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How to Find the Cheapest Car Insurance in NY

New York City is famous for not having that many drivers compared to other states. This is because New York has among the best public transportation systems in the country and parking spaces are expensive because they’re hard to come by. People who do not use the subway usually go by cab or ride share. Traffic often crawls as the city is crowded and full of traffic lights.

Still, if you are brave and patient enough to drive In New York, you will need a good insurance policy. Insurance rates in the city are not usually very cheap, but you are in luck. This article will cover cheap car insurance in NY in great detail. You will find in the following paragraphs all the information you need to know about car insurance.

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New York Car Insurance Overview

  • Numbers of vehicles – The per household average is less than 1.
  • Minimum state insurance requirements – $50,000 per accident and $25,000 per person in personal injury protection (PIP). Property damage (PDl) minimum is $10,000. amounts to $50,000 minimum. In addition, uninsured motorist bodily injury is $25,000 per person/$50,000 per accident, minimum.
  • The average rate for drivers with a clean driving record – $1,759

New York State Car Insurance Minimum Requirements

New York state requires you to have at least the minimum liability insurance as a proof of financial responsibility for your vehicle. These numbers are often exceeded in an actual accident, in which case the at-fault party has to cover the medical and property damage costs from their personal savings.

The minimum insurance in NY is as follows:

  • $25,000 per person or $50,000 per accident liability for multiple injuries.
  • Unlike many states, New York requires uninsured motorist coverage for bodily injuries. The minimums are also $25,000 per person or $50,000 per accident (same as liability above).
  • $50,000 per deceased person or $100,000 per accident liability for multiple deaths.
  • $10,000 for property damage liability per accident.

What You Can Expect to Pay in NY

Rates per Vehicle

Insurance companies collect data on every car model based on the number of accidents it was involved in and the number of claims filed by the owners. The higher these numbers are, the higher the premiums for these cars.

Besides the make and model of the car, additional factors affect the rate. The purchase price of the car is important. The parts are more expensive if the car is newer and made in a foreign country.

Expensive cars like Mercedez-Benz or BMW’s are actually not the most stolen cars. Older model Honda Civics and Accords top the charts among the most stolen cars each year. Today’s car thieves work for illegal networks that take apart the cars for resale of the parts individually and all over the world. Insurers take this in to account when providing quotes for these vehicles.

The safety features of a vehicle are also important. Still, an insurance provider can ask for a higher rate even if you have a safe car.

Which car models are more expensive to insure, older or newer ones? This is a hard question because the rates vary from model to model. Old cars can be expensive to insure too because some of them lack safety features. However, their parts are cheaper than those of brand new cars. For the most part, brand new cars are more expensive to insure.

The only way to find an exact quote for what you will pay for insurance is to get a quote with your personal details and they type of car you intend to insure. The difference between car to car can vary greatly since the type of vehicle is only part of the equation used by insurance providers.

Rates by Credit Score

The credit score is an important factor insurance companies take into account when determining insurance rates. They use credit scores as a way of predicting the risk of their customers filing a claim.

Rest assured, you can improve your score by being responsible. Pay your credit card bills on time and don’t run up charges. Late payments can stay on your record for up to 7 years.

If you have one or more credit account in good standing, your insurance rates should be lower. An older account that is still active can show insurance providers your financial stability over a longer period of time.

In New York, drivers with merely good credit scores can pay up to $250 more than those who have excellent credit scores, assuming both have spotless driving records. In contrast, the difference in rates for drivers of poor versus excellent score may exceed 100%.

The table below shows the huge differences in rates based on credit score. To keep things on the same basis, these are annual rates by the same insurance provider.

Credit ScoreRate For State Minimum Coverage
Poor 300-579$2,411
Fair 580-669$1,983
Good 670-739$1,628
Excellent 740+$1,130

Rate for Drivers with a Clean Record

Besides your credit score and vehicle model, insurance companies check your driving record to calculate the risk of you being in an accident or filing a claim. Those with a clean driving record can expect much lower insurance rates than those who have a history of driving infractions.

Your age also matters, and the driving experience that comes with it. Insurance rates for 40-year-olds are much lower than the rates for teen drivers because of how inexperienced they are on the road. Of course, if somebody got their driver’s license at the age of 50, they are also going to fall into the inexperienced category and may be required to pay more for insurance.

Drivers who have spotless records are often rewarded with various discounts on their annual insurance rate. Those discounts can come in very handy, especially if you want full coverage. The minimum coverage only covers your liability toward the other party.

Full coverage adds much more protection because it covers the comprehensive and collision parts as well. Comprehensive includes coverage for situations which are not a result of a collision, such as theft, vandalism, and natural disasters. Collision is self-explanatory; it covers the damage caused by collision with a person or an object if you’re at fault. If not, you’ll have to claim from the other party’s liability insurance.

Insurance AgencyState Minimum InsuranceStandard CoverageFull Coverage
Travelers$1,556$1,784$2,306
GEICO$1,941$2,117$2,760
Progressive$1,656$2,410$2,976
NYCM$1,937$2,204$2,992
USAA$1,791$2,000$2,489

Rates for Drivers with Infractions

A history of driving infractions will not bode well for your insurance rates. First-time offenders are usually spared, especially if it is a minor offense like a slight speeding violation. Some insurance providers will not add surcharges because of this but you can say goodbye to your good driver discount.

However, major offenses like a DUI can lead to the doubling of your insurance rates. Speeding violations usually have the lowest surcharges of about 30% over the regular rates.

If you have multiple violations, some insurance companies may not even accept you as a client. If it comes to this, you need to find an insurer specialized in insuring high-risk drivers, which is going to cost you a lot more. To return to regular insurance, one has to have a clean driving record for at least three years.

Insurance Agency At Fault Accident Speed Violation DUI
Travelers$4,897$4,552$4,964
Progressive$3,665$3,689$4,066
Nationwide$3,142$3,114$6,853
GEICO$2,065$1,894$3,860
Allstate$4,004$3,071$5,884

The Best Auto Insurance Providers in New York

There is an abundance of insurance companies in New York and it can be challenging to decide which one is the best. Just by the numbers, you can conclude the following insurance providers come out on top.

All of these companies have a stellar reputation and many satisfied customers behind them. However, there has to be one that’s the best of the best.

Best Overall: Nationwide

Nationwide is the overall best insurance provider because they offer very affordable insurance policies for everyone. They provide the cheapest insurance rates in New York for drivers with all yes of credit score.

The differences in price are not that unforgiving either, especially for drivers in the good and fair credit score categories. It pays to have an excellent credit score. Compared to a poor credit score, you may save over 100% for minimum coverage based on the average rates.

Cheap Car Insurance in NY for First-Time Drivers: Nationwide

If you are a first-time driver you will need good insurance for your car, but insurance companies often take advantage of your situation. The rates for new drivers are usually higher, but Nationwide is very reasonable, all things considered.

You can earn many discounts even if you are new to driving, such as installing anti-theft devices or taking a driver safety course. After you pass the safety tests, you can save 10% on your annual insurance rate.

Cheap Car Insurance in NY for Young Drivers: State Farm

If you are an active student, you qualify for a student discount with State Farm, which offers a 25% discount to every good student. To qualify, you simply need to have an average grade of B or above. This discount continues past graduation until you are 25.

You can also see if you are eligible to add your car to your parent’s insurance and earn some savings on the multi-car insurance policy.

Car Insurance in NY for Multiple Cars: GEICO

You can insure almost any type of vehicle with GEICO, which is great because you can bundle all your vehicles together. If you insure more than one car this way, you will get a multi-car discount.

This discount increases with the number of cars, and it can grow up to 25%. You do not have to own every car in this policy. You can include your family members or your roommates as long as you live in the same address.

Read Benzinga’s full Geico Auto Insurance Review

Best Premium Car Insurance in NY: Progressive

Progressive is not the cheapest insurance provider in the state of New York, but it is one of the most reliable. Besides the minimum insurance as required by law, they offer standard coverage and comprehensive coverage which account for other than the usual damage to your vehicle.

They offer many other options, such as lease payoff, rental car reimbursement, medical payments, uninsured motorist coverage, etc.

Read Benzinga’s full Progressive auto insurance review

Find Additional Car Insurance Providers in Your Area
Pro tip: Compare quotes from multiple companies to get the best rates

Getting Covered in NYC

Many New Yorkers decide not to drive and use public transportation instead. The long commute times are not inspiring either, but if you have to drive, you can do it. Just don’t forget to get insurance.

Here’s the good news. You can learn more about insurance above and beyond what’s covered in this article with Benzinga’s guides to the best home insurance in New York, the best affordable health insurance and the best boat insurance.