For most of us, an automobile is an
indispensable part of an active and busy lifestyle.
Proper insurance is just as much of a necessity as an
automobile. The type of Automobile Insurance required
and the rates are determined by many factors.
The information below describes the coverages
available as well as the conditions and terms of
insurance:
Drivers of Record
All licensed members of your household who operate
vehicles, even on an occasional basis, should be
listed as drivers on your policy. Drivers under the
age of 25 are generally charged higher premiums than
more experienced drivers, but discounts may be
obtained if they have attended driver education
classes and have good grades in school. For all other
drivers, discounts may be obtained by attending a
defensive driver course approved by New York State.
Vehicle Model
Higher rates are charged for certain types of vehicles
such as high-speed sports cars and expensive vehicles.
Number of Vehicles
If a policy covers more than one vehicle, a multi-car
discount is applied.
Use
Rates and premiums are determined based on how your
vehicle is used. The classifications are Pleasure (the
lowest rate), Commuting to work or school (rates are
determined according to the distance) and Business
(incurs higher rates).
Location
Where and how your vehicle is parked or garaged will
determine what you will pay. Companies will continue
to verify the location of your vehicle to be sure the
correct premium is charged.
Liability Insurance
This part of your policy covers you for bodily injury
or property damage for which you are legally liable as
a result of an automobile accident.
No-Fault/Personal Injury Protection
Mandatory in almost all jurisdictions, this coverage
provides benefits for serious injuries, income
continuation, funeral and other specified expenses,
regardless of who caused an accident.
Uninsured/Underinsured Motorist
Mandatory in most jurisdictions, this coverage
protects you for damages which you are legally
entitled to receive as a result of a vehicle accident
with an uninsured or underinsured motorist.
Medical Payments
This part of your policy provides coverage for medical
expenses for injuries sustained by you, a family
member or a passenger in your car.
Comprehensive
This part of your policy covers your vehicle for
damage caused by perils other than collision with
another vehicle.
Collision
This part of your policy pays for repairs to your
vehicle for damage caused by collision with another
vehicle. (Keep in mind, higher deductibles help save
premiums.)
Loss of Use
Provides a specified amount of coverage for the rental
of a temporary replacement vehicle following a covered
loss. Coverage is provided for a specified period of
time, generally up to 30 days.
Agreed Value
This coverage gives you the ability to lock in an
agreed-upon value for your automobile(s) for the
policy term. In the event of a total loss, you would
be reimbursed the amount specified in your policy
without depreciation or the application of a
deductible.
Collector Vehicle
As a collector, you know how much time and effort goes
into restoring a vehicle to its original condition. It
is just as important to know how to properly insure
your investment. Antique/Classic Vehicle insurance is
intended for people who own an antique, classic or
special interest auto, truck, or motorcycle which is
15 years old or older. This type of coverage allows
operators to drive up to a maximum of 2,500 miles per
year and use their qualified vehicles primarily for
hobby functions such as exhibitions, parades, shows,
meets, and club activities. Driving records must meet
underwriting guidelines; owners and principal
operators must have five years of driving experience.
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