BestCar InsuranceNew York CityThe Best Car Insurance in New York City, NY, for 2023
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MoneyGeek’s research shows that Erie offers the best car insurance in New York City. However, the best company for you might be different based on your age and background. We identified companies that offer the best policies for drivers of different ages, those with a military background and those with driving violations. For drivers who want to save money on car insurance, MoneyGeek researched the cheapest car insurance in New York City.
BestCar InsuranceNew York CityThe Best Car Insurance in New York City
Overall - Erie
Minimum Coverage - Erie
Young Drivers - State Farm
Senior Drivers - Erie
Driving Violations - Erie
Military - USAA
Best Car Insurance Companies in New York City: Overall
MoneyGeek analyzed the claims, customer satisfaction and financial stability ratings of car insurance companies in New York City to identify the top two providers:
- Erie: 94 out of 100
- GEICO: 91 out of 100
USAA received a MoneyGeek score of 100 out of 100, making it the best car insurance company in New York City. However, we excluded it from this analysis because the company only offers policies to military families.
The Top Car Insurance Companies in New York City
1
ErieOverall
Score:94
The average cost of Erie’s full coverage policy is $2,302 per year. The company has the highest affordability and customer satisfaction scores, while it ranks second-highest for claims. It offers a better car replacement coverage option.
More About Erie
With Erie’s better car replacement coverage, you can replace your car with the latest model if it’s totaled in less than two years. The company offers accident forgiveness coverage; if you remain claims-free for three years, there’s no surcharge on your first at-fault accident.
Read MoneyGeek's Erie auto Insurance Review2
GEICO
Score:91
A full coverage policy from GEICO costs $2,161 per year. The company ranks fourth for customer satisfaction, third for claims and second for affordability. In addition, it offers mechanical breakdown insurance.
More About GEICO
GEICO’s mechanical breakdown insurance covers all of your car’s parts and systems and provides better coverage than the typical dealer extended warranty. However, it’s only available for vehicles less than 15 months old with less than 15,000 miles. The company also offers roadside assistance, which helps you get back on the road if your car breaks down.
Read MoneyGeek's GEICO auto Insurance ReviewRESOURCES ON CAR INSURANCE IN NEW YORK CITY, NEW YORK
Drivers looking to save money on car insurance can benefit from MoneyGeek’s guide to the cheapest car insurance companies in New York City. For more information, have a look at the following resources:
Best Cheap Car Insurance for Minimum Coverage in New York City
MoneyGeek researched the best companies offering state-minimum policies in New York City. The following are the best companies for drivers looking to buy minimum coverage:
- Erie: 94 out of 100
- GEICO: 92 out of 100
Our score is based on different driver backgrounds, including young and older drivers and those with violations.
MoneyGeek’s Pick: Erie
pros
Affordable state-minimum policy at an average cost of $1,339 per year
MoneyGeek satisfaction and claims rating of 4.7 out of 5
Offers bundling, distant student and young safe driver discount
cons
Does not offer multiple-car, good student or safe driving discounts
COMPANY HIGHLIGHTS
Erie offers a discount on bundling, which saves you money when you purchase other types of policies from the company. You can also get a discount if you attend college away from home and don’t have access to a car while there. If you’re under 21 years of age and live with your parents, you’re also eligible for a discount on your policy.
Best Car Insurance for Young Drivers in New York City
MoneyGeek’s research shows that the following companies offer the best and the cheapest insurance policies for young drivers in New York City:
- State Farm: 94 out of 100
- GEICO: 94 out of 100
We scored these companies after considering different policy coverages and driving histories for 18-year-old drivers.
If you’re a teenager, a young driver or a college student, you usually pay higher rates for a car insurance policy.
MoneyGeek’s Pick: State Farm
pros
Cheap full coverage policy for a safe driver at $8,254 per year
Offers good student, distant student and driver’s education discount
MoneyGeek claims rating of 5 out of 5
MoneyGeek satisfaction rating of 4.5 out of 5
cons
Does not offer a discount on paperless billing
COMPANY HIGHLIGHTS
Adding young drivers to a policy can be expensive. However, State Farm offers young drivers affordable rates with good service. The company provides many student discounts, including good student, driver’s education and distant student discounts. It also offers roadside assistance coverage, which helps you if your car breaks down.
Best Car Insurance for Senior Drivers in New York City
MoneyGeek researched different companies in New York City and found that the following insurers offer the best car insurance policies for seniors:
- Erie: 96 out of 100
- State Farm: 94 out of 100
MoneyGeek’s scores are based on different policy coverages and driving histories for 70-year-old drivers.
Insurers generally charge higher rates to insure seniors than middle-aged drivers.
MoneyGeek’s Pick: Erie
pros
Affordable full coverage policy for seniors at an average of $2,486 per year
MoneyGeek satisfaction and claims rating of 4.7 out of 5
cons
Does not offer defensive driving or senior discounts
COMPANY HIGHLIGHTS
Car insurance policies for seniors offer the same coverage as those for other drivers. However, some insurance companies charge higher rates to insure older people. Erie provides affordable policies for seniors and excellent service. The company offers better car replacement and new car replacement coverages, which help you purchase the latest model if your new car is totaled. It also offers accident forgiveness, which means there's no surcharge for your first at-fault accident if you’ve remained claims-free for three years.
Best Car Insurance With a Driving Violation in New York City
MoneyGeek found the following companies offer the best and cheapest car insurance policies in New York City for drivers with an at-fault accident on their record:
- Erie: 95 out of 100
- State Farm: 94 out of 100
We scored these companies considering different policy coverages and drivers of different ages. Drivers with a bad record generally pay higher car insurance rates.
MoneyGeek’s Pick: Erie
pros
Affordable policies for drivers with a bad record cost $3,211 per year
Offers many common discounts
Offers better car replacement and new car replacement coverages
MoneyGeek claims and satisfaction rating of 4.7 out of 5
cons
Only offers one unique coverage
COMPANY HIGHLIGHTS
Since most insurers charge higher rates to insure drivers with a bad record, it’s best to look for the most affordable rates. Erie offers many coverages and discounts, making it one of the best options for drivers with bad records. The company provides new car replacement and better car replacement coverage, which helps you purchase the latest model of your new car if it gets totaled. Erie also offers many discounts, including distant student and bundling.
Best Car Insurance With a Military Background in New York City
With a MoneyGeek score of 100 out of 100, USAA is the best option for New York City military drivers looking for a car insurance policy. The company offers an excellent balance of affordability and customer satisfaction. MoneyGeek’s score is based on different driver backgrounds and coverage levels, including young drivers, seniors and those with violations. USAA only offers car insurance policies to drivers with a military background.
MoneyGeek’s Pick: USAA
pros
Affordable full coverage policy for military drivers at an average cost of $1,828 per year
Offers five common discounts, including bundling, multiple-car and good student
MoneyGeek satisfaction and claims rating of 5 out of 5
cons
Its policies are only offered to military families
Only offers three common coverages.
COMPANY HIGHLIGHTS
USSA is an excellent option for military-affiliated drivers. The company provides coverages like roadside assistance, which helps you get back on the road if you are stranded or your car breaks down. It also offers policyholders rental car reimbursement and accident forgiveness. However, USAA does not provide any unique coverages.
The company offers five of the nine most common discounts, including vehicle storage, safe driving, bundling, multiple cars, loyalty and good student.
Methodology
MoneyGeek identified the best and cheapest car insurance companies in New York City, New York, after analyzing scores from J.D. Power, AM Best and the National Association of Insurance Commissioners (NAIC).
We determined the best car insurance company in the city for different driver profiles by applying the following weightings to each category:
- Affordability (70%): MoneyGeek compared insurers in New York City and gave each an affordability score, scaled to five points. The insurer offering the cheapest policy received a perfect score of five.
- Customer and claims satisfaction (20%): MoneyGeek analyzed J.D. Power surveys to score companies for customer and claims satisfaction (weighted 10% each).
- Financial stability (10%): MoneyGeek evaluated AM Best’s scores, which indicate an insurer’s ability to pay claims during difficult economic times.
MoneyGeek scaled each score to five points and then scaled the overall score to 100 points. We determined the affordability score after considering different factors, including driver’s age, driving record and coverage levels. We changed the blend of drivers to reflect each category appropriately.
In this guide, the average premiums listed are for a full coverage policy with the following limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $100,000 property damage liability
- Comprehensive and collision coverage with a $1,000 deductible
For more information, we provide a detailed explanation of MoneyGeek’s methodology.
About Mark Fitzpatrick
