What Affects NY Auto Insurance Rates? 

The cost to insure a car in New York depends on many factors. The type of car, where you live, and your past driving history all play a role. If you’re considering switching to a new insurer or purchasing a new vehicle, it’s important to know what to expect. Here’s a breakdown of many of the factors impacting New York auto insurance rates.

Top Factors Affecting Rates

Let’s look at some of the most common factors affecting car insurance rates in New York. Each one of these factors plays a role in determining how much you will pay.

Violations History

One of the biggest impacts to your car insurance premium is your driving record. It costs more to buy insurance if you have a history of moving violations. That’s because speeding, reckless driving, and driving under the influence often result in accidents. Insurance companies view past behavior as an indicator of future behavior. These types of violations are likely to lead to car accidents resulting in payments the insurance company has to make. If you have previous violations, this will increase your costs.

Age and Experience

Age and experience are notable in several ways. A new driver, one with virtually no experience on the roads, is more likely to be in an accident due to that inexperience than someone with years of driving history. This is why new drivers, especially younger new drivers, are expensive to insure.
On the other hand, getting older isn’t always inexpensive. While the least expensive time in your life to buy car insurance is in your mid-life years between 30 and 50, after you turn 60 or older, you may notice rates with some companies increase due to a greater frequency of accidents involving older drivers.

Accident History

Accident history pairs with violation history. The more accidents you cause, the more expensive your future insurance will be. Accidents put you in a higher risk category going forward and increase your costs.

Zip Code

Where you live plays a role in what you can expect to pay. New York car insurance generally costs more than car insurance in Iowa, for example. However, within the state, some areas are more likely to have higher rates as well. Generally speaking, it costs more to insure a car in zip codes with higher population and traffic density.
All other factors held equal, those purchasing the same coverage in Lake Placid are likely to pay much less than those buying in New York City. Why is this? There are more accidents occurring in New York City – or in any urban area – than there are in less densely populated areas.

Credit Score

Credit scoring is an important factor many consumers don’t recognize as relating to car insurance rates. Those with a higher score have a better history of good financial management. They are viewed by insurers as less risky.

Type of Vehicle Being Insured

The vehicle you own plays a big role in determining the price you’ll pay. You’re going to pay more for vehicles that:
• Are more expensive to purchase
• Are more expensive to repair
• Are rare
• Have a high-performance engine

For example, if you buy a sports car, your insurance coverage needs are typically much higher than if you purchased a small sedan. The car costs more to replace if there’s an accident and it is totaled. Also important is the way the vehicle is likely to be driven. Insurance companies recognize that makes and models tend to be driven at faster speeds than others. As a result, they are more likely to be involved in car accidents and moving violations, pushing costs higher.

People on the Policy and in the Household

Another factor that’s very commonly associated with higher New York auto insurance rates has to do with who is insured in your home. The violations and accident history, or age and experience (as well as many other factors) of other drivers on your policy will all come into play when your auto insurance premium is calculated. You need to list on your policy anyone who customarily operates your vehicle or who lives with you and is of driving age.
The Type of Coverage and Limits Selected
What you’re buying also plays a role in what you’re paying. Many people in New York purchase more than just the minimum required coverages. This generally includes additional liability coverage, comprehensive coverage, and collision coverage along with all required coverages. The state of New York requires individuals to purchase at least the following in liability insurance:
• $10,000 in property damage liability per incident
• $25,000 in bodily injury liability coverage (not resulting in death), or $50,000 for any injury resulting in death, sustained by any one person in any one accident
• $50,000 in bodily injury liability coverage (not resulting in death) sustained by two or more persons in any one accident, or $100,000 for any injuries resulting in death sustained by two or more persons in any one accident

However, this is rarely considered adequate. Most people purchase more. You will also need to purchase additional insurance, such as uninsured/underinsured motorist coverage and specialized policies for high-risk vehicles.
Also required is a minimum of $50,000 of Personal Injury Protection coverage.

Reducing the coverage you purchase can save you money. However, doing so also exposes you to more risk. For example, if you buy the bare minimum liability insurance, and you damage another person’s vehicle that’s valued at $30,000, you could be responsible to pay the remaining $20,000 out of your pocket after your insurer pays the $10,000 of coverage you bought. And, if you don’t purchase collision insurance, none of the damage to your own car is covered.

When comparing car insurance, then, make sure you’re looking at policies with the same type and amount of coverage associated with your needs. If you don’t compare policies with the same features, you’re not getting an equivalent estimate.

Ways to Save on Auto Insurance in New York

While New York insurance rates may be higher than in many other states, there are ways to reduce those costs. Most insurance companies offer discounts and savings opportunities based on the individual factors you may qualify for – and these differ from one company to the next. It is always wise to ask your insurer for the best discounts available.
These are some of the most common auto insurance discounts that you may qualify for in New York:
• Good driver discounts (not being involved in car accidents or moving violations)
• Bundling discounts (bundling more than one car on the same policy as well as bundling auto with home or renter’s insurance)
• Good student discounts for those in high school and college
• Loyalty savings (be careful with this; before sticking with the same company, get quotes to see if others are less expensive)
• Low mileage or limited use policies for those that don’t drive often
• Military discounts for active and retired military
• Safety and restraint features on the vehicle
• Green or hybrid vehicle discounts (a newer discount available through some insurers)
• Anti-lock brakes
• Security devices or anti-theft devices on vehicles
• Discounts for paying your bill in full and in advance

If you’ve been in an accident or had a few moving violations previously, you may still qualify for discounts. For example, taking defensive driver courses or driver training programs may encourage insurance companies to lower your rate.

Finding the right insurance coverage for your car is the most important factor when shopping for coverage. Determine what’s the best type and amount of coverage for your vehicle. Then, request available discounts from the insurer. New York auto insurance rates don’t have to be out of your budget.

Have more questions about what auto insurance will cost you in New York? Call Plymouth Rock to speak with one of our knowledgeable, licensed agents or select your coverages online with our easy to use self-quoting tool. Plymouth Rock has helped thousands of New Yorkers find the coverage and the price they are looking for.

To see how we can help you save on New York auto insurance, call 855-993-4470, get a free quote online or find a local agent. For a NY home, condo or renters insurance quote, click here, call 833-857-5848, or find an agent. If you need additional information, please visit our contact us page. If you need additional information, please visit our contact us page.