Finding affordable car insurance in New York can be a hassle if you don’t know how to go about it. Car insurance rates in New York average $1,400 annually but can vary more than anywhere in the country, so some research is done to get the best coverage for the lowest rate.
Anyone driving in New York, especially in New York City, knows how busy the roads are. With more than 20 million residents, New York is the fourth-most populous state in the U.S. While the official population of New York City is 8.8 million, about two-thirds of the state’s residents live in the New York metropolitan area, making it the most crowded metropolis in the nation.
An ounce of research is worth a pound of savings.
Car insurance rates in New York tend to run higher than the national average, and rates in New York City can run several times higher than average rates elsewhere, so it’s essential to shop around. Fortunately, it’s easy to research car insurance coverages and rates on smartphones, tablets, or computers to avoid the sticker shock of sky-high rates from unfamiliar or unreliable providers.
Five significant insurers account for about 64 percent of all car insurance policies in the State of New York. Comparing car insurance New York rates simply requires contacting each of these companies and perhaps a few smaller companies to find the best coverage at the lowest rate.
Factors affecting New York car insurance rates
A number of factors determine an individual’s car insurance rates in New York. It’s essential to consider each of these factors before buying car insurance in New York:
- Driving history: No tickets or accidents? Congratulations, that’s the road to saving money on car insurance. Tickets and accidents tend to increase insurance rates, while a clean driving record can reduce rates.
- Age: It makes sense that drivers with years of experience on the road usually benefit from lower rates than younger, inexperienced drivers. Rates for seniors tend higher, though, as eyesight and reaction times decline.
- Residential ZIP code: The location of an individual’s residence is a factor. People who live in the city tend to pay higher rates than people who live in rural areas. Depending on which suburb a person lives in, the rates may be even higher than those in the city center; and rates vary widely among the suburbs.
- Credit profile: Insurance companies consider a person’s creditworthiness when determining insurance rates because people with good credit are considered a lower risk than those with bad credit. Better credit usually translates into lower car insurance rates in New York.
- Age and value of the insured vehicle: Old cars and trucks generally cost less to insure than new cars and trucks. Cars and trucks with higher original sticker prices represent a higher potential loss, so they cost more to insure than less expensive vehicles.
- Vehicle safety features and driver behavior: Expect lower insurance rates if a car or truck is outfitted with safety technology such as anti-lock brakes, forward collision prevention, lane departure warning, blind-spot detection, and/or anti-theft devices. Some insurance companies have devices that monitor driver behavior; careful drivers are rewarded with even lower rates.
- Coverage amounts and deductibles: Minimum coverage amounts required by New York state law for bodily injury liability and property damage liability may be inadequate to satisfy a claim fully. It’s essential to discuss coverages and rates with agents to understand what’s best for each person’s needs. Choosing a high deductible can lower the monthly rate, but it will cost more whenever a claim for repairs is filed.
Shop around to save money on car insurance in New York
New York is the shopping capital of the U.S., so why shouldn’t residents of New York shop around when they’re looking for the best car insurance rates? The internet and modern technology make shopping for New York car insurance very easy. A little homework may result in substantial savings up front and a better experience if a claim is ever filed.