Property Damage

Property Damage Liability is required by NYS law. This coverage pays for damage you (or someone driving the car with your permission) may cause to someone else's property. Usually, this means damage to other cars in the accident, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car may hit.
 

Uninsured Motorist Bodily Injury

Uninsured Motorist Bodily Injury Liability coverage is required by NYS Law. It provides coverage in the event you, your family members who live with you and occupants of your car are injured in a covered accident caused by a negligent, uninsured or underinsured driver, or a hit-and-run driver. This coverage does not pay for any auto body damage to your car or damage to other property.
 
Personal Injury Protection

Personal Injury Protection (PIP) coverage is commonly known as
No-Fault coverage.

This coverage includes the following benefits (applicable limits are established by NYS and may be adjusted periodically):

Medical Expenses – reasonable and necessary expenses incurred for
the care, recovery or rehabilitation of the injured person.
Work Loss – wages you would have earned if you had not been
hurt (subject to maximum monthly amount and time period).
Other Expenses – expenses for services you are no longer able to provide for yourself or your family because you are injured, such as housekeeping or yard work (subject to maximum daily amount and
time period).
Death Benefits – paid up to a specific limit per person.

It is wise to consider higher limits over the basic requirement for
No-Fault protection since it is relatively inexpensive, and it increases your level of protection in a very cost effective manner.
 
Supplemental Uninsured Motorist (SUM)

SUM coverage may be purchased to supplement your basic required Uninsured Motorists Bodily Injury coverage. If you have an accident with another vehicle that has bodily injury liability limits lower than yours, or has no insurance at all, SUM coverage will be activated. SUM also covers accidents occurring out-of-state, which are not covered under the basic required Uninsured Motorists Coverage. The amounts paid under SUM will be reduced or offset by any amounts recovered from another party’s auto insurance liability policy.
 
Optional Basic Economic Loss

Insurers must offer OBEL Coverage.  This coverage elevates the required $50,000 of PIP by an additional $25,000.  Once the basic limits of $50,000 have been reached on a claim, the $25,000 OBEL benefits can be designated by the injured person to be applied specifically to payments for loss wages or for rehabilitation, or for all elements of PIP.
 
Comprehensive

Comprehensive coverage helps pay for damage to your auto, including window glass, when the damage is not caused by collision. This would include damage by a falling object, hail, fire, theft, vandalism, explosion, earthquake…. A deductible applies to this coverage. “Full glass” coverage can also be purchased such that the deductible does not apply to any window glass damage. If you choose a higher deductible, your premium rate will be lower.
 
Collision

This coverage helps pay for damage to your auto as a result of a covered collision with another vehicle or other object such as a telephone pole.  With this optional coverage, your policy will pay you
for damage to your car without regard to fault.  A deductible applies
to this coverage. If you choose a higher deductible, your premium rate
will be lower.
 
Accidental Death and Dismemberment

Some insurance companies offer AD&D coverage.  Under the terms of the policy, AD&D will pay you, your family members or other occupants of your car a set amount for certain serious injuries or death caused by an accident while in your car.  This amount is payable in addition to any amount collected under your policy no-fault or liability coverage.
 
Supplemental Spousal Liability Insurance

If you and your spouse are in an accident, your spouse as a passenger cannot hold you as the driver liable for his or her injuries unless you have supplemental spousal liability coverage. The NYS legislature passed a law requiring insurers to offer their policyholders the opportunity to purchase supplemental spousal liability on January 1, 2003.  For an additional premium, this insurance covers the liability of an insured because of the death of or injury to his or her spouse for the liability insurance limits provided under the policy.  The burden of proof of negligence is the responsibility of the individual.
 
Rental Reimbursement

If your car is being serviced or repaired due to a covered loss, you don’t have to be without transportation.  This coverage is sometimes referred to as “extended transportation” or “rental car coverage” and will reimburse you the “cost per day” that you select to purchase under your policy.  Some carriers require you to purchase both comprehensive and collision coverage before they will offer this product, while others will provide it when you have only purchased comprehensive coverage.
 
Towing and Labor Costs

This coverage will reimburse you up to the limit you select for your necessary towing charges should your insured car become disabled.  If you are covered by a “road-side assistance” service through another program, you may not need to add this coverage to your auto policy.
 

Sound System and Tape/CD Coverage

If your vehicle is equipped with a costly sound system, or you have installed expensive upgrades, purchasing this coverage may help protect your investment.
This coverage can also help you replace your tapes or CDs if they are damaged in or stolen from your insured auto as a result of a covered comprehensive loss. If you often carry a collection of CDs in your car, you might want to purchase this coverage. There also may be some limited coverage available under your homeowner policy, subject to a deductible as outlined in that policy.
 

Factors That Impact Your Auto Insurance Premiums

Many factors are taken into account when determining your premium. One of the most important is your driving record.

Your driving record is crucial in determining your premium and your insurability.  Most companies charge substantially more to insure drivers with a history of traffic violation convictions or chargeable accidents than those who have relatively clean records.  Some companies are not willing to insure drivers that have multiple accidents or violations. 

Depending on the company, at-fault accident surcharges can be as high as 40% of your premium.  Most insurance companies use a point system to assign surcharges to your policy for chargeable accidents and traffic violation convictions.  Premium surcharges resulting from accidents or convictions are governed by NYS Insurance Law and Regulations, which allows surcharges to be applied during the experience period (usually three years) for specified incidents. The insurance company point system is separate and distinct from the NYS Department of Motor Vehicles point system that’s applied to your driver’s license.
Other factors used in determining your premium include the type of vehicle you drive, where you live and how much you drive, as well as your age and driving experience.

In NYS, these risk factors are grouped by classifications for rating purposes to assure that risks with similar characteristics receive comparable pricing treatment.  In this way the risk of incurring losses is spread among many policyholders who have similar characteristics.  You should notify your agent or insurer of any changes while the policy is in force, such as a change of your address or the addition or deletion of a vehicle or driver.  An insurer, by law, must revise your premium if it discovers certain information (e.g., that your vehicle is used for purposes other than those listed on your application, other persons operating your vehicle, or surchargeable accidents or convictions), that change the rating exposures.  Failure to notify your agent or insurer of any changes also puts your policy in jeopardy of being cancelled due to misrepresentation.
 

Tips to Keep in Mind When Purchasing Insurance

Some factors that you may want to consider when making your insurance buying decision include: the total amount of assets you have to lose, your future earnings, your need to protect your savings for retirement and/or education, any contractual obligations you may have to a lien holder/lender, the high cost of health care, your ability to pay medical expenses out of your own pocket, the high cost of automobiles on the road today, and the very low cost of higher coverage limits.
It is always a good idea to obtain quotes from several different insurers/carriers.  Some brokers or agents can provide this to you in one phone call.  If an agent only provides one quote, call another agency for additional quotes, and ask the broker or agent to specify the name of the companies that they are quoting.

Don’t buy for price alone.  Low cost insurance may turn out to be the most costly thing you will ever purchase.  Insurance should always be Cost Effective!  Consider the company’s claims practices, reliability, financial strength, as well as the knowledge and service provided by the agent or broker that you select.
 
 
Bodily Injury

Bodily Injury Liability coverage is required by NYS law. This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission.

It’s very important to have enough liability insurance, because if you are responsible for injuring someone in an accident, you may be liable and/or sued for the cost of their medical treatments, lost wages, pain and suffering, and attorney fees, which can add up to a very large sum of money.  Definitely consider buying more than the state-required minimum to protect assets such as your home and savings.
 


Automobile Insurance Get A Quote Now

Aside from your home, your automobile is often the most expensive piece of property you own. Therefore it is important to seek the best value when buying your auto insurance. There is a wide range of coverage options from which to choose, and many factors to consider when making your insurance buying decision. The coverage you purchase and how much you purchase is up to you. We will provide you with the options and explain the differences in order to give you an understanding of automobile insurance, and we will provide you with tips to keep in mind and practical information to help you to make the best decision for your needs.

In order to register your car and obtain license plates in New York State (NYS), you must either purchase an automobile liability insurance policy from an insurer licensed by the New York State Insurance Department, or provide other acceptable proof of financial responsibility in at least the minimum amounts of insurance required by law.  For details about New York Insurance law visit www.ins.state.ny.us.

Minimum Coverage Requirements:
Bodily Injury (BI)- 25/50; $25,000 per individual and $50,000 per occurrence
Property Damage (PD)- $10,000
Uninsured Motorist Bodily Injury (UM)- 25/50; $25,000 per individual and $50,000 per occurrence
Personal Injury Protection (PIP)– $50,000

Optional Coverage:
Higher Limits on all mandated coverages listed above
Supplemental Uninsured Motorist (SUM)
Optional Basic Economic Loss (OBEL)
Comprehensive...
Collision...
Accidental Death & Dismemberment (AD&D)
Supplemental Spousal Liability Insurance...
Rental Reimbursement...
Towing and Labor Costs...
Sound System and Tape/CD Coverage...

For more information, go to: www.iii.org or www.ins.state.ny.us/auto/2007/auto0717.htm or www.nysdmv.com.

How to Save Money on Auto Insurance
Call the Bradley Agency to ensure that you have the proper protection, and ask us about possible discounts that may apply to you and your family. Discounts are generally available in the following situations.

Deductibles
Choosing higher deductibles for Collision and Comprehensive coverage is an easy and cost effective way to lower your auto insurance bill. In many cases, the premium savings realized by switching
to a higher deductible may be enough to offset the cost difference of an increased deductible in
just a few years.

Discounts
Pay Plan Discount – Applies to policies where you pay the premium in full or have
Electronic Funds Transfer (EFT)

Multi-policy – By insuring your auto and home with one agency/company, you will receive a discount on your
auto premium as well as your homeowner’s insurance premium.

Multi-car – If you insure two or more cars that are owned and used by the individual and/or relatives living in the same house, you receive a discount.

Driver Related Discounts
Good drivers who have no accidents or violations receive the most competitive rates but there are other factors that can reduce your premiums even further, including:

Driver training – Autos driven by young drivers under age 21 may be eligible for this discount.
The course must have official approval of the NYS Department of Education or other
educational agency.

College student – Unmarried, full-time college students, age 23 or younger, who spend most of the college term away from home without the use of an auto are eligible for this discount.

Age 55 & over –Cars driven by insured individuals who are 55 and over are eligible for a discount.

Accident Prevention Course –All principal drivers, regardless of age, who have passed a course approved by the NYS Department of Motor Vehicles, are eligible for this credit. This course is now available on-line in NYS. Go to: www.nydmv.state.ny.us/pirp.htm#ipirp.

Young Driver Discount – Some companies offer a discount that applies to drivers between the ages of 16 and 20. The discount applies to the vehicle on which the young driver is rated.

Safe Driver Discount – Some companies may apply this discount if all drivers are free of moving violations and do not have any at-fault accidents, losses or claims of any nature within a certain time period.

Renewal or Loyalty Discount– Some companies may discount a policy if there are no at-fault accidents or only one at-fault accident. The amount of discount is usually determined by the origin date of the policy.

Vehicle Related Discounts
You can save even more money on your auto insurance by choosing a vehicle with the following safety equipment:

Passive restraints – Vehicles with factory-installed automatic seat belts or air bags are eligible,
and side airbags will generate a larger discount.

Anti-Theft devices – Various discounts can apply depending on the variety of anti-theft devices that are installed, such as active or passive alarm, GPS, Low Jack, etc.

Anti-Lock brakes– Vehicles with factory installed anti-lock brake systems on two wheels or on all four wheels are eligible for this discount.

Daytime Running Lights– Factory installed daytime running lights are eligible.

Once you receive your policy, it is a good idea to check that the information used to determine
your premium is correct.  Each insurance carrier is required by law to include specific rating information with your policy that explains how your policy is rated, what the classifications codes mean and how their surcharge system works.  You should also check that the address where you garage your vehicle is correct, that each vehicle is properly classified, that all discounts to which
you are entitled have been applied, that the year make and model of your vehicles are correct,
the age/birthdates of the drivers are correct, and that the dates of any chargeable accidents and convictions identified are correct.

2022 Western Avenue • Albany NY 12203 • Office hours: Monday - Friday 9:00am - 5:00pm
Phone: 518.452.2736 • Fax: 518.452.2851 • Email: insurance@bradleyagency.com


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