In New York State, when you purchase automobile insurance you are legally required to carry liability insurance which covers injuries and property damage. Without the minimum requirements you could end up facing hefty fines and penalties. Collision insurance is another story. If you own your vehicle then you do not have to carry collision insurance, however, if you are leasing or financing, your bank will likely require it.
Why should you carry collision coverage? To start, this coverage could help pay for what would be very costly repairs or replacements to your vehicle if you opted not to carry collision insurance. It covers you if you are in accident with another vehicle, an object (such as a mailbox, building or tree), or a single car crash where the car rolls over.
Collision coverage is limited to damages to your vehicle with it is being driven. It does not cover damages such as theft, or vandalism, damages to someone else’s vehicle or any type of medical care for you or anyone else in your car or involved in the accident.
Even though collision coverage isn’t required in New York, it is truly in your best interest to carry it on your insurance policy. We deal with seasonal weather which creates hazardous driving and damage to the roads which can result in accidents. New York is a congested area therefore, there is a lot more traffic. More traffic leads to more accidents.
Having collision insurance is something you can preemptively do to protect yourself financially if you are involved in an accident. If you are involved in an accident, give us a call. We can help you understand your liabilities and legal rights and take the burden off of you.