The best cheap car insurance in New York – Business Insider

22May 2020

  • New York comes in as the third-most expensive state in the US for car insurance, according to the Insurance Information Institute.
  • Insurance rates vary from person to person, and are calculated with information such as your driving history, your age and gender, and even your credit score. 
  • But, by shopping around, you can find the best deal for your own cheap auto insurance, even in a state where insurance premiums are high like New York. 

When you’re shopping for the best cheap car insurance in New York, there are a few factors you’ll want to consider. While the Insurance Information Institute estimates the typical New Yorker will spend $1,301 each year on car insurance premiums, or the amount you pay yearly for insurance, there are ways to get better rates. 

By shopping around, you can price compare and see what company has the best cheap auto insurance quotes for you. There’s no ‘one size fits all’ approach to car insurance — everyone’s information and life situation is different, meaning that every insurance company will assess their risk, and price their premiums, differently. 

Here are the best cheap auto insurance companies in New York. 

Consumer Reports compiled information on which companies generally provide the most affordable car insurance in each state, calculated based on each company’s pricing formulas for each state. There are four that generally came up as the best cheap car insurance companies in New York, although the top pick varies by credit score:

Drivers with good credit, or scores 670 to 739 according to FICO, will find that these three are the best for cheap car insurance. Here are their yearly premiums for a single adult driver:

  • Geico car insurance: $1,057 per year
  • USAA car insurance: $1,131 per year
  • Allstate car insurance: $1,340 per year

Drivers with excellent credit scores, which FICO defines as 800 and above will get some of the best rates in New York. These three companies offer the best cheap car insurance for these drivers, listed with the premium for a single adult driver based on Consumer Reports’ data. 

  • USAA car insurance: $1,016 per year
  • GEICO car insurance: $1,016 per year
  • Progressive car insurance: $1,047

Drivers with poor credit, or people with scores falling between 300 and 579 according to FICO, will pay more for their car insurance. Here are the rates that three insurance companies would charge a single New York driver with poor credit for a year: 

  • GEICO car insurance: $1,454 per year
  • Allstate car insurance: $1,489 per year
  • USAA car insurance: $2,541 per year.

As you probably noticed above, people with the best credit get the lowest car insurance premiums. Generally, drivers in more rural areas will also get better rates — someone living in upstate New York will generally pay less than someone in New York City. 

But that’s just the tip of the iceberg when it comes to calculating insurance premiums. Insurance companies will also look at factors like your age, gender, and the type of car you’re insuring. Your driving history will also play a part in your insurance costs. 

Every insurance company looks at these factors differently. That’s why it’s so important to get quotes from several different insurance companies, and compare them to make sure that you’re getting the best deal. 

When you’re comparing, don’t just look at the premium. Look for the limits that are listed with each liability, or type of coverage. The greater the coverage amount, the better the policy. Look for the one with the most coverage that fits your budget.

Below is the estimated average annual premium of auto insurance policies per household in New York’s 100 most populous cities.

City Average Annual Car Insurance Premium
Albany $1,338
Auburn $1,325
Baldwin $1,652
Bay Shore $1,508
Binghamton $1,268
Brentwood $1,570
Brighton $1,508
Buffalo $1,274
Centereach $1,681
Central Islip $1,509
Cheektowaga $1,384
Commack $1,758
Copiague $1,534
Coram $1,574
Cortland $1,354
Deer Park $1,627
Dix Hills $1,814
East Massapequa $1,687
East Meadow $1,635
East Northport $1,670
East Patchogue $1,527
Eastchester $1,700
Elmira $1,270
Elmont $1,632
Franklin Square $1,632
Freeport $1,518
Garden City $1,811
Glen Cove $1,548
Harrison $1,682
Hauppauge $1,671
Hempstead $1,443
Hicksville $1,674
Holbrook $1,658
Holtsville $1,665
Huntington Station $1,592
Irondequoit $1,436
Islip $1,659
Ithaca $1,286
Jamestown $1,247
Kingston $1,346
Kiryas Joel $1,295
Lake Ronkonkoma $1,627
Levittown $1,696
Lindenhurst $1,597
Lockport $1,365
Long Beach $1,554
Lynbrook $1,599
Mamaroneck $1,603
Massapequa $1,762
Medford $1,603
Melville $1,709
Merrick $1,797
Middletown $1,415
Mineola $1,593
Monsey $1,394
Mount Vernon $1,417
Nanuet $1,620
New City $1,745
New Rochelle $1,548
New York $1,426
Newburgh $1,300
Niagara Falls $1,280
North Amityville $1,534
North Bay Shore $1,615
North Bellmore $1,718
North Tonawanda $1,422
North Valley Stream $1,688
Oceanside $1,671
Ossining $1,529
Peekskill $1,466
Plainview $1,772
Plattsburgh $1,327
Port Chester $1,472
Poughkeepsie $1,332
Rochester $1,249
Rockville Centre $1,671
Rome $1,382
Ronkonkoma $1,638
Rotterdam $1,452
Saratoga Springs $1,538
Schenectady $1,313
Selden $1,600
Shirley $1,593
Smithtown $1,723
Spring Valley $1,377
Syosset $1,845
Syracuse $1,277
Tonawanda $1,427
Troy $1,330
Uniondale $1,554
Utica $1,285
Valley Stream $1,662
Wantagh $1,779
Watertown $1,306
West Babylon $1,615
West Hempstead $1,680
West Islip $1,733
West Seneca $1,459
White Plains $1,566
Yonkers $1,443

The above data was obtained from S&P Global Market Intelligence.

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Source: businessinsider.com

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