What is the Motor Vehicle Accident Indemnification Corporation or MVAIC?
MVAIC was established by Article 52 of New York State Insurance Law to cover No-Fault and injury claims where there is no other car insurance available. MVAIC insurance covers all basic coverages in a motor vehicle insurance policy, including: No-Fault benefits and liability coverage. Under MVAIC’s No-Fault provisions an MVAIC policy covers:
- Up to $50,000 in hospital and medical bills;
- 80% of lost earnings up to $2,000 a month;
- $25 per day, for up to one year following the accident, to reimburse out of pocket expenses related to the accident (hiring a caretaker, pharmacy costs, transportation to doctor appointments, etc.);
- $2,000 in the event of an accident related death, paid to the estate of the covered person.
You are required to file a No-Fault application within 30 days of the accident to be eligible for benefits. In addition, MVAIC insurance policies cover New York State’s minimum policy limits for liability coverage, $25,000 per person and up to $50,000 for all claims arising from the same accident.
When Are You Eligible for MVAIC Benefits?
There are many very specific requirements to be eligible for MVAIC Benefits. Specifically:
- The accident must have been reported to the police within 24 hours;
- You must have no other available car insurance to cover the loss;
- The accident must have happened in New York;
- You were not the owner of the uninsured car involved;
- You were not the spouse of the uninsured car involved
- You must file a No Fault Application Form within 30 days – to qualify for No-Fault Benefits
- You must file a Notice of Intention Form within 90 days of the accident if the accident was a hit and run accident.
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