No-Fault Coverage

• No-fault insurance is also known as personal injury protection coverage that will pay for an insurance claim no matter who was at fault in a car accident. This is a mandated coverage for all automobile insurance polices sold in the state. The purpose of this coverage is to help individuals hurt in an auto accident to get back to health and productivity as quickly as possible. This means that an accident victim's ability to sue for damages is limited by except for cases of "serious injury" as defined by that state's insurance law.
  
  

Liability Coverage

• New York insurance regulations require individuals who purchase automobile insurance to carry a minimum amount of liability insurance. Liability coverage is also known as bodily injury coverage. This coverage protects a driver from claims when others are injured in an accident. Liability coverage will also pay for legal costs in the event a driver is sued. The minimum amount of liability coverage in the state of New York is $25,000 for bodily injury or $50,000 for an injury that results in death.
  
  

Uninsured Motorists Coverage

• Uninsured Motorists Coverage is another mandated coverage by insurance regulations in New York. Uninsured motorist coverage provides protection when an accident involves a driver with no insurance or a hit and run accident. The minimum amount of coverage that is required needs to be the same bodily injury limits that exist for liability coverage.
  
  

Life Insurance

• Insurers that provide life insurance policies in the state of New York are regulated under Article 32 of New York Consolidated Law. These laws outline the requirements that needed for life insurance polices sold in the state. These include providing a 10-day "free look" period in which an insured can decline a policy and receive a full refund of the premiums paid. Another requirement is that insurers must allow a 31 day grace period for late payments. During this grace period, an insurer cannot cancel the life insurance policy.
  
  

Health Insurance

• A health insurance law in effect as of September 2009 applies to residents who have lost their jobs and are on COBRA. The law allows residents to maintain their group health insurance coverage for up to 36 months, an increase from the current 18 months. The law is retroactive for all residents from July 1st and is on top of the current federal COBRA change as the result of the Recovery and Reinvestment Act which was signed in February of 2009.