A "full coverage" auto insurance policy may lead New York motorists to believe they are entirely protected in a catastrophe. At The Licatesi Law Group, we frequently come across customers who are shocked to learn that their purported "full coverage" is far from complete. Insurers frequently use the phrase "full coverage" to create an illusion of safety for policyholders, thereby leaving them precariously exposed during critical situations. It's critical to comprehend the full scope of coverage, particularly regarding Supplementary Uninsured/Underinsured Motorist (SUM) and Personal Injury Protection (PIP), to ensure you have enough protection.

Generally, "full coverage" denotes an arrangement of comprehensive, liability, and collision insurance. Comprehensive coverage insures your vehicle against damage caused by non-collision events such as larceny or natural disasters. Liability coverage covers damages and injuries you cause to others. Collision coverage insures against damage to your vehicle resulting from a collision. Despite this, there are substantial deficiencies in this combination, specifically in domains that are vital for your health and finances.

Personal Injury Protection (PIP) is an obligatory element of automobile insurance in the state of New York. PIP provides coverage for lost wages, medical expenses, and other pertinent costs in the event of an accident, irrespective of fault.  Although $50,000 is the state minimum for PIP coverage, many motorists wrongly believe that this amount is adequate. Prolonged increases in medical expenses can result in significant personal injury protection (PIP) liabilities that are difficult to afford. Consider yourself in the position of the victim of a catastrophic disaster that necessitates ongoing rehabilitation and medical attention. It is possible that $50,000 in PIP coverage will not be sufficient to cover all of your medical expenses, particularly if you require long-term care. Increasing the value of your PIP coverage can serve as an essential financial safeguard, guaranteeing that you can afford the necessary medical attention.

An additional crucial element that is frequently disregarded is Supplementary Uninsured/Underinsured Motorist (SUM) coverage. When you are involved in an accident with a motorist whose insurance is either non-existent or inadequate to cover your damages, this coverage will be triggered. SUM coverage is not inherently incorporated into "full coverage" policies in New York, with minimum limits as low as $25,000. A minimum of $100,000 in SUM coverage is advised for adequate protection. Imagine that you are involved in a collision with an uninsured motorist. In the absence of SUM coverage, one might be required to personally finance medical expenses, lost wages, and additional damages. It is possible that the policy limits of the at-fault driver's insurance are insufficient to compensate you for your damages. SUM coverage safeguards against such occurrences by providing the requisite financial assistance to facilitate a complete recovery.

Although collision coverage is an essential component of auto insurance, it exclusively provides protection for vehicle damage that is directly linked to the collision. Medical expenses, lost wages, and other costs associated with injuries sustained in an accident are not covered. Exclusively depending on collision coverage may subject one to substantial financial liabilities. Consider the following scenario: You are the victim of a severe collision in which your vehicle is destroyed, and you sustain severe injuries. During the recovery period, collision coverage will pay for the repair or replacement of your vehicle, but not for your medical expenses or lost wages. It is crucial to possess sufficient PIP and SUM coverage at this stage.

For complete protection, we advise you to take a number of crucial measures. As higher limits afford enhanced protection against escalating medical expenses, you should initially contemplate increasing your Personal Injury Protection (PIP) coverage beyond the state minimum of $50,000. Furthermore, it is crucial to maintain a Supplementary Uninsured/Underinsured Motorist (SUM) coverage of no less than $100,000 in order to protect yourself from uninsured or underinsured motorists. Third, assess your policy with your insurance agent regularly to ensure it continues to satisfy your current requirements, as insurance needs can evolve over time. Lastly, avoid relying on ambiguous terms such as "full coverage"; instead, comprehend the way in which each component of your policy protects you.

We at The Licatesi Law Group are committed to providing our clients with the information needed to make well-informed decisions regarding their insurance coverage. The concept of "full coverage" is sometimes deceptive, and in order to guarantee thorough security, it is imperative to move beyond this ambiguous phrase. You can ensure financial security and peace of mind for yourself and your loved ones by concentrating on PIP and SUM coverage that is sufficient. Our goal is to ensure that you get the protection and compensation you are entitled to by guiding you through the complexity of insurance claims and personal injury legislation. Contact us today at (516) 227-2662, if you have any inquiries about your current insurance coverage or need assistance following an accident.