What is included in an automobile insurance policy?
The standard private passenger automobile insurance policy can have up to four different coverage’s. Only the first coverage is required by New York law – Bodily Injury & Property Damage Bodily Injury Cover the medical costs and lost wages for the party that you hit when you are at fault in an accident and deemed to be legally liable. Usually in the form of a split limit such as $15,000 per person/$30,000 maximum per accident. Basically this states that the company will pay each person up to $15,000 but a maximum pay out per accident of only $30,000. Some companies also offer a combined single limit which doesnt state a value per person, but only a value per occurrence. An example would be $100,000 per occurrence. The state minimum is $15,000/$30,000 and is required by law. Also note that most leasing companies require at least $100,000/$300,000 of coverage. Property Damage Covers just what it says, the damage done to the other partys property. The state minimum is $5,000 and is requir
