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Obtaining a car in New York is not so easy financially. As a matter of fact, the city is the third most expensive in the world for minimum coverage. However, to make things easier for you, you do not just pick up an insurance company and start working with it. In essence, you need to shop around and compare quotes from different insurers before deciding on what to go for.
Comparing quotes does not, in any way, mean that you will go for the cheapest. Anyway, to save you the stress, you will need to read on to be able to figure out what to do.
To help you, we have done the hard part of the job for you by breaking it down to the cheapest companies and explaining reasons you may be encountering higher quotes or you may enjoy some discounts. So, here we go.
On average, the cost of insuring a car for full coverage is $2 020 per year. Also, the cheapest minimum coverage per year in New York, on average is $941. However, you can always go for a cheaper policy if you wish to. What is more important is to go for what will give you value for your money.
The auto insurance law in New York requires that as a car owner, you will need to carry liability insurance, personal injury protection (PIP), as well as uninsured motorist bodily injury (UMBI) coverage. Hence, the minimum coverage limits in New York are:
Liability insurance covers the cost of any damage, injuries, or deaths that occur in a car accident that you are the cause, up to your policy’s predefined limits.
PIP will take care of your medical bills and other expenses if you are involved in a car accident, up to your policy limits, regardless of whose fault it is.
Uninsured motorist coverage will handle expenses from injuries or damage after an accident with a driver who has no car insurance coverage. The same goes for underinsured motorist coverage if you are involved in an accident with a driver whose car accident insurance is not enough to cover the cost of the accident.
Having known the risk involved in the above car insurance policies, it is good to know what is best for you. You may have to consider purchasing more than the least minimum coverage.
This is because any cost that is more than your coverage limit will have to be borne by you. Therefore, having just the minimums means that in the case of an accident surpassing what your insurer can bear, you may find yourself paying in excesses of $10 000 to take care of another driver’s car.
Below are the affordable insurance companies in New York and their premiums:
1. Erie – $1 230
2. Travelers – $1 544
3. MetLife – $1 604
4. Hanover – $1 895
5. Safeco – $1 927
6. USAA – $1 930
7. Allstate – $2 231
8. Preferred Mutual – $2 266
9. State Farm – $2 381
10. Progressive $2 401
If you are a good driver with no at-fault accidents, speeding tickets, or DUIs, you may enjoy some benefits on that. With your driving record, insurance companies use your record to determine if you will pose a risk to them or not. Therefore, being a good driver with clean records makes you a less risky and cheaper customer for them. At the same time, your premium will be more affordable than that of those with high-risk records.
In addition to the above, some insurance companies offer a Good Driver discount to their customers which could range between 5 and 10 percent. Among the companies in New York, Nationwide has the cheapest rates for good drivers.
Take a look at the best insurance for college students
Young drivers, that is, those between the ages of 16 and 25, pay the most rates for car insurance in New York and other states than other age groups. This is because they are termed inexperienced and so, have more tendencies to break the law or cause accidents. Teen drivers, between 16 and 19 even pay three times higher than the national average. GEICO, Progressive, and Liberty Mutual are the cheapest insurance companies in New York for young drivers.
Below is a table containing the annual rates for teens with parents or alone:
|18||$4 509||$6 581|
|19||$5 601||$3 368|
If you have a bad driving habit, you can pose a risk to yourself and also the insurance company. This is not exclusive to those residing in New York, it is the norm everywhere. If you also have other driving violations such as an at-fault accident or a speeding ticket, you are never going to get cheap auto insurance. Still, if there are any considerations at all, your best bet to shop for cheap insurance includes Liberty Mutual, State Farm, or Nationwide.
Although every car insurance company boasts of having low rates, not all of them actually do. Also, you need to bear in mind that the most affordable option is not always the best for you. This is because each individual has a particular need and the type of car insurance to purchase determines what insurance company to go for the best offer. So, you must take your time to shop for the right insurance policy that will adequately protect your vehicle. Therefore, you should go for the best value with cheap offers instead of the cheapest rate.
For a full coverage insurance policy in New York, two companies offer the cheapest and they are GEICO and Erie. For veterans or active military, USAA always has a cheap full coverage insurance policy.
On the other hand, The General is the most expensive in the city. Meanwhile, a full coverage policy has comprehensive collision insurance. The amount of liability coverage helps you to find out the annual price.
Additionally, for an old car, the amount for a full coverage policy may not be more than the value of the car. That means you should go for minimum coverage or liability-only insurance.
Generally, you can always choose the kind of car you want to insure in New York or elsewhere in the US. There is a difference of about $1 372 between the minimum liability policy and full coverage with higher liability limits.
1. USAA – $1 015
2. GEICO – $1 270
3. Erie – $1 339
4. Allstate – $1 455
5. Progressive – $1 846
6. State Farm – $1 912
7. Nationwide – $1 998
8. Travelers – $2 536
9. MetLife – $4 621
10. The General – $6 673
The good news about minimum liability coverage is that it is pocket-friendly but in reality, if an accident occurs, you may be forced to pay out of your pocket.
Location is another factor that insurance companies consider before calculating their premium for individuals. So, the city you reside in has an influence on the amount to pay as a premium. Precisely, the cheapest insurance by the city in New York is Irondequoit and the most expensive is Hempstead.
Below is a rundown of ten cities in New York and their insurance premiums:
1. Hempstead – $3 133
2. New York – $3 004
3. Brentwood – $2 517
4. Yonkers – $2 373
5. West Babylon – $2 371
6. Buffalo – $1 699
7. Syracuse – $1 417
8. Albany – $1 329
9. Rochester – $1 296
10. Irondequoit – $1 217
From our data, Erie ($1,230) and Travelers ($1,544) are the best bet when it comes to the cheapest premium in New York.
The average cost of car insurance in New York per year for full coverage is $1 587 and for liability-only insurance is $859 per year.
With an average price of $6 607 per year for full coverage, Brooklyn is the most expensive city for car insurance in New York.
As a driver in New York, you are expected to carry at least $25 000 per individual and $50 000 per accident of bodily injury liability coverage. Also, you will need $10 000 in property damage liability, in addition to $10 000 in personal injury protection as well as $25 000/$50 000 of uninsured motorist coverage.
Your car insurance will cover you and other family members on your policy, whether driving your car or someone else’s car (with their permission). It also provides coverage if someone who is not on your policy is driving your car with your consent. I hope this article satisfies your search intent.