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NEW YORK MOTOR VEHICLE NO-FAULT INSURANCE LAW ELECTION OF OPTION - OPTIONAL BASIC ECONOMIC LOSS COVERAGE DATE OF MAILING NAME AND ADDRESS OF INSURER OR SELF-INSURER* NAME AND ADDRESS OF INSURER OR.

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❑ Optional Basic Economic Loss Coverage (OBEL) No-Fault coverage, otherwise known as Personal Injury Protection or “PIP” coverage, pays for expenses incurred by per- sons injured in a motor vehicle accident. This coverage does not pay to repair damage to your automobile.

Optional Basic Economic Loss (OBEL)

To be clear, basic economic loss includes the financial losses that you experience as a direct result of your auto accident. These can include: Medical costs for those who've suffered injuries. Lost income due to missing work.

Optional basic economic loss covers things like work loss or loss of wages. OBEL is often used to supplement your personal injury protection coverage. Personal injury protection covers funeral expenses, wage loss, and medical expenses.

Comprehensive and collision coverage are not required by any state – but many lenders require them for vehicle financing. In those cases, they may also require gap insurance to cover the difference between what you still owe on the vehicle and its current market value.

Essentially, any loss or damage to physical property, loss or unexpected expense of physical money, or even the loss of time or the chance to earn money could be considered economic loss.

❑ Optional Basic Economic Loss Coverage (OBEL) No-Fault coverage, otherwise known as Personal Injury Protection or “PIP” coverage, pays for expenses incurred by per- sons injured in a motor vehicle accident. This coverage does not pay to repair damage to your automobile.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232