Car Insurance Rates Across New York State

Although many people in the city take public transportation, there’s still a large percentage of the state’s population that relies on personal vehicles to get them around.

For those people, car insurance is one of their biggest expenses.

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The Price of Insurance In New York State

Across the state of New York, it’s no secret that car insurance is expensive. According to statistics, the average cost of car insurance in New York is 11% higher than the rest of the country – making it the most expensive state for car insurance in the U.S. A teenage driver in New York pays an estimated premium of $5,370 per year. The average adult driver pays approximately $1,200 per year. Typically drivers in upstate New York pay more for car insurance than drivers in downstate New York.

What Determines Car Insurance Rates In New York?

Although the price of car insurance is high across the state of New York, the cost of each person’s individual policy is different. There are a number of different factors that determine car insurance rates. The first factor is state insurance rates. Some of the most common determinants for state insurance rates are:

  • Geography
  • Population
  • Crime rates

There are also individual factors that play a leading role in the cost of personal car insurance policies. Personal factors that affect insurance rates include:

  • Age
  • Marital Status
  • Insurance History
  • Driving History
  • Credit Score
  • Car Make/Model

There are also individual factors that play a leading role in the cost of personal car insurance policies. Personal factors that affect insurance rates include:

  • Age
  • Marital Status
  • Insurance History
  • Driving History
  • Credit Score
  • Car Make/Model

Individuals who have a history of tickets or accidents while driving pay more for car insurance. Some of the most common traffic violations that cause an increase in insurance rates include:

  • Reckless Driving
  • DUI
  • At-Fault Accident
  • Speeding Tickets

To determine personal car insurance rates, however, residents of New York must contact their local insurance agent or company. Many companies offer discounts for good driving records, multiple vehicles, or car insurance purchased in conjunction with other policies such as homeowner’s insurance.

New York State Minimum Car Insurance Requirements

Every driver in New York must carry at least the minimum requirements. Minimum insurance requirements help to ensure that every driver on the road is covered in the case of an accident. In addition, minimum insurance laws help to reduce the number of lawsuits associated with car accidents in the state of New York. The minimum requirements for individual policies are as follows:

  • $25,000/$50,000 Bodily Injury Coverage per person
  • $50,000/$100,000 Death Coverage
  • $10,000 Property Damage per accident

Car insurance is designed to assist with the costs of an accident and protect the insured’s assets in case of a lawsuit. Therefore, for many drivers, the minimum insurance requirements are not enough. Drivers who own their home, other properties, or have sizable cash assets should increase their insurance coverage accordingly. Furthermore, drivers can add coverage for their own medical payments, something that is not covered under a basic state limit insurance policy. When obtaining quotes for insurance, it is important for drivers to discuss their assets with their insurance agent to ensure they purchase enough coverage.

piggy bank with money under it and a wooden car on the table to demonstrate car insurance

How To Find The Best Car Insurance Rates In New York

Across the board, car insurance rates in the state of New York are relatively the same. Drivers looking for relief from the high prices, however, can shop multiple insurance companies to find the best available price. According to research, the companies that offer the best rates for New York drivers are State Farm, Progressive, Geico, The General, and Nationwide. In addition to shopping around, drivers can also customize their coverage to save money on premiums.

Protect Yourself and Your Assets With Car Insurance

Although car insurance in New York is expensive, it’s essential to protect yourself and your assets from a lawsuit in the event of an accident. If you are in an accident, the other party can file a lawsuit against you for the pain and suffering they endure. Likewise, if you’re subject to pain and suffering as a result of someone else’s negligence, you can file a lawsuit against them.

In New York, the best New York lawyers at The Barnes Firm is here to assist you with all of your legal needs related to car accidents and personal injury. Contact them today to learn about your best legal options.

The Barnes Firm (800) 800-0000