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By: erikaodtuhan
New York has probably the most stringent laws regarding vehicle insurance. Getting auto insurance in New York is not only just a way of protecting your car from unanticipated events. Motor vehicle liability insurance also happens to be among the requirements for vehicle registration in the state.

All vehicles in the State of New York (NYS) need to have motor vehicle liability insurance. Motorcycles may be exempt from a few of the governing laws, but cars registered in other states must conform to the state's Financial Responsibility laws if they want to operate in the Big Apple.

Minimum Requirements for Auto Insurance in NY

DMV calls for all New York vehicle owners to get auto insurance from a NYS Department of Financial Services-licensed insurance company. Your plan needs to have a minimum coverage of $25,000-$50,000 for injury, $50,000-$100,000 for death, and $10,000 for property damages caused by a single car accident. You'll have to choose higher coverage if you have not finished paying your auto loan.

Your liability coverage must be under your name at the time of vehicle registration. It needs to stay under your name all the time. Having different names on the registration and insurance policy brings about lapses in insurance coverage. This can prompt DMV to suspend your driver's license and vehicle registration unless you can prove you have auto insurance in New York.

Be sure to ask for two NYS Insurance Identification Cards from your insurance company. New York insurance companies issue this card within 45 days after your cover takes effect. These need to have exactly the same name as the one on the registration, as well as identical barcodes. You will show an original copy of this identification card whenever you register your vehicle with the New York State. The DMV will keep one copy, while you must keep the other in your vehicle.

Make sure your provider also files an electronic notice of insurance coverage with the DMV. They need both your ID and the electronic notice to confirm you have coverage that meets their minimum requirements. Finally, remember that the DMV isn't going to accept any out-of-state insurance. You must only get from a provider licensed to do business in the state of New York.

Reducing Your Insurance Premium

Auto insurance in NY costs more due to the state's minimum requirements. It could cost more if you are not done paying for your car, thus needing comprehensive insurance rather than just liability insurance. Fortunately, there are ways you could decrease your insurance premium and save money on payments.

The most effective way to reduce your premium will be to have a clean driving record. Your provider will give you 5 to 10% discount on the payments if you are a safe driver. Parking your car in a safe area also prompts insurance companies to reduce your premium. Installing and checking your car's safety gear, including seat belts and airbags, will keep your premium low.

It's also possible to participate in DMV's Point and Insurance Reduction Program (PIRP). This not just lowers your premium, but lowers your violation points by a maximum of four points. Insurance companies will give you a 10% discount on your premium once you take a DMV-approved accident prevention course. Send NYSDMV a duplicate of your certificate of completion to verify you finished the course and obtain the discount.

PRIMARY RESOURCE BOX: [Author] is a financial advisor that owns auto insurance NY and advises clients on locating the best auto insurance New York has to offer.

SECONDARY RESOURCE BOX: [Author] is a wealth management advisor that once worked for a home owners insurance company and negotiates the very best deals on business insurance NY insurance companies supply.

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