If you’re looking for the cheapest car insurance in New York, you’ll find a wide range of rates for the same policy. To make your shopping easier, NerdWallet researched premiums from the six largest auto insurers in New York to find the cheapest options in the state for a variety of drivers.
Below you’ll find the lowest rates for:
Cheapest for good drivers
For drivers with no at-fault accidents, DUIs or moving violations; range of average prices: $1,437 to $3,586
The average for good drivers among the three cheapest options was $1,958 per year. Geico offered the best car insurance rate for good drivers in New York in our analysis, coming in more than $500 a year less than the next-cheapest company.
If you have a clean driving record, you’re in an enviable position because you qualify for some of the best rates. If you also have good credit, even better. You can push your rates even lower by making sure you get the discounts you’re entitled to, such as a claim-free discount for going without incident during your previous policy term.
Cheapest for young drivers
For drivers in their early 20s; range of average prices: $628 to $1,809
Geico again offered the cheapest car insurance in our test, costing about $350 less per year than its closest competitor. If you’re under 25, still in school and have a B average or better, ask your agent about a good student discount. If you’re living at home, it might be cheaper to stay on your parents’ policy, rather than buying your own.
Cheapest for families with one teen driver
For middle-aged couples with one teen driver; range of average prices: $1,780 to $10,909
No doubt about it, the teen years are filled with angst — mostly for the parents, when their rates skyrocket because of their teen driver. According to NerdWallet’s research, parents in New York can expect an average insurance premium increase of 89% when they add a 16-year-old male driver to their policy. Depending on your insurer, you might have a hard time finding savings apart from the good student discount.
One insurer’s rate topped $10,000 a year in our study, so parents of teens should plan to shop around. Buying a vehicle that’s cheap to insure will help keep your rates down, no matter how much you drive. The Honda Accord and CR-V and the Toyota Camry have the cheapest insurance premiums among popular cars, according to NerdWallet’s analysis of quotes for best-selling cars.
Cheapest for drivers with poor credit
For drivers placed in the lowest credit tier as determined by the industry; range of average prices: $2,147 to $4,155
While New York law prohibits insurers from using credit as the sole basis for denying insurance, or for using it to raise rates at renewal time, bad credit can prevent you from getting the cheapest car insurance in New York when you initially buy your policy. The insurance industry says that credit-based insurance scores can predict how likely it is that a customer will file future claims.
Our research found the cheapest quote for this category — which came from Travelers — was about $700 a year more than the lowest estimate for good drivers with no credit issues. Geico was the next lowest, coming in at about $200 a year more than Travelers.
Cheapest for retired drivers
For drivers in their mid- to late 60s who no longer use their car for commuting; range of average prices: $1,456 to $3,248
Even though auto insurance rates can start creeping up around the time drivers reach age 65, retired drivers in New York can benefit from lower mileage and still get relatively low rates. Geico notched the lowest average rate in our test for retired drivers, and their quote was only about $1 per month more than their estimate for good drivers half their age. What’s more, retirees in New York can save 10% on their premium for three years by taking an online accident prevention course. Learn more about the state’s many approved course providers.
Minimum car insurance requirements in New York
New Yorkers are required to carry liability insurance, which kicks in to help cover others’ post-accident expenses if you caused the incident.
The minimum limits are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $10,000 property damage liability per accident
- $50,000 liability for death per person
- $100,000 liability for death per accident
For the utmost financial protection, you may want to consider buying more than the bare minimum. A serious accident could easily leave you owning more than, say, $10,000 to repair another driver’s car. And any costs that surpass your coverage limits would have to come out of your own pocket.
Read NerdWallet’s guide to state car insurance requirements to learn more about how your New York coverages and limits work, plus optional protection you might want to add such as collision and comprehensive.
Alternative car insurance in New York
If DUIs, poor credit or other factors are keeping you from getting auto coverage on the voluntary market, you could qualify for car insurance through the New York Automobile Insurance Plan (NYAIP).
NerdWallet is also here to help drivers get New York car insurance at the most competitive prices. Our handy comparison tool lets you view estimates from top companies side-by-side and possibly trim hundreds off your premium.
METHODOLOGY
For most categories, NerdWallet averaged rates from the largest insurers for 30-year-old men and women in 10 ZIP codes and with 100/300/50 liability insurance limits and 100/300 uninsured motorist coverage. We used a 2015 Honda Accord in all cases.
To test rates for families with teen drivers, we used a 46-year-old female and 47-year-old male with a 16-year-old son. Our sample retired driver was 67 and drove 50% fewer annual miles than other groups. Our sample young driver was 22 and carried the minimum required coverage levels. The range described includes quotes retrieved by NerdWallet from the six largest insurers in the state. Your own rates will be different.
Alex Glenn is a staff writer for NerdWallet, a personal finance website. Email: aglenn@nerdwallet.com.
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