Insurance

Best Ways To Get Affordable Car Insurance In New York

The Empire State is an expensive city to live in. The cost of living in New York is generally higher than in many other states.

With a population of over 19.4 million people and over 12 million licensed drivers, there is a greater risk of theft, vandalism, and accidents. This makes auto insurance very important and expensive in New York.

New York is the second most expensive state in the US to get car insurance. The average premium for auto insurance in New York is 11% higher than the national average. That’s quite a lot, no question.

But we need to understand why auto insurance is more expensive in the Empire State than in most states in the country

  • Increased risk of traffic accidents: New York is so dense and traffic, very congested. This increases the chances of being involved in a car crash. Even as a good driver, the risk of hitting another vehicle is high because the cars are in very close range. Plus New Yorkers are notorious for driving aggressively, also increasing the chances of being in an accident.

  • Higher chances of vandalism and theft: Because New York is very dense, the chances of your vehicle being vandalized or even stolen are higher compared to rural areas. Also, there are no great parking spaces in New York so many people tend to park along the streets in close proximity, exposing their vehicles to damage, like someone bumping into you and breaking your glasses by impact. These contribute to why premiums on auto insurance are high in New York. 

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Auto insurance providers calculate the premium you pay through a number of factors, all dependent on an individual’s driving profile. These factors affect the rates you pay. Some of them include:

  • Location
  • Vehicle age, type, and model
  • Your age
  • Your gender
  • Your marital status
  • Driving history
  • Credit score
  • Chosen deductible amount
  • Bundling opportunities with homeowners or renters insurance

Minimum Coverage Requirements For Drivers In New York

Unlike many other states, New York does not only require drivers to have minimum car liability coverage, but also has Uninsured motorist coverage, Underinsured motorist coverage, and property damage coverage.

Minimum liability coverage is the least amount you must have to pay for any damage or injury you cause. It pays for the expenses of any injury or damage you cause in an accident.

To drive legally in New York State, you must carry at least the following coverage types and limits:

  • $25,000 bodily injury liability per person and $50,000 death per person
  • $50,000 bodily injury liability per accident and $100,000 death per accident
  • $10,000 property damage liability per accident
  • $50,000 personal injury protection (PIP)
  • $25,000 statutory uninsured motorist bodily injury liability per person
  • $50,000 statutory uninsured motorist bodily injury liability per accident

The Cheapest Car Insurance Companies For Minimum Coverage In New York

Purchasing the state-required coverage( minimum coverage) helps keep the cost of your auto insurance low, no doubt. However, many insurance professionals advise that buying a higher policy is usually the safest thing to do as it protects you in case of accidents that cost more than your minimum coverage.

These companies below are some of the cheapest companies that offer low premiums for minimum coverage.

 

Car insurance companyAverage annual minimum coverage premiumAverage monthly minimum coverage premium
Main Street America$304$25
Preferred Mutual$577$48
Progressive$695$58
Utica National$695$58
Erie$773$64

The Cheapest Companies For Full Coverage In New York

Full coverage adds more financial protection to your policy and as such comes with a higher average cost than minimum coverage.

Full liability coverage includes the minimum coverage and comprehensive and collision coverage which covers damage to your vehicle and any bodily injury you may have.

Here are some insurers that offer the best rates for full coverage:

Car insurance companyAverage annual full coverage premiumAverage monthly full coverage premium
Main Street America$761$63
Progressive$1,139$95
Erie$1,629$136
Geico$1,969$164
    USAA$2,137$178

Cheapest Cities In New York For Minimum Coverage

Your city and even your ZIP code affect the average rates of auto insurance in New York.

Denser cities like New York City and boroughs of Manhattan, the Bronx, and Queens tend to have more vehicles on the road hence a higher risk of accidents. For this reason, drivers in the more populated areas pay more than those in less dense areas in New York.

Drivers in the cities below pay some of the cheapest car insurance in New York.

 

 

CityAverage annual minimum coverage premiumAverage monthly minimum coverage premium
Campbell$589$49
Corning$592$49
Coopers Plains$592$49
Gang Mills$592$49
Painted Post$592$49

Cheapest Cities In New York For Full Coverage

Full coverage auto insurance costs more than minimum coverage because of its added financial protection. Urban areas like Rochester Buffalo tend to have higher costs of living which affects car insurance rates. 

Drivers in the  cities below pay some of the lowest average rates for full coverage in New York:

 

 

CityAverage annual full coverage premiumAverage monthly full coverage premium
Fairport$1,417$118
Webster$1,417$118
Penfield$1,428$119
North Chili$1,438$120
Spencerport$1,441$120

Events That Can Impact Your Cheap Rates In New York

Certain events that happen can change the average premium you pay for auto insurance and affect your cheap rates. When things like this happen you would have to shop around for better policies. Some of these events include:

Adding a Teen To Your Policy

Teen drivers do not have so much experience on the wheels and this increases the risk of them getting involved in an accident. Hence, insurance premiums rise.

Getting quotes from multiple insurance providers and comparing them and taking advantage of student discounts can however reduce the amount you pay for auto insurance. 

Receiving a Speeding Ticket

A speeding ticket on your driving record indicates you as an individual that doesn’t take precautions and is a high-risk driver. If you are convicted of a speeding ticket, your premiums increase significantly.

Being Involved in an At-fault Accident

This infraction also classifies you as high risk and makes your premium shoot up. Comparing quotes from multiple providers would help you save more.

Deemed as a High-risk Driver

Drivers with a DUI conviction, multiple at-fault accidents, and speeding tickets are considered high risk. DUI can result in license suspension, jail term, and fines.

All these infractions increase a driver’s auto insurance policy. Still, the best way to cut costs if you’re in a situation like this is to compare quotes and get the best rates.

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