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New York Auto Insurance
Understanding Your Auto Insurance in NYC
By Pete Lance
Reading NYC auto insurance policies can be like trying to decipher advanced calculus.
It's really not that difficult if you understand a few basic terms. Collision, Comprehensive, Bodily Injury Liability and Property
Injury Liability are the main terms you need to fully understand. You'll appreciate collision coverage in the event you need repairs
or replacements if your vehicle collides with another vehicle or property. The higher the deductible you elect, the lower your
premiums will cost you. If you're at fault for something, well of course it would still be an accident, as I doubt you'd plan to run
into that guard rail, but how much would you be able to afford to pay out of pocket for repairs? $250? $500? $1,000? Just like
medical insurance, you'd have to pay that deductible amount first and then the insurance company would pay for the remaining charges
for the repair. Another term to become intimately familiar with is "Comprehensive" coverage.
This is the coverage that pays for damage caused from falling objects, fire, certain natural disasters, theft and vandalism.
Deductibles work the same way as with Collision.