New York's no-fault insurance system is designed to provide swift compensation for car accident victims. It allows you to seek up to $50,000 in financial losses and medical expenses from your own insurance company, regardless of who was at fault. This system can expedite the process of getting medical bills and lost wages covered. However, if your damages exceed $50,000 or your injuries are substantial, you may still be able to sue the at-fault party for additional compensation.