The New York legislature created MVAIC, short for the Motor Vehicle Accident Indemnification Corporation in 1958 and to make sure accident victims received financial compensation in the case of a hit and run for example, where there otherwise would be no insurance coverage. MVAIC is enabled and sustained by representatives of private insurance companies, which is mandated by the insurance law and provides benefits to victims who otherwise don't have access to other insurance avenues.
If you were involved in an accident in the State of New York that involved an automobile, then that is the first requirement to obtain MVAIC benefits. In most circumstances, you must also be a New York State resident. Additionally, you must not have any other auto insurance available to you and you must not reside in the same household as a family member that has automobile insurance. So, if you live in a two-family house in Queens, NY – your sister lives upstairs and has a Honda insured with Geico – you cannot receive any MVAIC benefits; you would look to your sister's Geico policy in the appropriate circumstance.
Also, if the automobile or SUV responsible for the accident is known to you and properly insured in the State New York, you would have to get compensated from the owner or operator of that vehicle. MVAIC usually comes into play in instances such as “hit and run” accidents where the other driver flees the scene.
Unfortunately, MVAIC coverage is capped at $25,000.00 per person and $50,000.00 per accident.
Your Claim Must be Timely Filed
If you find yourself the victim of a hit and run or similar type of accident, and you have no insurance policy to look to, you must comply with any and all strict requirements to receive proper compensation. A qualified New York City car accident attorney can help you avoid regulatory pitfalls. Contact our office at 212-240-9465 today if you have any questions.
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