Car insurance costs an average of $3,433 a year in New York — this is the second most expensive rate in the country and more than twice the national average of $1,424. To reach this finding, MoneyGeek examined rates for a sample driver from different companies with factors like age, coverage level, location, driving history and credit score taken into consideration.
How Much is Car Insurance in New York? Rates by Coverage Level, Age, Driving History and Location
In New York, the average cost of insurance is $3,433 per year. This amount reflects a full coverage policy for a 40-year-old male driver with a clean driving record. A policy with New York state minimum coverage only would cost that same driver $2,278 per year or $1,155 less.
Note that the cost of car insurance changes based on a number of factors. For example, a 16-year-old driver will likely pay over $9,200 for a full coverage policy because of their age.
To demonstrate how rates can change, MoneyGeek broke down the average costs in New York based on different factors.
Average Cost of Car Insurance in New York: Summary
MoneyGeek examined the average cost of car insurance in New York based on the four factors that can affect premiums the most: age, coverage level, driving record and credit score. Of those, a poor credit score can have the largest impact on your auto insurance premiums.
In order to get the best price, it's important to research and learn as much as you can about average car insurance rates for your specific driver profile, needs and unique variables.
Average Costs of Car Insurance in New York
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Why Are Car Insurance Rates Expensive in New York?
Compared to auto insurance rates in other states, drivers in New York pay the most expensive premiums on average. This may be because the state has a high urban share of the population and moderately high highway traffic density.
New York ranks within the top 10 states nationwide for its number of residents who live in urban areas, which in turn contributes to the state’s moderately high traffic density seen on its highways. This can raise premiums as urban areas paired with traffic density means roads are often congested, and there is an increased chance of accidents.
Average Cost of Car Insurance in New York: Full Coverage vs. Minimum Coverage
The level of coverage you choose plays a large part in determining your auto insurance premium. For instance, if you increase your liability limits or if you decide to get full coverage insurance, your annual premium will go up accordingly.
Case in point: The average cost of full coverage car insurance in New York is $3,433 per year — this is $1,155 more than a policy that only follows state minimums.
Average Cost of Car Insurance in New York by Coverage Level
Minimum vs. Full Coverage Car Insurance Costs in New York - By Company
You can get different rates for the same type of policy depending on the insurance provider, which makes your company of choice a significant factor in the cost of your auto insurance.
In New York, GEICO has the cheapest liability-only and the most affordable full coverage auto insurance policy on average. Their liability-only policies cost approximately $902 per year, while their full coverage policies at 100/300/100 cost about $1,622 annually. Those latter numbers refer to policy limits: In this case, $100,000 for bodily injury per person, $300,000 for bodily injury per accident, and $100,000 for property damage.
In contrast, The General offers the most costly liability-only policy at about $5,352 per year. They also have the most expensive full coverage policy at an approximate yearly cost of $7,026.
While USAA is cheaper than GEICO for both state minimum and 100/300/100 liability coverage, the plans are only available to current and former military personnel, as well as their families.
Average Annual Costs of Car Insurance in New York - By Company
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How Much Is Car Insurance in New York by Age
Age is a factor that can make insurance premiums jump dramatically. For instance, car insurance for teens or inexperienced drivers is often expensive, as insurers view youth and first-time drivers as risky to insure. This is because their lack of driving experience increases the likelihood of accidents.
The most effective way teen drivers can save money on insurance is to be added to their parent's auto insurance policy. According to MoneyGeek, the average price difference between a 40-year-old and a young driver’s full coverage insurance in New York is as much as $5,852 per year.
It’s important to note that new drivers in New York — regardless of age — may face insurance rates comparable to those of teen drivers.
Average Costs of Full Coverage Car Insurance in New York - By Age
How Does Driving History Affect Car Insurance Costs in New York?
As with all states, your driving history is one of the biggest factors that can affect your car insurance premiums in New York. This is because your driving history is used to determine your level of risk as a driver. The more traffic tickets you have and the more serious the infractions, the higher insurers will charge you for an auto insurance policy.
Keep in mind that New York drivers with clean records pay an average of $3,433 per year — adding a speeding ticket to the mix can raise auto insurance premiums by $854 annually. If you get into an accident, expect an increase of $1,841 per year on average.
To find affordable auto insurance with a bad driving record, make sure to compare insurers before making any decisions.
Average Costs of Full Coverage Car Insurance in New York - By Driving History
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- Driving ViolationAnnual Premium
- Safe Driver$3,433
- Speeding Ticket$4,287
- At-Fault Accident$5,274
Credit Scores and the Cost of Car Insurance in New York
New York car insurance rates can also be significantly affected by a driver’s credit score. If you have a poor credit score, you’re likely to see higher premiums and vice versa. Even the difference between a good and an excellent credit score can cost quite a bit in terms of how much you’ll pay for your car insurance.
For instance, drivers in New York with an excellent credit score can pay as much as $1,040 per year less than those with a good rating. Drivers with poor credit scores, however, should expect to pay $5,673 more on average compared to those with good credit scores.
Average Costs of Full Coverage Car Insurance in New York - By Credit Score
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- Credit ScoreAnnual Premium
- Below Fair$8,014
How Much Is Car Insurance in Your City?
Insurance rates vary based on your location, whether it’s by state or by city. A more densely populated city may have a higher chance of accidents, which can increase auto insurance rates for all drivers.
For instance, drivers in Rochester pay an average of $1,166 per year for auto insurance, while those in New York City pay $4,103 per year on average. Both amounts are different than the state’s yearly average of $3,433, underscoring how location plays a significant role in auto insurance premiums.
Average Costs of Full Coverage Car Insurance in New York - By City
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Frequently Asked Questions About New York Car Insurance Rates
If you’re interested in purchasing auto insurance in New York, take a look at the frequently asked questions that MoneyGeek answers below.
MoneyGeek collected car insurance quotes in New York in collaboration with Quadrant Information Services. A profile of a 40-year-old male with a clean driving record was used to find a full coverage policy with 100/300/100 in liability limits, as described in our methodology page. Quotes were also collected to consider different ages, credit scores, driving violations and coverage levels.
Data on highway traffic density, uninsured motorists, urban share of population and motor vehicle theft was collected from the following sources in order to provide a clearer picture of auto insurance rates in New York:
- Federal Highway Administration's 2019 data on highway traffic density.
- Insurance Research Council’s 2019 data on uninsured motorists.
- U.S. Census Bureau’s latest data on the urban share of the population.
- FBI Crime in the United States Report for 2019 for data on motor vehicle theft rates.
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