Car insurance prices vary from state to state. It’s important to understand the average cost of insurance in your state so you know what to expect when dealing with car insurance companies. New York has high insurance prices, but you can learn strategies and tips for reducing the cost of insurance if you’re a resident. Here’s what you need to know about car insurance in the state of New York.
How Much is Car Insurance in New York?
On average, car insurance in New York costs $1,828 yearly for minimum coverage and $4,451 for full coverage. New York’s average cost of auto insurance for minimum coverage is 154% higher than the national average. Several factors may influence the cost of car insurance in New York, including your age, gender, driving record, credit score, and the age of your vehicle.
However, the cost of living is also a significant contributor to the high insurance cost. Typically, places with a higher cost of living, such as New York, charge more for insurance coverage. While some cities in this state charge less, many have a high average cost of living. Despite the high price, you can still find ways to lower your monthly and yearly car insurance bills.
Cost Variations by City
If you live in the state of New York, the price of car insurance may vary depending on where you live within the state. Each city has different car insurance prices, with some cities charging customers more than others. The most expensive city to buy car insurance in is Jamaica, followed by New York City, Flushing, and Woodside. Other cities with a high average car insurance cost include:
- Far Rockaway
- East Elmhurst
- Ridgewood
- Elmhurst
- Corona
- Astoria
If you don’t live in any of these cities, you can probably find an insurance company that will offer more affordable car insurance plans. Typically, smaller towns and cities have cheaper insurance plans. For example, you can find cheaper car insurance in these New York cities:
- Rochester
- Yonkers
- Syracuse
- Albany
- Schenectady
- Binghamton
New York Regulations
The state of New York has some specific regulations for drivers to follow when finding an insurance plan. These regulations can impact the price of your car insurance, so it’s important to understand what they mean and how they might affect you. Here are a few regulations to consider as you shop for an insurance plan:
No-Fault State
New York is a “no-fault state,” which means that every driver involved in a collision needs to file a claim with their insurance company. Some states only require the at-fault driver to file a claim, but New York requires everyone to file. When a collision occurs, each person’s insurer pays a certain price to cover damages and injury. As a result of New York’s no-fault status, every driver needs to include a Personal Injury Protection (PIP) policy in their car insurance package.
Minimum Coverage Requirements
New York also has minimum coverage requirements for drivers. This means that every driver is required by the state to have a certain amount of coverage to be insured. Despite the extensive minimum requirements, it’s best to choose a policy that makes you feel safe and secure on the road, since minimum coverage may not always be enough. Here are the minimum coverage requirements for New York state:
- $10,000 for property damages from a single collision
- $25,000 for bodily injury to a single person
- $50,000 for the death of someone involved in a collision
- $50,000 for bodily injury to multiple people
- $100,000 for the death of two or more people
Ways To Save Money on New York Car Insurance
While car insurance is expensive in New York, you can still find ways to save money. A few strategies can help lower the cost of your premium if you live in New York. Here are a few ways you can save:
Get Multiple Quotes
The first strategy you can implement to find an affordable car insurance plan in New York is to get multiple quotes from different insurance providers. This helps you compare the cost of different plans to see which one works for you and your budget. You might even negotiate with an insurer to see if they can match the price of a different insurance provider to ensure you get the best deal. Contacting multiple companies can also help you understand the various packages available to you.
Look for Discounts
As you shop around for a package that works for you, consider looking for available discounts. Some insurance companies offer discounts to certain customers based on good credit scores or clean driving history. You can earn discounts by taking a driver safety course or through enrollment in college or university. You can ask each company what discounts they offer to see which ones you qualify for, which can reduce the cost of your insurance payments.
Increase Your Deductible
Another way to save some money on your car insurance payments is to increase your deductible. This means that when an accident occurs, you will pay a higher price for repairs. However, your monthly and annual premium costs may be much lower. Increasing your deductible can save you hundreds of dollars each month, which is very beneficial in a state where premiums are high. While increasing the deductible lowers monthly payments, it’s important to choose a deductible you can afford to pay if a collision occurs.
Understanding the cost of car insurance in the state of New York can help you find an insurance package that works for you. Consider conducting research before purchasing, finding a package that includes discounts, and increasing your deductible to lower the total on your bill each month.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
