Underinsured Motorist Coverage Is More Important Than You Might Realize in New York

Driving without insurance is a risky move, but many people seem to be doing it, especially with the economy the way it is - insurance coverage may be looked upon as a luxury rather than a necessity. In fact, recent study by the Insurance Research Council estimates that one out of every seven drivers nationwide and 5% of drivers in New York State are uninsured.

Those who who have opted to purchase car insurance have very low coverage amounts, as New York law only requires a minimum coverage of $25,000 for bodily injury to one person or $50,000 per collision.  You need to ensure you have adequate insurance to protect yourself in the event of a car accident, which comes in the form of both uninsured AND underinsured motorist coverage. 

The Best Kept Secret of New York Automobile Insurance: Revealed!

If you were seriously injured in an accident caused by a driver who was carrying only the minimal amount of insurance coverage, the most you could receive for your  injuries, no matter how extensive would be only $25,000.  Since no one knows when an accident will happen, or what insurance coverage, if any, the responsible parties have, you need to make sure that your vehicle is properly insured.

To protect ourselves and our loved ones in the event of serious injury, make sure  that you have sufficient insurance coverage by purchasing supplementary uninsured and underinsurance coverage.  This additional coverage is available on any auto insurance policy in which your liability limits are higher than the $25,000/$50,000 minimum. 

Under New York law, every insurance company must offer this type of insurance with up to at least $100,000 per person and a total of $300,000 per accident.  Since the law does not permit you to insure yourself in amounts higher than you provide for others on the road, you must provide as much coverage for others as you have in uninsured and underinsured coverage for yourself.  The small cost in additional premiums is well worth it.

How do I know what coverage amounts I have?

Take a look at your current auto insurance coverage.  Be sure to review the declarations sheet of your insurance policy which lists the type and amounts of insurance coverage you have on your vehicle(s)  If you have more than $25,000 in liability coverage, but do not have supplementary uninsured and underinsured coverage over those amounts, contact your insurance company and purchase this insurance.  If you have only the minimum required coverage limits, ask your agent about increasing your limits and adding the supplementary uninsured/underinsured coverage to your insurance. 

Even if you already have more than the minimum coverage limits, consider increasing your coverage to the maximum amount available.  You will be surprised as to how little this coverage costs and from my experience working with folks injured in car accidents, I can tell you it is well worth it.

If you have any questions, feel free to contact me at http://www.jeenabelil.com for more information.

Jeena Belil is a Personal Injury and New York No Fault/Worker's Compensation collections attorney located in Suffolk County. The above article is for general information purposes only and no attorney-client relationship can be construed.