Cheap Car Insurance in New York, NY
Are you in need of cheap auto insurance in New York, NY? At AutoInsuranceEZ.com, you could find the best insurance premiums locally. To find free car insurance rates from the leading providers right away, type in your local zipcode into the quote box on this site.
In the past, New York City served as the immigration capital of the United States, creating a city rich in ethnic and cultural diversity. For decades the city has been a focal point for not just the country’s economic activity, but its fashion and culture as well. It is the most populous city in the US, but despite its large numbers of inhabitants, the crime rate has been going down in recent years.
- Fun fact: is it crowded in here? Because New York is #1 on the list of “Top 100 biggest cities”. Thinking of finding out more about New York? Click here!
Auto Insurance Coverage Requirements in New York
Driving legally in New York requires:
|Bodily Injury Liability||25,000/50,000||100,000/300,000|
|Property Damage Liability||10,000||50,000|
|Uninsured Motorist Bodily Injury||25,000/50,000||25,000/50,000|
|Medical Payments||Not required||100,000|
|Collision||Not required||500 deductible|
|Comprehensive||Not required||500 deductible|
Because New York car insurance is so expensive (both the city as well as the state) it should come as no surprise that Uninsured Motorist coverage is mandatory. There are likely many traffic accidents involving people who can’t afford to purchase coverage who are driving illegally, necessitating such coverage.
When you calculate rates for all drivers within New York State, the average monthly premium costs around $98/month. However, as one might expect, the New York City average is much higher: $166/mo* on average. Keep reading to find out if there are any specials or discounts in your area.
No matter what company you choose, you’re still likely going to be paying more than the state average in monthly premiums. However, Allstate and Amica seem to be offering better deals right now (provided you fit all of the attributes of an average driver, that is).
Auto insurance carriers contemplate many factors when establishing insurance prices, among them marital status, where you live, type of vehicle owned, driving distance to work, and theft protection devices. Also keep in mind that premiums could vary from provider to provider. To verify you’re still being charged the most affordable cost, evaluate cheap New York auto insurance rates on the web.
Major Car Insurance Factors in New York
The moment your car insurance company sits down to craft your insurance policy, they take numerous issues into consideration. Some, like your car’s make/model or your exact location, are generally unfeasible to modify. A few alternative factors are:
Your Zip Code
The spot where you park your vehicle every night will have a significant impact on your car insurance rate. Typically, auto insurance is less expensive in outlying locations simply because fewer cars and trucks means a reduced chance that you’ll get into a collision with some other vehicle. The populace of New York is 8,405,837 plus the normal family income is $52,223.
New York is, by far, the most populated city in the country with more than double the population of #2 on that list: Los Angeles. Because you are sharing the road with so many other motorists, should you choose to own a vehicle, you will likely be paying much higher rates than in other areas.
Auto Thefts in New York
Residing in a big metropolis (Especially any which has a substantial rate of crime) increases your likelihood of becoming a victim of auto theft. In cases where your overall locality features substantial rates of claims for theft, you are likely to spend much more for auto insurance in order to balance out these costs. The complete amount of thieved automobiles in 2013 was 7,434 for New York. While this may seem high, per capita theft statistics are surprisingly low for such a large city. That shouldn’t prevent you from adding some Comprehensive coverage to your policy, however.
Your Credit Score
Amica and Nationwide might give drivers with poor credit a slightly less burdensome monthly premium, but your rates will still be very expensive. Most other major providers, however, are charging double the monthly rate to drivers with poor credit compared to those with excellent credit.
The older you are, the lower your insurance premiums will be each month. Drivers under the age of 25, however, are charged some of the highest rates around – even after Good Student or Driver’s Ed discounts are applied.
Your Driving Record
According to the chart above, choosing to own a vehicle and drive it in New York City is just as risky as if you already had a serious, car-totaling wreck on your record. And if you’re wondering why DUI violations cost so much, just use common sense: anyone who chooses to drive under the influence while in a city known for its comprehensive public transportation system probably has the sort of poor decision making skills which make them a risky (and, therefore, expensive) motorist to insure.
Collisions are very likely in New York, which means that expensive vehicles (such as luxury vehicles) are that much more expensive to insure. This is in anticipation of inevitable body work and other such repairs.
Minor Car Insurance Factors in New York
The factors below can be a little harder to control, but they can also raise or lower your monthly premium:
Your Marital Status
Married couples have easier access to bundling discounts than single drivers. In addition to bundling auto policies, you can also bundle whatever other insurance policies you own, as long as your provider offers you the option.
Insurance companies base their premiums on statistical data. Whoever is most likely to get into an accident will get charged higher rates. But since there is no conclusive data which proves one gender is a more dangerous driver than the other, many companies don’t charge men and women different premiums.
Your Driving Distance to Work
Commute times in New York City are extraordinarily long – sometimes up to 50 minutes – which may explain why only 25% of drivers take their own car to work. The majority of commuters take either a subway train or elevated rail (45%) while another 14% will either walk or take the bus.
If you live in New York and own a car for whatever reason, it’s a good idea to take advantage of public transportation as often as possible. Driving significantly fewer miles each year could lower your premiums by as much as 5-6%. Business vehicles, however, can see rate hikes as high as 11% or more.
Your Coverage and Deductibles
Raising your deductible could put a small dent in your monthly premium. However, if you do need to file a claim, you should save a little in order to have that money on hand. Because your insurer won’t pay out claims until after you pay your deductible.
Education in New York, NY
Nearly 28% of New York City residents have yet to complete their secondary level of education, while 24% have in fact attained their high school diploma. But did you know that auto insurance providers have started giving out lower rates to motorists with college degrees? If you have one, or are planning to earn one in the near future, you could be in for some huge savings! It’s an even more significant discount than what you’ll get for having a special job or a really high income.
The City University of New York, otherwise known as CUNY, has more than 20 different locations and is a public university. There are also dozens of private institutions, the most famous of which are NYU and Columbia. There is also Yeshiva University, Julliard (for music and dance), and The New School, which specializes in social research.
Obtaining reasonably priced car insurance can easily become a problem. There’s a lot of important information to take into account, and understanding how insurance agencies examine your possible risk may well be challenging. But don’t permit the wrong insurance company to convince you to sign up for a second-rate policy.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.