2021 Best Cheap Auto Insurance in New York City
Like most states, New York City requires all drivers to purchase auto insurance. However, if finances are tight, it can be difficult to find affordable auto insurance in New York City. On this page, drivers ask, “How much does auto insurance cost in New York?” can find answers.
- The cheapest for typical drivers: Geico
- The cheapest for young drivers: Chubb Insurance
- The cheapest for seniors: Geico
- The cheapest for drivers with a speeding ticket: Geico
- The cheapest for drivers looking for minimum coverage: Geico
The cheapest for typical drivers
Geico is the big winner in the cheapest auto insurance in New York, with an average annual rate of $ 1,876
Other competing carriers include:
- Erie, with a rate of $ 2,272
- State Farm, with a rate of $ 2,435
- Allstate, with a rate of $ 2,453
The cheapest for young drivers
The best auto insurance in New York for teens and young drivers is Chubb. Chubb will cover a new teen driver for $ 4,713 per year (or $ 393 per month). While their rate is certainly not cheap, it is much lower than most other carriers. Often the cost of coverage is based on whether a teenager is in school, has good grades, and has taken a driving course.
The finalists for low cost auto insurance for teens include:
- Geico, with a rate of $ 5,308
- State Farm, offering an average rate of $ 5,615
The cheapest for seniors
Geico is once again one of the best auto insurance companies in New York. People aged 65 and over looking for cheap auto insurance in New York City can expect to pay around $ 1,428 per year for a Geico policy.
Other contenders include:
- Erie Insurance, with a rate of $ 2,125
- State Farm, with an average annual rate of $ 2,151
The cheapest for drivers with a speeding ticket
Drivers with a history of traffic tickets can be hit hard by some insurers, but this is not the case with Geico. At $ 2,251, Geico remains competitive.
Other insurance companies worth exploring are:
- Erie, with an average rate of $ 2,777
- Allstate, with a rate of $ 2,884
Cheaper for drivers looking for minimal coverage
If you are a New York driver looking for just enough coverage to allow you to drive legally, a minimum coverage policy is available from Geico for $ 537 per year.
The finalists include:
- Erie, with a rate of $ 1,064
- Chubb, with an annual rate of $ 1,107
Average cost of auto insurance in New York compared to national average
At $ 3,909, auto insurance rates in New York are nearly 48% higher than the national average of $ 2,646.
Why this average rate does not say everything
How much a particular driver will pay depends largely on the level of coverage they seek and the amount of deductible they are willing to pay in the event of a loss.
Auto Insurance Laws in New York
The laws on auto insurance in New York are strict. Driving without insurance can cost up to $ 1,500, plus an additional $ 750 at the DMV to collect your license after it is revoked. Drivers who continue to drive without coverage can end up in jail.
New York minimum coverage requirements
Drivers looking to meet New York’s minimum auto insurance requirements should purchase liability coverage of at least:
- $ 10,000 for property damage for a single accident
- $ 25,000 for bodily injuries and $ 50,000 for the death of a person involved in an accident
- $ 50,000 for bodily injuries and $ 100,000 for the death of two or more people in an accident
Finding cheap liability insurance in New York City may require a bit of shopping. The good news is that it’s available for those who watch.
How to get cheap auto insurance in New York
Finding cheap auto insurance in New York (or elsewhere) involves taking the time to shop around and get several auto insurance quotes. It is not enough to check a few insurers. Rates vary wildly, and for most people, an insurer offers enough discounts to get to the top of the list.
The ideal policy
Once a driver has gathered New York auto insurance quotes from the best auto insurance companies, it is important to compare them side by side. The best policy is usually the one that offers the highest level of coverage at the lowest price.
Take advantage of discounts
It’s easy to look at average policy rates and assume that all drivers pay roughly the same. Averages are just that, however. They take into account the most expensive and the cheapest policies. A driver who qualifies for discounts on auto insurance (such as a safe driver and bundling) can snag rates at the lower end.
New York law requires that drivers who take a defensive driving course (and send their certificate of completion to their insurance company) receive a 10% discount on collision and liability coverage for three years.
Other things to consider when looking for auto insurance in New York
Despite above-average premiums, New York City has the second-lowest uninsured rate in the United States. While it’s impossible to know exactly why, the hefty penalties for driving without insurance may help explain why 94% of New Yorkers buy insurance before they fall behind. driving a car.