Assigned Risk Auto Insurance

Assigned Risk Auto Insurance-62
However, a policy obtained through the NYAIP will almost always cost much more compared to an identical policy you find directly with any given insurance company.As soon as you've built a better driving record, go back to the regular market for better auto insurance rates in NY.To put it into perspective, the average annual auto insurance premium in New York in 2014 can cost about However, a policy obtained through the NYAIP will almost always cost much more compared to an identical policy you find directly with any given insurance company.As soon as you've built a better driving record, go back to the regular market for better auto insurance rates in NY.To put it into perspective, the average annual auto insurance premium in New York in 2014 can cost about $1,173. || However, a policy obtained through the NYAIP will almost always cost much more compared to an identical policy you find directly with any given insurance company. ,173.

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If you are able to find an insurer in the voluntary market that will offer you coverage, you can cancel your NYAIP policy at any time for no charge.

At the end of the 3 years, if you are still unable to find coverage in the voluntary market, you can reenter the NYAIP residual pool and be reassigned to another insurer.

For drivers who would like to be even more protected, the NYAIP offers optional higher limits of bodily injury liability up to $250,000/$500,000 and up to $100,000 in property damage liability.

New York Insurance Law requires drivers to purchase uninsured motorists insurance as well as basic personal injury protection (PIP), which is also referred to as no-fault insurance.

To be eligible for insurance through the NYAIP, you must certify that you have tried and failed to find auto insurance in the voluntary market in New York, or that you have been unable to find auto insurance with rates lower than those offered under the NYAIP, within the last sixty days.

Your assigned insurer must continue to insure you for at least 3 years.

The New York Automobile Insurance Plan (NYAIP) assigns high risk drivers, who have been unable to find an insurer willing to cover them in the voluntary market, to an auto insurance carrier.

NYAIP is a last resort for motorists, and faciliates insurance for more than 90,000 high risk drivers to insurers every year.

You can also purchase optional basic economic loss (OBEL) coverage of ,000, which is an optional insurance that covers additional injuries or lost salary.

Comprehensive and collision coverage are not required by New York, but you do have the option of purchasing them through the NYAIP.

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