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By: erikaodtuhan
New York has some of the most stringent laws regarding vehicle insurance. Getting auto insurance in New York isn't just a way of protecting the car from unexpected events. Motor vehicle liability insurance also actually is on the list of requirements for vehicle registration in the state.

All vehicles in the State of New York (NYS) must have motor vehicle liability insurance. Motorcycles can be exempt from a number 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 must 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 should be under your name during the time of vehicle registration. It needs to stay under your name all the time. Having different names on your registration and insurance policy leads to lapses in insurance coverage. This will likely prompt DMV to suspend your driver's license and vehicle registration unless you can prove you've got auto insurance in New York.

Be sure you ask for two NYS Insurance Identification Cards from the insurance company. New York insurance companies issue this card within 45 days after your cover becomes effective. These must have the same name as the one on your 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 should keep the other in your car.

Ensure your provider also files an electronic notice of insurance coverage with the DMV. They need both your ID and the electronic notice to make sure that you have coverage that meets their minimum requirements. Finally, do not forget that the DMV isn't going to accept any out-of-state insurance. You need to 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 aren't done paying for your car, therefore needing comprehensive insurance instead of just liability insurance. Fortunately, there are ways you could lower your insurance premium and save money on payments.

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

It's also possible to participate in DMV's Point and Insurance Reduction Program (PIRP). This not just lessens your premium, but decreases 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 confirm you finished the course and get the discount.

Erika Odtuhan is a financial advisor that owns auto insurance NY and advises clients on finding the best auto insurance New York has to offer.

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