Getting no fault insurance can vary a lot in price. I would recommend researching as much as you can about car insurance. For example, you can often opt for simply storage insurance coverage and pay as little as $20 per month.
You should be made aware of New York’s requirements for auto insurance. First, insurance coverage must be at least $25,000/50,000 for injury, $50,000/100,000 for death and $10,000 for property damage. New York is considered a no fault state. Remember, even if your car is not being used your insurance must remain in effect as long as it’s registration is valid. Motorcycles don’t have this requirement, as different insurance laws apply here. I would recommend looking into storage insurance if your car is only being used during the summer months.
You insurance carrier must be a New York insurance company. Using a an out-state company is not valid and your insurance will not be accepted is you are involved in accident. Upon receiving your insurance coverage your carrier is required to provide 2 insurance cards to you that will have a bar code strip on the back of it. You will need this when going to the DMV. The DMV will not accept any out of state insurance documents.
Finding an insurance company. This isn’t always an easy task to undertake. I would go with the one that you feel the most comfortable with. Response time to replace your vehicle should be important to you, if you happen to ever have to deal with that.
By: Frank Merrill
Posts Tagged ‘Motorcycles’
Getting Auto Insurance In NY – Where To Get It
February 4th, 2010Auto GAP Insurance – Is It Really Necessary, or Is It a Waste of Money?
January 19th, 2010
We have feelings about that GAP insurance policy in a couple ways. First, we have those that swear by it, have purchased it, and thankfully never had to use it. And there are those, that have been into a situation where their car was declared a total loss. And those folks had to figure out a way to pay the inequity back to the bank. Pretty tough dilemma, but hopefully after I shed some light into this insurance option, it might just become a viable and sensible choice.
The abbreviation of GAP stands for “Guaranteed Auto Protection”. Self explanatory but sometimes gets confusing when explained unclearly. Alright, going back into the definition of inequity or negative equity as its most widely referred to. It is when someone owes more to the bank than what the current market value of the asset is. And this asset can be autos, boats, rv’s, motorcycles, any asset that has a constant daily depreciating value. What GAP does for consumers, is real simple. In fact, think of it as a safety net in event that if something happens to your depreciating asset, whatever the case may be, that GAP insurance will pay the difference between what is owed and what your insurance company settles for plus the insurance deductible up to a $1,000. And for those of us who have financed or leased a car without putting any sort of equity down, will know exactly what I mean. And statistically, about 75% of consumers are in a negative equity position. Very frightening indeed!
So what I’m closing at, GAP is a worthwhile investment as long as you’re financing the full purchase price of an asset. No sense taking a risk hurting your credit. GAP is relatively inexpensive and only costs around $500-1000, which does very little to your monthly payment. So when you’re making the decision to get GAP, make sure you’re aware at the benefits before you say no.
By: Shaun Patrick Davidson