N.Y. Veh. & Traf. Law § 342

§ 342. Alternate methods of giving proof. Proof of financial\nresponsibility when required under this article may be given by the\nfollowing alternate method; either by proof that a policy or policies of\nmotor vehicle liability insurance have been obtained and are in full\nforce and effect, or that a bond has been duly executed, or that deposit\nhas been made of money or securities, all as hereinafter provided.\n