Using the information in this guide to the cheapest car insurance providers, you can locate coverage that works within your financial constraints. In this post, we examined many providers to compare the best cheap car insurance in New York.
New York Car Insurance
New York is a no-fault insurance state. That means you file most of your injury claims with your insurance. New York drivers must purchase basic personal injury protection (PIP) with $50,000 coverage.
PIP compensates you for your “economic” losses following an automobile accident, regardless of who was at fault. This includes medical fees, 80% of lost wages due to the accident, and up to $25 per day for additional injury-related expenses like transportation. In addition to the $50,000 in basic PIP, there is a $2,000 death benefit.
When you purchase PIP insurance for your car in New York, it covers the driver and all passengers. Your PIP likewise protects pedestrians hurt by your vehicle.
Tip: PIP insurance does not cover auto damage.
The following minimum liability coverages are required in New York:
- $10,000 in property damage from a single accident
- $25,000 for bodily injury and $50,000 for one person’s death in an accident
- $50,000 in damages for bodily injury and $100,000 for the death of two or more people in an accident.
In addition, New York requires:
- No-fault personal injury protection (PIP) coverage of $50,000
- Uninsured motorist bodily injury coverage with the same minimums as bodily injury liability
If you are caught driving an uninsured car in New York, you may be arrested or punished, and your car may be seized. Your registration will be suspended for the days your car was not insured and your plates were not returned. If this term exceeds 90 days, your driver’s license will also be suspended. If your insurance lapse is less than 90 days, you can pay a civil penalty instead of turning in your plates.
- $8 per day for one to thirty days
- $10 each day for the next 31 to 60 days
- $12 each day for the next 61 to 90 days
Driving without insurance could result in higher future vehicle insurance prices.
Cheapest Car Insurance New York
Lower levels of car insurance coverage are less expensive but provide less coverage in the event of an accident. In New York, Progressive has the cheapest average annual rate for minimum coverage, $877, roughly half the statewide average rate of $1,723 for a minimum coverage policy.
Full-coverage auto insurance policies offer more than the minimal liability insurance limits and comprehensive and collision coverage.
Collision coverage covers damage to your car in the event of an accident, regardless of who is at fault. A tree branch falling on your car or vandalism are just two examples of events from which comprehensive coverage will protect you.
Progressive is the cheapest car insurance company in New York City, with yearly rates as low as $92 for liability coverage and $143 for full coverage.
Cheap insurance quotes can be found in all five New York boroughs, with Geico, Erie, and State Farm.
#1. Lowest quotes for insurance in New York State following a speeding ticket: Progressive
New York drivers ticketed for speeding might get the best rates by switching to Progressive. Progressive’s comprehensive insurance policy has an $86/month premium. In contrast, the average insurance cost in New York State following a traffic violation is twice as high.
#2. Cheapest for New York motorists following an accident: Erie
Erie has the best car insurance rates for New York drivers who have recently been in an accident. After a collision, full-coverage auto insurance from Erie costs $123 monthly. This is 38% less than the average cost of coverage following an accident in New York, which is $199 per month.
#3. Cheapest car insurance rates in New York for poor-credit drivers: Geico
Geico offers the best quotes for drivers with bad credit in New York, starting at $227 monthly for full coverage. Geico’s prices are $137 per month lower than the national average, and the firm only raises rates for these drivers by 42%.
Car Insurance New York Cost
According to research, the average cost of car insurance in New York is $1,808 per year. This is $265 higher than the national average annual cost of $1,543. Progressive has the lowest sample rate for auto insurance in the study, at $926, while Mercury has the highest sample rate: $4,625 per year on average.
However, auto insurance rates vary significantly, and the amount you pay for coverage will differ from another rate. The national average rates paid by various groups of drivers show the impact that age, geography, driving history, and other factors can have on car insurance costs.
Rates vary significantly, depending on the insurer.
Who Has the Cheapest Car Insurance in New York?
- The cheapest option is $47 per month. Progressive is the most affordable overall.
- $70/mo. Geico is the most affordable option for young drivers.
- Erie is the best, with rates of $64/mo.
Is Geico Better Than Progressive?
Geico and Progressive are both trustworthy insurance companies with sound business reputations, but which is better depends on your circumstances. We discovered that Geico has better prices for the average driver, whereas Progressive has lower rates, especially for high-risk drivers.
Is Allstate Cheaper Than Geico?
For drivers with credit ratings of less than 580, GEICO offers lower rates than Allstate on average. Allstate and GEICO provide insurance to their consumers in different ways that cater to other people’s requirements. GEICO basically provides online self-service, which allows the corporation to deliver its product at a reduced cost. Allstate uses agents to set up and administer insurance policies, giving its customers a friendlier and more personal experience at a higher cost.
How Can I Lower My Car Insurance in NY?
- Raise your deductible.
- Check to see if you are eligible for any discounts.
- Look around for car insurance.
- Maintain a clean driving record.
- Enroll in the safe driving program.
- Attend an accident prevention course.
- Examine your payment choices.
- Improve your credit rating.
Why Is NYC Car Insurance So Expensive?
Insurance costs vary by area due to population, local accidents, and crime rates. Since comprehensive auto insurance includes theft and vandalism, insurance companies must consider crime rates when determining premiums.
Is $200 a Month Good for Car Insurance?
Consequently, it is reasonable to say that it is worthwhile. It’s also a legal requirement. Do not submit a claim at this time. Fix it up on your dime.
Why Is Geico So Expensive?
Your driving record, age, coverage selections, where you reside, the automobile you drive, your credit history, and not taking advantage of discounts are all common causes of high car insurance costs. In addition, the average car insurance premium has climbed by more than 50% in the last ten years.
Bottom Line
Buying only the required types of auto insurance in New York puts you in a significant gap: You have your vehicle. What if you crash into a railing or a pole? What if you drive through a large puddle only to discover it’s 2 feet deep after your car stalls? If your car is stolen, what happens if it’s never recovered?
You need collision and comprehensive coverage for these and other issues. They also cover damage from fire, vandalism, falling objects, and collisions with animals like reindeer.
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