NYSID Publishes 2001 Edition of Consumers Guide to Automobile Insurance

October 19, 2001

The New York State Insurance Department has published the new 2001 edition of its popular “Consumers Guide to Automobile Insurance.”

The Guide gives New Yorkers a rundown of the State’s insurance requirements, and describes the coverage minimums necessary to register an automobile, as follows:

1) No-Fault (Personal Injury Protection) – to pay medical expenses and lost earnings for a driver or passenger injured in, or a pedestrian injured by, your car.
2)Liability – to protect against the harm any car you drive, with the owner’s permission, might do to other people and their property, and
3)Uninsured Motorists – to protect against the injuries you, your family or your passengers might suffer in a hit-and-run accident or in an accident with an uninsured vehicle.

According to the 2001 Guide over 100 insurers write auto coverage in NY; it has included prices for 25 of them, and a synopsis of NY’s Assigned Risk Plan. It also discusses optional coverages, gives consumers practical tips on buying auto insurance and advice on how to save money.

An introductory letter from Superintendent Gregory V. Serio notes that “The market for automobile insurance is extremely competitive. Consumers throughout the State are hearing the message of the marketplace loud and clear: it pays to shop for auto insurance!”

Copies of the guide are available from the NYSID, or can be obtained on-line at its website: www.ins.state.ny.us.

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