Is New York a No-Fault State? Understanding New York Car Insurance
Updated:
8/20/2024
Table Of Contents
Download our free E-booklet “5 important tips you must know immediately for your injury case”
Download our free E-booklet “5 important tips you must know immediately for your injury case”
Updated:
8/20/2024
Table Of Contents
There's no one-size-fits-all answer when it comes to the timeline of personal injury settlements. The process can range from a few weeks to several months, depending on factors like the complexity of your case, the cooperation of the insurance company, and the length of the negotiation process.
It's strongly recommended to have legal representation. An attorney can protect your rights, negotiate on your behalf, and ensure you receive a fair settlement. They can also handle complex legal procedures and navigate the insurance company's tactics.
Although you do have the right to negotiate with the insurance company on your own, we advise against it. If you do this on your own, you risk losing out on potentially tens of thousands of dollars. Rely upon our decades of experience in successfully fighting for the rights of our clients against huge insurance companies.
Determining a fair settlement involves evaluating the severity of your injuries, medical expenses, lost wages, and other damages. Our attorneys have decades of experience in successfully representing clients and winning the full and fair compensation they deserve. We will go over any settlement offer in detail and help you make the decision if you want to accept the settlement.
In most cases, personal injury settlements are not taxable under federal law, as long as the compensation relates to physical injuries or sickness. However, certain components of a settlement, such as punitive damages or compensation for wage loss, can be taxable. Consult with a tax advisor to determine your specific tax liability.
If the at-fault driver lacks sufficient insurance coverage, your own uninsured/underinsured motorist coverage may provide additional protection. A car accident lawyer can help you pursue the maximum compensation available.
In most cases, no. The no-fault system restricts lawsuits for pain and suffering unless the serious injury threshold is met. However, there may be exceptions depending on the circumstances of your case.
Determining whether your injuries meet the serious injury threshold can be complex and requires a thorough evaluation of your medical records. It's best to consult with a car accident lawyer who can assess your case and advise you on the best course of action.
The minimum PIP coverage required in New York is $50,000 per person. However, it's advisable to consider higher coverage limits for greater financial protection.
