New York travel guide



New York Travel Guide

Insurance in New York

Insurance in New York The insurance industry in New York is solid due to the increasing demand to purchase insurances. This industry achieved a growth of 6% per year. In 2002 it managed to reach a 42% growth on insurance sales. The companies have opted to hire people committed with the care of their consumers thus, ensuring greater confidence in consumers.

The diversity of offered insurances in New York has increased and this market is among the most important and most demanded ones.

New York is a city with a lot of businesses. Every day, lots of people move from one place to another through busy streets and avenues, this is why car accidents are frequent. Car insurance is mandatory and the drivers must have liability insurance that supports the victims in case of an accident for both, personal injury and property damage. The insurance company is responsible for these expenses when you have a claim against you by accident.

The state of New York established a vehicle and traffic law to come up with payment amounts in case of accident; if injury is to the detriment of one person, the amount of 25 000 dollars will be offset and if the victim died the amount is 50 000 dollars. If the victims are two or more, the amount is 50 000 dollars if they do not die but it is 100 000 dollars when the victims die.

The government of New York established a law to protect citizens in need. This reform was introduced in 2000 and provides a comprehensive health insurance to those in most need. There is also a program called Healthy NY that supports small business owners with less than 50 workers, the offered benefits are consultation and hospitalization services, maternity care, medical exams and emergency care.

Insurance companies offer policies for homeowners and tenants and apartments. Depending on the type of insurance you have, the expenses incurred when an accident happens or when you have been exposed to risk situations resulting injured and losing some property will be covered. There are two types of home insurance:
  • A basic policy covers specific damage caused by fire, storms, hail, lightning, theft, vandalism and volcanic eruptions.
  • In another type of average coverage, more extensive than the basic coverage, some additional risks are considered, such as leaking plumbing, heating, air conditioning and fire sprinkler systems as well as electrical shock damage.
You can find an insurance which covers the same points offered by the above types except: floods, earthquakes, wars, nuclear explosions.

The New York State has touristic attractions such as beaches, seascapes, mountains, forests, etc. Shuttle service is made by trains from various places that converge in New York. It is also connected to New Jersey, Boston and Canadian borders. If you travel by car, you will drive for long hours it exposes you to suffer an accident this is why you should consider purchasing travel insurance. You have to keep in mind that there are Yorker streets that are not safe so you must not leave your car parked anywhere unsafe. If you have an insurance policy, you can enjoy your trip without any major concerns.

The mortality rate in New York is high. In recent studies, it is considered that per 100 000 people: 6000 people are killed, so the government created one law that regulate the insurance market. With the Insurance Code of the State of New York, government seeks to regulate claims and offer some provisions to protect life insurance consumers. For example, this code provides advantages such as a given period of 30 days to make payments before the insurer cancels your account. Usually, the delivery time of death benefits is 2 months if all documents are in order but if the company does not pay the interest, it will accumulate.
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