Do I need to have uninsured/underinsured motorist coverage in New York?

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According to the Insurance Information Institute, 13% of drivers nationwide do not carry auto insurance. That said, many motorists wonder what happens if they are injured in an auto accident caused by a driver who does not have auto insurance or whose coverage is insufficient to cover all damages. Sadly, victims can be burdened with paying for accident-related expenses out-of-pocket when the at-fault driver is uninsured or underinsured. Fortunately, certain types of insurance, such as uninsured and underinsured motorist coverage, can reimburse you for your losses from an accident under these circumstances. In most states, drivers are legally required to carry motorist coverage. Continue reading to learn whether drivers must have uninsured motorist coverage in New York and discover how a trusted New York City Car Accident Lawyer can help you fight for just compensation. 

What is the difference between uninsured and underinsured motorist coverage?

In most cases, drivers can recover monetary compensation for their damages from the at-fault driver following a collision. However, if the at-fault driver does not have auto insurance, you may end up paying hefty out-of-pocket expenses. When this is the case, uninsured motorist coverage will protect you. Instead of having to file a claim against another driver, you can file a claim with your insurance company to cover your losses stemming from the accident.

Similar to uninsured motorist coverage, drivers may obtain underinsured motorist coverage. Following an accident, underinsured motorist coverage can protect you if you are injured in an accident where the at-fault driver does not have sufficient insurance to cover the total cost of your damages. In some cases, an at-fault driver’s insurance policy may have a limit below the price of your injuries. When this is the case, underinsured motorist coverage will cover the rest of your damages. Underinsured insurance is not the same as uninsured motorist coverage. However, they can be stacked for bodily injury coverage. You must note that you cannot stack uninsured and underinsured property damage coverage.

In New York, all drivers must carry uninsured motorists coverage with minimum liability coverage of at least $25,000 per person and $50,000 per accident. However, New York drivers are not required to carry uninsured property damage insurance. New York drivers are not legally required to have underinsured motorist coverage.

Auto accidents can burden victims with economic and non-economic losses that negatively affect their lives. If you have been injured in an auto accident involving an uninsured or underinsured driver, contact a skilled New York City car accident lawyer from the Law Offices of Brian J. Elbaum. Our firm is prepared to fight for the maximum compensation you are entitled to. Allow our firm to represent your interests today.

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