In the state of New York every vehicle has to have two types of insurance. The first one is the no-fold insurance which covers your medical expenses and some other expenses regardless of fault of the driver. The second one is the liability insurance. Both these types are often confused, so in this article we will look at both.
The liability insurance does not only cover you, but also the person who might be involved in the accident. What this essentially means is that if you have a huge liability insurance, you are covering all the medical expenses or even death compensation of the person you hit with your car. However, if you run into an accident and you have a low liability insurance, say $25,000, then you are only protecting yourself from to the extent of that money. You might have to pay extra to set your rates high, but think of the long term benefits you will be receiving. If you hit a person and it’s your fault, and you do nor have high liability insurance, you might end up paying quite a lot on money out of your pocket.
Now with no-fold insurance your medical expenses are paid. You have to inform your insurance company in the span of a month that you have been in an accident. The insurance company will then give you a claim number. You will give that claim number to any treating physician or any other medical provider and they will treat you. Your insurance company will later assign you to a physical examination by a doctor of their own choosing in about another month after you start receiving medical benefits. Now this doctor is not your friend, or help you recover, rather he’s just there to keep the insurance company informed of your progress. He is working for the insurance company, and not for you.
Therefore when you get an insurance you have to think about others as well. Also keep in mind that all insurance companies have different rates for different policies, shop around by searching online to get the best deal for you and you could save a lot of money.
