Liability Insurance — New York
Liability insurance pays for injuries and property damage you cause to others in an accident — it covers their costs, not yours.
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What Is Liability Insurance Insurance?
Liability insurance is the only auto coverage New York law requires you to carry. It pays when you cause an accident — covering medical bills, lost wages, and vehicle damage for people you injure or whose property you damage. The policy pays out up to your selected limits, and you remain personally responsible for any costs above those limits.
Who Needs Liability Insurance Insurance?
Every driver in New York must carry liability insurance — it's the law, and driving without it results in license suspension, fines, and potential jail time. But retirees with assets to protect should carry limits well above the state minimum. If you own a home, have retirement savings, or collect pension income, you're a lawsuit target after a serious accident — and 25/50/10 limits won't cover a modern injury claim.
If you drive at all, you need liability coverage — the question is how much. Compare your liability limits to your assets. A single serious accident could consume everything you've built. Most financial planners recommend liability limits equal to your net worth, or at minimum 100/300/100 coverage for retirees with any significant assets.
How Much Does Liability Insurance Insurance Cost?
- Coverage limits — moving from New York's minimum 25/50/10 to 100/300/100 can double your liability premium, but also quadruples your protection.
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