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Auto Insurance in Albany NY: How Much do you Need?

Auto Insurance in Albany NY: How Much do you Need?

Almost one in seven American drivers has no auto insurance, according to the Insurance Research Council. With that number of uninsured drivers, it’s important for you to have the proper coverage, but it’s also hard to tell how much Auto Insurance Albany NY you need. If you’re like most of us, you’re feeling the economic pinch, and it’s all too tempting to get the state minimum level of coverage. Unless you’re driving an older, low-value car and have no assets, that’s probably a bad idea.

Every state (except for New Hampshire) requires that all drivers have liability insurance, and coverage levels vary by state. For example, Alabama requires $25,000 in bodily injury liability for one person, and $50,000 per accident, along with $25,000 in property damage coverage. PIP, or personal injury protection, pays your lost wages and medical expenses in the event of an accident. Some states require drivers to buy uninsured motorist coverage, which pays for medical expenses, car damage and pain/suffering.

Besides the various types of liability coverage, there’s also comprehensive and collision insurance to consider. Comprehensive coverage protects you against fire, theft, explosion, falling objects and other problems. Collision insurance is just what it sounds like-protection against running into something, be it stationary or moving. Most car leases require the purchase of comprehensive and collision coverage, but if you’re driving an older car and your deductible and premium are equal to or greater than the value of your car, you can do without it.

Before you buy any additional Auto Insurance Albany NY, you should take a look at your other policies so you’re not buying coverage you don’t need. If you have good health insurance, you can get by with the minimum in personal injury protection (or none, if it’s not required in your state). However, you could end up having to pay a deductible and/or co-pay that you wouldn’t be stuck with if you had PIP.

Paying for car insurance can seem like just one more way to spend your hard-earned money, but you should keep in mind that you’ll probably need it at some point. Buy a good policy, and know what your state requires (and what you really need), and you’ll be ready when the unexpected happens.

 

 

     

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