Residents of the state of New York who own and operate a motor vehicle are required by state law to register this vehicle with the New York Department of Motor Vehicles (DMV). This law applies to all types of vehicles, including new and used cars, whether purchased from an individual or a dealer. Furthermore, new residents of the state who have their vehicle registered in another state are also required to renew the registration for the vehicle in New York as soon as they move to the state.
If it’s your first time registering your vehicle, you will only be able to register in person at the DMV. However, individuals who are renewing their registration can do so online, by mail or by telephone, in addition to the standard option of registering in person. New residents have up to 30 days after their arrival to officially register their motor vehicles.
For first-time registrations, vehicle owners must act upon the following:
- Provide proof of insurance. Note that your insurance must be from a New York auto insurance company. Auto insurance policies from any other state are invalid.
- Compile required paperwork. If your vehicle was purchased from a dealership, the dealer should have already sent the required paperwork to the DMV. If you did not purchase your vehicle from a dealership, you will be responsible for providing proof of ownership and Form MV-103 (only for vehicles purchased before December 1994).
- Complete an application for registration form.
- Provide proof of sales tax paid on the vehicle and proof that your vehicle meets the state-mandated emission standard.
- Have proof of identity on hand.
Registration fees will vary depending on a few different factors, including the weight of your vehicle and requirement of specialized license tags. Keep in mind that an initial registration fee will be a higher cost than a renewal. Registering a motorcycle has similar guidelines as those for registering a standard automobile; however, motorcycles are registered for one year only and all must be renewed on April 30th.
If your next vacation takes you beyond American borders, you’ll want to consider how this might affect your auto insurance coverage. For south of the border excursions, the U.S. State Department claims you should assume that your American auto insurance policy will not cover you for any traffic accidents that may happen in this region. To acquire proper coverage, you will have to purchase Mexican automobile liability insurance from an insurance company with proper authorization from the Mexican government.
According to the law in Mexico, drivers must be able to pay for all damages to the involved party when the accident occurs. Failure to purchase Mexican insurance can significantly limit your ability to pay for these damages, which AAA claims could even result in jail time while an investigation is being conducted. Although the consequences for not having Mexican auto insurance are harsh, the solution is relatively easy. According to AAA, you can purchase valid Mexican auto insurance fairly easily from a broker that sells it along the border. This is usually the most effective method, since you would not even have to cross the Mexican border to purchase the necessary insurance, which would drastically reduce your risk of getting into an uncovered accident.
Although Mexican law does not require you to purchase collision insurance, it is certainly worth considering to ensure protection on your vehicle in case of an auto accident. Collision coverage included in your American insurance policy may not cover damage that occurs while you’re in Mexico, so it’s important to understand the risk you are taking if you fail to purchase Mexican collision coverage. Some additional considerations to make when purchasing Mexican auto insurance is including coverage for legal aid and bail bond as part of your insurance policy. This may be necessary since Mexican law tends to assume that all parties involved in a crime are guilty until proven innocent, which could lead to your detainment until the police reach a consensus.
Liability provides protection to you or anyone driving your car with your concern. When any claim is made against you by a third person labeling you to be responsible for the accident caused, this coverage will make payments to him on your behalf, if found that your vehicle is involved and resulted in injury or damaged any of the property of the third person. In addition, it will also provide legal support and will defend you when a law suit is filed. Hence do not reduce limits on your liability coverage.
Minimum limits mandated on bodily injury liability coverage for third-party by Pennsylvania’s Vehicle and Traffic Law are:
- bodily injury of $15,000 for each person or $30,000 for causing death due to any injuries, sustained in an accident by one person
- bodily injury of $30,000 for two or more in one accident or $60,000 resulting in death of two or more persons due to injuries from one accident.
State law also requires a minimum of $5,000 for any damage caused to vehicle or it’s parts or any damage to the property during an accident. Thus the minimum liability limits in Pennsylvania is referred to “15/30/5” or “$15,000/$30,000/$5,000”.
For any bodily injury or property damage caused during an accident, if it is due to other driver’s negligence then you can claim under the other driver’s car insurance policy, where the automobile insurance policy provides coverage for each person involved in the accident and hence a liability coverage. However, when an injured person in your vehicle is your spouse unlike the purchase made, you need to opt for Supplemental Spousal Liability Insurance. Remember, your wife is still eligible for No-Fault as discussed above. Hence, it becomes necessary to check with your insurer or the insurance agent much before buying a car insurance policy.
No-Fault, also called Personal Injury Protection (PIP), pays for the losses up to $50,000 to individual person who is injured in an accident, be it a pedestrian, passenger or the driver. The purpose of Wyoming’s No Fault law is purely to restore health, assets and productivity, though slowly yet steadily for every individual who are hurt in an auto accident. It also ensures that economic losses are met and not exceeding the law’s benefits.
No-Fault is a coverage mainly to cover personal injury and not to pay for any car repair or damage to parts of vehicles or any personal property. No-Fault pays first for injuries when an accident occurs hence standing much before a health insurance.
Any basic No-Fault car insurance coverage includes:
- Necessary and reasonable rehabilitation and medical charges related to an accident.
- 80% of earnings which you have lost from work, pays up to $2,000 per month for 3 years, count starts from accident date; it also offers disability benefits on statutory offsets for Wyoming Worker’s Compensation, State disability, and Federal Social Security.
- Pays up to $25 per day, from accident date up to an year, to reimburse necessary and other reasonable expenses resulted from an auto accident.
- Death benefit of $2,000 payable to eligible person’s beneficiary who was killed in the accident.
However, a person will not be eligible under few car insurance policies for No-Fault benefits. If,
- DUI comes into picture i.e. a driver is under intoxication and accident occurs.
- Causing injuries intentionally.
- A felony committed and is injured.
- Injured when in a stolen vehicle.
- An uninsured vehicle is owned by you.
If you are having a new car it is better that you should select full coverage auto insurance. There is nothing technically called as full coverage insurance. So it is very important that you understand there no insurance policy which can be so very broadly ambiguous. Just on the other side, one should see for full coverage auto insurance in a compound of both compulsory components of car insurance and also for your benefits.
Mandatory – Liability insurance for Third Party
The liability insurance for third party is the initial part of full coverage auto insurance. It is compulsory by law and auto owners buy this insurance just in case to be on the safer drive and to drive safely in the state. This coverage insurance gives protection to the other party if your the cause for the accident. It is the required minimum insurance coverage for every car owner. Anyways, a lot of auto owners only have this insurance coverage and forget the other factors that are necessary for their own financial gain.
Comprehensive and Collision Insurance Coverages
The full insurance coverage includes collision insurance and comprehensive which are the important elements that every car owner should have. It is not mandatory by law, and in future it is surely going to help you, particularly if you have an highly expensive car, and the of that car would be repair extremely costly. With these factors are covered both for natural calamities and disasters and road accidents as well. The collision insurance coverages actually covers for all damages to your car in a road accident. However, your car can also be damaged due to collision with an immobile object like wall or tree.
If there are any road accident you will be eligible to get coverage or compensation from the insurance company, regardless of who is at fault. It is a good option when you want to repair your car and get back to normal.
Floods, cyclones, hurricanes and earthquakes are Natural disasters which will also be a reason for the loss of property. Comprehensive insurance coverage will assure that you would need protection for all such natural disasters. An simple example of unexpected accidents which includes a causing a lot of damage, tree falling over your parked car, repairs of which could be beyond what your limit. Full coverage looks very unlikely, but this insurance will prove profit in the long run.
You might be an excellent driver, but while driving you are never totally safe. Some people do think that car insurance is dispensable. You need to know that car insurance is a necessity and is also mandated by law. Every state has it’s own minimum requirements set for car insurance and is mandated. It is made illegal to driven without car insurance in any state. With car insurance you can drive legally all around without worrying about being pulled by cops for fine or going to jail.
Car Insurance – Saves You More!
Any company which provides you insurance will take care of every individual and vehicle listed out in your policy. Depending upon the insurance type, many clauses are specified which needs to taken into consideration while raising claims. A premium amount is paid to the car insurance company for the service provided. There are many more things to be taken care of before you work out on your premium cost and it comes into effect.
Car insurance gives you that peace of mind that anything happens to you or your car it is fully covered. If you have included deductible in your policy, you will end up paying only that amount. There are such benefits of auto insurance which makes your buy worth and you will not be left disappointed. There are many ways in which any car insurance company lowers your insurance premium.
Know More Of Benefits
- If two cars involved in a crash are insured with same insurance company then their deductible on collision coverage will be waived off.
- A specific amount is been given for lost wages in case there is any crash during court adjournment.
- If your car’s stereo is damaged in any crash then it can be covered only up to a specific amount, especially when the system is installed in a area as per the rules of insurance company.
- When car is stolen or damaged, your insurance bares certain amount of travel expenses.
- Insurance covers damage to clothing and your luggage if listed under your policy.
California law requires all drivers and vehicle owners to carry liability insurance, but it does not require you to have enough liability insurance to truly protect you in the event of a serious accident. The state mandated minimum coverage is just 15/30/5 which means $15,000 for bodily injury to a single individual, $30,000 for all individuals hurt in a single accident and $5,000 to cover any property damage you may have caused.
If you own a home, you probably have California homeowners insurance and a portion of your premium goes for liability coverage. Do you know how much liability coverage you have? Do you know how much liability coverage you need?
California Tort Law Holds You Personally Liable
Any claims beyond the limits of your insurance coverage may result in an attempt to claim the difference by the injured party. To protect yourself from being personally liable, you should carry enough liability insurance.
What is the Right Amount of Liability Insurance?
The right amount of liability insurance you should carry depends largely on your net worth and how averse you are to risk. If you have a million dollar house and other substantial assets, you would probably carry enough liability coverage so those assets are not put at risk in the event that you are found liable for injury or damage to another party.
What Happens if I Get Sued?
If you are involved in an automobile accident and found to be at fault, your insurance will protect you up to the limits of your policy. Your insurance company will also assist you in the event that the damaged party decides to sue you. Legal defense in any type of liability case can be very expensive. Insurance can cover those costs. Even if you are completely innocent, you may still need to hire an attorney and spend thousands in fees just to clear your name. No matter how careful you are, you should always carry adequate liability insurance – just in case.
People that own and drive a vehicle in California are required by law to carry liability insurance to compensate for injury or damage to another party or another party’s property that was a result of their own negligence. The law does not require you to protect yourself from either personal injury or property damage to your own vehicle.
California auto insurance minimum liability coverage is required whether you own your car outright or you are making payments to a finance company. If you have a high mileage car that is paid off, you do not have to carry comprehensive coverage, but you still are required to carry the state minimum liability coverage of 15/30/5.
A minimum 15/30/5 California car insurance policy will pay up to $15,000 to a single injured party or up to $30,000 for all occupants injured as a result of an accident you were found to have caused. It will also pay up to $5,000 in compensation for any property damage you may have caused as a result of the accident.
Comprehensive insurance coverage pays out if your car is stolen, damaged by vandalism, flying road debris, acts of nature or any other incidents that are not the result of a collision. Whether you should carry this type of coverage depends largely on the book value of your vehicle.
If you have a 20-year-old car worth $1,000 and it gets stolen, the best you could hope for is a check for $1,000 from the insurance company. If it costs you $200 extra to carry this coverage, you may decide it is better to assume the risk than pay the extra premium. Others, who are very risk averse may choose to pay the extra premium and have some more peace of mind.
Ensuring that your biggest asset which is of high priority for you and your family is financially secured by home owners insurance and also equally considering coverages to shield your personal assets. You will not know when and what kind of injuries will be sustained by anyone on your property. You will also not know the heights of damage which will occur or unintentionally being caused by any of your family member. Incidents and it’s severity cannot be predicted and hence a claim over your personal liability and law suits for it. Liability costs are not covered by your home insurance policy to greater extent, hence recommending more coverage on personal liability.
Liability Insurance – Two Types
- Home Insurance Personal Liability: Personal liability insurance covers bodily injury and/or property damage against every claim and law suits causing any accident when on your property or if your personal activities results in any damage or injury at your house. Home Business related damages and loss are not included.
- Home Insurance Medical Payments: Medical Payments coverage is a another form of liability insurance basically covering others to pay for medical treatment of injured at your home or in your property. It includes doctor’s fees, hospital stays, x-rays, and other similar expenses.
Property owners have this huge responsibility of maintaining safe conditions in and around their home to avoid any injuries for people coming home or when on their. There are different categories of people who might visit your property and you will be held liable for any incident occurring and protecting these specific groups of people is major duty of a home owner.
- Invitees: Category of people who are invited by the home owner for general purposes of work at their premises. Contractors and workers are usually labeled invitees.
- Licensees: A person who does not have any relation contractually with the owner of premises but he has the permission to go to the premises is known as a licensee. A licensee is typically considered as a social guest welcome at any residence.
- Trespassers: A person who steps into the premises of another person without any permissions implied by the owner, purely for their amusement or benefit is known as a trespasser. Skateboarders in a swimming pool, not having a finish will fall into the category without any evidence, then the owner exercises a duty in order to avoid injuries to the trespasser.
Home liability insurance is generally included in policies. But it comes usually with $100,000 coverage which is not sufficient when some other person is injured severely. So its always better to play safe by setting $300,000 coverage or even more in case of any accident at your home. This just requires an increase on your premium rates slightly resulting in tremendous peace.
There are all different levels of insurance, from the minimum required by Texas State law to absolutely the best coverage that will protect you against just about any possible contingency. The recommended insurance coverage for different types of insurance usually falls somewhere in the middle. Listed below are some good levels of insurance coverage that are suitable for most people.
The basic minimum coverage by state law is 30/60/25, which translates into $30,000 in liability coverage for physical injury you caused in an accident to one person or $60,000 for all occupants and $25,000 for property damage that was your fault. A more appropriate amount would be 100/300/50 because if you are in a serious accident, the damages could far exceed the minimum coverage amounts and you may be held personally liable for the difference.
Your home is probably your most valuable asset. It is prudent to get as complete coverage as possible, which is normally a HO-C policy. The HO-C is the most comprehensive of the standard homeowners policies and protects against most losses with full replacement value coverage. That is important, because it will allow you to get a brand new mattress equal to the cost of an equivalent mattress that might be 10 years old and that has only a fraction of the cash value of a new mattress. The HO-C policy costs a little more but covers just about everything except those specifically excluded in the policy.
Term life is a much better value for your dollar than whole life coverage. Term life is strictly insurance coverage, while whole life has a savings component to it that does not warrant the much higher cost than term. Recommended coverage would be about 10 times your annual income.