Cheap Car Insurance Companies Near Me - Do you feel like your car insurance bill is constantly rising? In New York, it is. New Yorkers' average spending on car insurance has increased by about $570 a year since 1989, according to the Consumer Federation of America.
To help you save money, we analyzed car insurance rates in New York from 10 major insurers to find the cheapest car insurance companies.
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Geico, USAA, and Hanover offer the cheapest rates for good drivers in New York among the companies we surveyed. (USAA is only open to individuals with a military affiliation, such as active duty military personnel, veterans, and their families.)
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USAA and Hanover offer the best rates for New York drivers with speeding tickets among the companies we reviewed.
In New York, a speeding ticket will add 3 to 11 points to your driving record. For example, speeding 1-10 mph over the limit adds 3 points. Accelerating more than 40 mph over the limit adds 11 points. If you score 6 or more points in 18 months, you will be required to pay the New York Driver's Liability Assessment Fee of at least $100. And your insurance rates will likely increase the renewal time when your insurer sees the ticket.
A speeding ticket will remain on your file until the end of the calendar year after three years.
Hanover and USAA again emerge as the cheapest bets for New York drivers, this time for drivers who have caused an accident.
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An accident will remain on your record in New York until the end of the calendar year after three years. And unless you have insurance with accident forgiveness, your rates will likely increase upon renewal after the accident.
If you get a ticket for an offense related to the accident, you could get points on your driving record. For example, running a red light is worth 3 points.
Having bad credit will increase your auto insurance rate more than having a speeding ticket or an accident. With exorbitant rates for New York drivers with bad credit, it's especially important to compare rates between multiple companies.
If you need to add a teen driver to your policy, expect an increase of over $1,000 per year. Allstate and New York Central Mutual have the lowest growth in New York in our analysis.
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The minimum required auto insurance in New York can be had for well under $1,000 a year, but don't forget the trade-off: if you cause an accident, you can be sued for what your insurance doesn't cover.
New York is a no-fault insurance state. This means that you make most injury claims through your own insurance. To that end, New York car owners must purchase Basic Personal Injury Protection (PIP) of $50,000.
PIP pays your "economic" damages after a car accident, regardless of who caused it. This includes medical bills, 80% of lost wages due to the accident, and up to $25 per day for other necessary injury-related expenses, such as transportation. There is also a death benefit of $2,000 in addition to the base $50,000 PIP.
When you buy a PIP on your car in New York, it will cover injuries to the driver and all passengers in your vehicle. Your PIP also covers pedestrians injured by your vehicle.
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New York also requires automobile liability insurance for personal injury and property damage. So if you're sued by someone with "serious" injuries, as defined by New York law, your liability insurance will pay for your legal defense and trial judgment (within the limits of your policy). Liability insurance also covers property damage you cause to others, such as mowing someone's fence.
New York also requires coverage for uninsured motorists (UM). UM in New York only pays for injuries, not car damage. You can use your UM coverage if you are hit by an uninsured motorist or injured in a collision.
The minimum required UM is an amount that matches your liability limits, such as 25/50, or $25,000 per person and $50,000 per accident.
It only covers accidents in New York, but you can add a rider that will extend your UM coverage to out-of-state accidents.
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An unusual twist in New York is the availability of "excess spousal liability" insurance. This gives you liability under your own auto insurance if you cause serious injury or death to your spouse in a car accident.
Basically, this coverage kicks in if your own spouse sues you for economic loss (such as medical bills) and pain and suffering if you were negligent and caused serious injury to them in a car accident.
Normally you cannot sue a spouse who is under the same insurance policy because you cannot be liable to yourself.
Purchasing only the types of car insurance required in New York leaves you with a big void: your own vehicle. What happens if you swing a fence sideways or flip into a post? What happens if you walk through a large puddle and realize it's actually 2 feet deep after your car stops? What if your car is stolen and you never see it again?
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For these and other issues, you want collision and comprehensive coverage. They also cover damage caused by fire, vandalism, falling objects and collisions with animals such as deer.
Comprehensive car insurance may be more useful than you think. Collisions with animals have increased in New York over the past five years, according to a recent analysis by AAA Northeast. The analysis found 36,445 animal accidents in New York State since 2019, a 10% increase from 2018. That equates to one accident every 15 minutes.
But comprehensive insurance may not be the only coverage that comes into play if you hit a deer or other animal on the road. Your PIP insurance could be just as important. That's because 1,778 animal collisions in New York State have resulted in injury to residents, including 12 deaths.
October through December are the worst months for animal collisions, and deer can cause the most injury and damage due to their size and weight.
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If you have high income and assets, you should consider adding at least $1 million in roof insurance. It provides an extra layer of liability insurance on top of your auto and home insurance.
If you face a costly lawsuit against you due to a car accident or incident covered by home insurance, umbrella insurance protects your finances by paying lawsuits and settlements once you reach the base policy maximum, up to the limit of your umbrella policy.
New York allows you to show proof of car insurance from your cell phone. If you can't access your Insurance ID on your phone through your insurer's app, keep a hard copy with you or in the vehicle.
New York City drivers pay an average of $1,302 per year for auto insurance, which includes people who choose only required coverage and those who buy high limits. Here are the average premiums for common types of coverage.
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Car insurance companies use many factors to calculate rates. It is important to shop around as rates can be very different between insurers for the same coverage. Your past insurance claims, driving record, vehicle model and more are used in the price calculation. In New York, companies can also use these factors.
According to the Insurance Research Council, approximately 6.1% of New York City drivers do not have car insurance. This is the second lowest uninsured rate in the nation, after Maine.
If you are caught driving without the required auto insurance in New York, you could be fined $150 to $1,500 and/or jailed for up to 15 days. You may also have to pay a civil penalty.
Geico is by far the largest auto insurance company in New York, with nearly one-third of the private passenger auto insurance market in New York. In comparison, nationally, Geico holds around 14% market share.
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The New York Department of Financial Services is responsible for overseeing insurance companies in the state. If you have a problem with your insurance company that you have not been able to resolve, the insurance department may be able to help you or you can file a complaint.
To find the cheapest car insurance companies in New York, we used average rates from Quadrant Information Services, an insurance data and analytics provider. Companies rated for New York were Adirondack, Allstate, Erie, Geico, Hanover, New York Central Mutual, Progressive, State Farm, Travelers and USAA.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of , Inc.
Forbes Advisor is a trusted destination for unbiased personal finance advice, news, and reviews dedicated to making simple, smart financial decisions.
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