Car Insurance Statistics New Yorkers Need To Know When Shopping For a Quote

When you get your license, buying car insurance is probably one of the last things on your mind. However, if you plan to drive a car in New York, you can’t avoid it. Even if you don’t own a car and don’t have plans to own one anytime soon, you will still need to get New York car insurance at some point. 

New York is one of the most populous states in the country, with more than 20 million residents. That’s why it’s no surprise that there are plenty of drivers on the road—and even more cars and trucks. There were about 10 million registered vehicles in New York State as of 2021.

With so many vehicles on such crowded roads and highways, accidents are bound to happen—and often do happen when you least expect them: driving home from work or school, exiting a highway ramp, or turning left onto another street.

Here is a breakdown of more detailed information on car insurance New York so you can make a more informed decision when engaging insurance companies.  

New York Auto Insurance Rates

The average rate for auto insurance in New York is $1400. The highest rate, which is not surprising for a state that has strict laws regarding driving and insurance, is $7400. If you’re looking to save money on your car insurance, then it’s important to compare multiple companies before signing up with one provider.

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Recent Savings From Top Providers in New York

Overall, you can expect to save a lot of money on your car insurance if you choose to shop around. It’s important not just for saving money but also finding a provider that fits your needs. With so many options available, it’s worth your time to do some research into what’s out there before settling on one company. You could end up saving thousands of dollars on what would have been an otherwise unaffordable policy.

Compare Auto Insurance Companies in New York

Progressive, State Farm, Allstate and GEICO are the top four biggest auto insurance companies in New York state. Erie Insurance Group is also a major player in the NY auto insurance market but does not appear to be among the top ten based on data from A.M Best ratings of insurers’ financial strength.

New York Auto Insurance Requirements

In New York, the minimum requirements for auto insurance are $25,000 of bodily injury coverage per person and $50,000 of bodily injury coverage per accident. This covers medical expenses and other damages resulting from injuries sustained in an accident. The minimum property damage liability is $10,000.

New York Car Insurance Average Rates by Make

There’s a difference between what you pay and what they charge. Insurance companies determine their rates by looking at factors such as the make of your car and its age. They also take into account your driving record, where you live and how long you have been driving. Because of this discrepancy between cost and price (and other factors), it’s important to do some research before purchasing car insurance in New York.

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Here are average premiums New Yorkers pay depending on car make:

  • BMW: $1,800
  • Buick: $1,300
  • Cadillac: $1,600
  • Chevrolet: $1,300
  • Chrysler: $1,300
  • Dodge: $1,300
  • Acura: $1400
  • Audi: $1600
  • BMW: $1800
  • Buick: $1300
  • Cadillac: $1600
  • Chevrolet: $1300
  • Chrysler: $1300
  • Dodge: $1300
  • Ford: $1300
  • GMC: $1300

In Conclusion

The car insurance industry is continually evolving as more consumers shop for the best deals on their policies. New Yorkers are fortunate to have a variety of options when it comes time to find coverage that meets their needs and budgets. If you’re looking into getting quotes from different providers, be sure to consider all available discounts before making a final decision.

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