If youre looking for cheap car insurance in New York, youll find a wide range of rates for the same policy. NerdWallet researched premiums from the 10 largest auto insurers in New York to find the three with the cheapest car insurance for a variety of drivers.
Our results are below, along with savings tips for each type of driver.
Heres how to interpret policy limits: Liability policies are often described as a series of three numbers. For example, if you have a 100/300/50 policy, it will pay up to $100,000 for the treatment of one persons injuries in an accident, up to $300,000 for the treatment of multiple peoples injuries, and up to $50,000 for property damage.
Cheapest for young drivers
We calculated average annual rates for both men and women, age 22, for six ZIP codes in New York. Geico offered the cheapest car insurance among the 10 largest companies, costing about 60% as much as its closest competitor. Rates shown are for a 2009 Honda Civic with 25/50/10 liability limits and without comprehensive or collision coverage.
If youre under 25, still in school and have a B average or better, ask your agent about a good student discount. And if youre living at home, it might be cheaper to stay on your parents policy, rather than buying your own.
Cheapest for families with a teen driver
No doubt about it, the teen years are filled with angst the parents, when their rates skyrocket because of their teen driver.
According to NerdWallets 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. And depending on your insurer, you might have a hard time finding savings apart from the good student discount.
One insurers rate topped $16,000, so parents of teens should plan to shop around. The rates shown are for a married couple, both age 47, with a 2012 Toyota Camry and a 2012 Ford Escape, and one teen boy. The average rates shown are for liability limits of 100/300/50 and collision and comprehensive coverage.
Buying a vehicle thats 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 NerdWallets analysis of quotes for best-selling cars.
Cheapest for drivers with a speeding ticket
Racking up moving violations such as speeding tickets puts you on the fast track to high insurance rates. But if the deed is already done, lets look at how you can save some money.
Among the 10 largest insurers in New York, Geico was most forgiving of a ticket for speeding 11 to 15 mph over the limit. The average rates shown are for a 2015 Honda Accord with liability limits of 100/300/50 and comprehensive and collision.
You wont find any love lost in Manhattan, where one insurer quoted almost $6,500 for a policy.
Cheapest for drivers with one at-fault accident
Causing an accident is stressful enough. Paying higher insurance premiums can cause further anxiety for years.
According to the New York Department of Financial Services, many New York auto insurers impose a surcharge of up to 40% on drivers premiums after an at-fault accident. Youll also lose your safe driver discount, if you had one. New York law does not allow a surcharge if the accident caused less than $2,000 in property damage and there were no injuries.
We quoted rates for 30-year-old men and women who had caused an accident that resulted in more than $2,000 of property damage. The average rates shown are for a Honda Accord with liability limits of 100/300/50 and collision and comprehensive coverage.
If you experience a rate increase due to an accident, driving very, very carefully is the best way to avoid further increases. A second at-fault accident will lead to a higher surcharge. As long as you drive safely, your premiums will return to normal with time typically after three years in New York.
Cheapest for drivers with poor credit
A few states ban auto insurers from using credit information to price insurance policies, but bad credit can prevent you from getting the cheapest car insurance rates in New York. There, insurance companies are allowed to charge you a higher premium if you have a poor credit history when you initially buy a policy. However, New York law prohibits insurers from using credit as the sole basis for denying insurance, and credit information can be used at renewal time only if it results in a premium reduction.
The insurance industry says that using credit-based insurance scores can predict whether a customer will file a claim.
NerdWallet looked at rates for men and women with poor credit and found Geico to be the cheapest among large insurers. Our research shows that bad credit can ding your premiums even more than a speeding ticket or an at-fault accident.
The average rates shown are for a 2015 Honda Accord with policy limits of 100/300/50 and collision and comprehensive coverage.
Cheapest for retired drivers
Even though auto insurance rates start creeping up around the time drivers reach age 65, retired drivers still benefit from relatively low rates and low mileage. We looked at rates for 67-year-old men and women who drive 5,000 miles a year and are retired. The average rates shown are for a 2015 Honda Accord with limits of 100/300/50 and comprehensive and collision.
Retirees in New York can save 10% on their insurance premiums for three years by taking an online accident prevention course. The state has many approved course providers.
Ways everyone can save
Buying a vehicle thats cheap to insure will help keep your rates down, even while other factors may be pushing them up. The Honda Accord and CR-V and the Toyota Camry have the cheapest insurance premiums among popular cars, according to NerdWallets analysis of quotes for best-selling cars.
New York auto insurers generally offer discounts for the following:
- Antilock brakes
- Daytime running lamps
- Car alarms
- Active and passive disabling devices
- Window etching
- Passive restraints such as automatic seat belts or air bags
- Insuring more than one car
- Bundling your auto and home insurance together
Ask your car insurance agent about other possible discounts, as each insurer has its own list.
What rates can you expect? NerdWallets car insurance estimator tool will show you.
Updated June 30, 2015
Amy Danise is an editor at NerdWallet, a personal finance website. Email: adanise@nerdwallet.com. Twitter: @AmyDanise.
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NerdWallet researched premiums from the 10 largest auto insurers in New York to find the three with the cheapest car insurance for a variety of drivers.
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