Glossary of Terms
Bodily Injury Liability
Required by law, bodily
Property Damage Liability
Personal Injury Protection
(also known as “No Fault Insurance”)
New York State Law requires this insurance. The minimum requirement is $50,000 to pay for medical expenses, loss of income, and other miscellaneous expenses regardless of fault.
Optional Basic Economic Loss (OBEL)
This coverage provides an extra $25,000 on top of the Personal Injury Protection limit.
Statutory Uninsured Motorist
Uninsured motorist coverage pays for injuries sustained by you and your passengers caused by an uninsured motorist. Underinsured motorist coverage pays when you or your passengers are injured as a result of negligence by someone with insufficient liability insurance to cover your losses.
Supplementary Uninsured Motorist
In New York State, you are required to carry at least statutory uninsured motorist with limits of $25,000 per person and $50,000 per accident for those accidents that occur WITHIN New York State. If you ever travel out of state, you should consider supplementary uninsured motorist coverage. This provides the same limits as statutory uninsured motorist, but it extends coverage to accidents that occur outside of New York State.
Other than Collision (Comprehensive)
This coverage reimburses you for damage to your auto not caused by a collision. Such losses include theft, hail, vandalism, or hitting an animal.
Collision coverage reimburses you for damage to your own car resulting from impact with another car or an object, such as a house.