What Is Considered A Sports Car To Insurance Companies?

What Is Considered A Sports Car To Insurance Companies?

If you’re looking to purchase car insurance New York, here’s a quick guide to help you understand the basics. Navigate through these coverages and endorsements and get a clear picture of what you want in your car insurance. There are 4 basic types of car insurance coverages you should know.

Auto liability for Car Insurance 

The liability coverage is geared towards the third party. There are two kinds of liabilities:

  • Bodily injury liability coverage helps you pay medical bills to treat the injured third party due to your fault.
  • Physical damage liability coverage protects you against financial loss arising from damage to third parties’ vehicles or other property if you’ve inflicted the damage.

Moreover, our other insurance blog will surely help you know about our other insurance policies. Do you know we also provide What Insurance Documents Do I Need To Keep In My Car? Read for more.

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what is considered a sports car to insurance companies

Take of Physical Damage on Car Insurance

Following the damage to your own vehicle, physical damage coverage helps you repair or replace costs. While getting physical damage coverage, learn about the two of its types:

  • Collision coverage: For instance, you bump into a tree while trying to back your car. Damages due to collision with any object, fence, animals, or vehicles fall under the scope of collision coverage.
  • Comprehensive coverage: If events of fire, hail, vandalism, riot, and other such events cause damage to your auto, comprehensive coverage will compensate you for the loss amount.

Personal Injury Protection (PIP) for Your Car Insurance

PIP, also called no-fault insurance, protects you from paying for lost wages, medical bills, or funeral expenses due to injury or death of the passengers. This coverage is called “no-fault” because the insurance pays you regardless of the fault in the event.

New York is a no-fault state. Hence, you must have PIP coverage in your auto policy. According to the Department of Financial Services in New York, you have to file a claim with your own insurance company no later than 30 days following the incident. In case of delays, you need to come up with a reasonable justification.

Uninsured and Underinsured Motorist (UI/UIM) Coverage

Some people carry insurance just enough to comply with the legal requirements. In fact, some people may not carry insurance at all. If such people cause an accident, they may not have enough finances to pay for your loss. That’s when this coverage comes into play. If an uninsured or underinsured motorist gets into an accident with you and is at fault, your insurance provider will pay for your damages and injuries.

Endorsements on Car Insurance

The coverages attached to your auto policy aren’t limited to the coverages mentioned above. You can add, reduce, or modify your coverages with the following endorsements.

  • Lessor: You can protect your lessor from lawsuits by the injured party
  • Additional household resident: Add domestic partners, roommates, housekeepers, or others in your auto policy.
  • Miscellaneous vehicle: Protect vehicles like dune buggies, motorized golf carts, motorcycles, and other recreational vehicles under your personal auto policy.

Get a clearer picture from the experts on the right auto policy for you. Get a quote for free and ride towards safety.

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