Average car insurance cost in New York, NY

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According to data from Insure.com, the average annual cost of car insurance in New York, New York is $2,600. The auto insurance rates in New York is $730 more than the state average and $705 more than the national average.

Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.

This article talks in detail about the most affordable car insurance companies in New York, the average car insurance rates by age and gender, and how much car insurance cost in New York depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in New York. Keep reading to learn more.

Cheap car insurance companies in New York

Progressive provides the best value for car insurance in New York with coverage limits of 100/300/100, costing $1,640 annually.

A close second is NYCM Insurance, which offers car insurance at $2,358 per year.

Read about the best car insurance companies.

Average car insurance cost in New York by coverage limits

The average car insurance rates in New York based on coverage types are as follows:

• State minimum coverage: $1,115 per year (limits are 25/50/25)
• Liability only coverage: $1,318 per year (limits are 50/100/50)
• Full coverage: $2,600 per year (limits are 100/300/100)
• Non-owners coverage: $607 per year

In many states, it’s a legal requirement for drivers to maintain the state minimum coverage, although these requirements vary by state. The state minimum coverage does not cover vehicles listed on your policy in an at-fault accident.

To avoid the risk of insufficient coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage, especially if you frequently borrow or rent vehicles and don’t own one yourself.

Average car insurance rates by gender in New York

The average car insurance per year for female drivers in New York, New York, is $2,605.

Whereas the yearly average car insurance rate for male drivers is $2,596, which is $9 less than what female drivers pay.

According to the Insurance Information Institute, women are considered to be safer drivers than men, and statistics have proved this. They often enjoy lower auto insurance premiums due to their lower incidence of severe accidents compared to men.

Read more on how gender affects car insurance rates.

Average car insurance rates by age in New York

In New York, teenagers have the highest car insurance rates, at $8,592 per year or $716 per month. This higher rate is attributed to the increased risk of road accidents among teenagers (aged 16 to 19) due to their limited experience on the road, according to the Insurance Information Institute.

However, there are driving laws for teens to improve their driving habits. Additionally, the cost of teen insurance can be reduced by adding them to a parent’s auto insurance policy. As teens mature and establish a positive driving history, their car insurance rates are likely to decrease.

Young adults, pay an average of $4,279 annually for car insurance, which is $4,313 less than what the teens pay for their insurance policy.

Meanwhile, adult, and senior drivers in New York have car insurance rates of $2,629 and $2,739 per year, respectively. The car insurance rates for adults and seniors are lower than those for teens and young adults. “This is because they are more likely to obey the speed limits and follow the rules of the road,” says the Insurance Information Institute.

Read more on auto insurance for seniors.

The table below shows the average annual rates for drivers of different age groups:

Car insurance rate trends in New York

Examining the trends in car insurance rates in New York, New York it was on an downward swing from 2022 to 2023. From 2022 to 2023 rates decrease overall by 36%, or $1,458.

The table below shows the trend for last four years:

Conclusion

Car insurance rates in New York are higher than the average rates in New York. Drivers in New York can secure affordable car insurance by shopping around and utilizing available discounts. Additionally, many insurance companies offer bundling discounts for customers who purchase multiple policies from the same provider.

Sources

• Insurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.
• Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.
• Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.

The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:

• $100,000 bodily injury per person
• $300,000 bodily injury per accident
• $100,000 property damage per accident
• $500 comprehensive and collision deductible

The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Prachi Singh

Contributing Researcher

 

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Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry.