured motorist coverage is a special type of insurance that covers you in the unfortunate event you’re in an accident with a motorist who does not have insurance, or is not carrying enough insurance, to compensate you for your injuries as well as your pain and suffering.
Under New York law all automobile insurance policies are required to have a provision to cover you in the event that you are involved in an accident with an uninsured driver as well as if you are involved in a hit and run accident. This is uninsured motorist coverage.
Underinsured motor coverage refers to an additional, or optional, amount of coverage that you purchase in order to protect you in the unfortunate event that you are injured by a vehicle that does not have enough insurance to adequately compensate you for your injuries. If you purchase this additional coverage your own insurance policy could potentially compensate you for the difference between the other vehicle’s insurance policy and your own policy. For example, if you are injured by a vehicle that carried the minimum amount of coverage allowed in New York ($25,000 in coverage for one person and $50,000 for everyone involved in an accident) and you purchased underinsured motorist coverage in the amount of $100,000/$300,000 then your policy could potentially compensate you if your injuries exceed the other driver’s minimum policy. Essentially, by adding additional underinsured and uninsured insurance to your plan, you’re protecting yourself against those who have failed to either get insurance or purchase enough insurance to protect you, as well as anyone in your vehicle.
If you have been involved in an accident with uninsured or underinsured motorist and have questions or concerns make Buzin & Berman, PC #yourfirstcall 212-580-6500