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New York Automobile Accident Attorney Explains if OBEL Coverage is Necessary

New York Automobile Accident Attorney Explains if OBEL Coverage is Necessary

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Here at the New York Accident Attorneys of Frekhtman & Associates, we advise New York car insurance holders to consider purchasing OBEL i.e. Optional Basic Economic Loss coverage. Along with basic insurance coverage, OBEL coverage provides protection to automobile accident victims with an additional $25,000 which can be used to cover medical expenditures and lost wages.

There are various types of insurance covers that provide compensation for medical bills/or lost earnings in case of an auto accident. OBEL coverage is optional coverage and is not mandatory. If you obtain this coverage then it will provide an additional benefit of $25,000 which will supplement your motorist insurance coverage.

It is mandatory for every single driver of an auto vehicle in New York to possess Personal Injury Protection or No-Fault insurance. The No-Fault insurance pays for medical bills up to $50,000 and this optional coverage provides an additional cover of $25,000. In case your first 50k is used up or exhausted, then OBEL coverage provides benefits to the policyholder as well as to the pedestrians, your family members, and other occupants of the car if they receive injuries in an auto accident.

At Frekhtman and Associates, we deal with accident victims on a daily basis and it is often the case that victims have to deal with the added stress of dealing with financial issues because of inadequate car insurance coverage.

Can Insurance policy limits in NY be increased by the purchase of additional OBEL coverage?

In case your first 50k is used up or exhausted, then OBEL coverage provides benefits to the policyholder as well as to the pedestrians, your family members, and other occupants of the car if they receive injuries in an auto accident as stated by https://www.dfs.ny.gov/insurance/ogco2003/rg030804.htm

How Can OBEL Help You?

If you have received serious injuries in an accident, then OBEL can help you. For just a few dollars more per year on your insurance, you can have OBEL coverage protect you by providing more coverage for health care, lost wages, and other reimbursements.

OBEL gives you complete control over the additional $25,000 and the manner in which you would like to avail of this additional benefit. Under basic, mandatory No-Fault coverage the first medical provider who billed the insurance company is the first to be paid.

There are various options available to you under OBEL Coverage. It provides you the right to decide the allocation of funds. You can use OBEL Coverage to cover the following:

1. Basic Economic Loss which includes medical expenses, loss of earnings, and other necessary expenses;

2. Lost Wages

3. Psychiatric, physical, or occupational therapy and rehabilitation; or

4. Combined benefits of options two and three.

However, it is important to select the right option. You are not allowed to change or switch to a different option once you have made a selection.

Need More Legal Advice?

If you or someone close to you has been involved in serious accidents such as truck accidents or tractor-trailer accidents, then No-Fault coverage will exhaust quickly. This will lead to large, unpaid hospital bills. Purchasing OBEL coverage will give you additional benefits that will cover expenditures arising out of serious automobile accidents and injuries.

Take a look at the Car Accident FAQ for more information about what to after a vehicle accident in New York City for more information about how to deal with these unfortunate situations.

If you have been injured in an automobile accident due to the negligence of some individual then you must get in touch with an accident attorney who will help you receive justice and compensation for your injuries.

Frekhtman & Associates is here to help, and we have numerous attorneys that specialize in vehicle accidents throughout New York City to better serve you. We offer a free consultation, and if we decide to take your case, you pay us nothing unless we win.

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