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Getting a car insurance quote is easy with MoneyGeek’s car insurance calculator for New York. It will provide you with an instant estimate of the costs.
We analyzed how the car insurance rates are determined in New York to help you understand the factors influencing insurance premiums in the state.
New York Car Insurance Calculator: How it Gets You an Instant, Free Estimate
Getting an auto insurance quote in New York usually takes around 10 to 15 minutes. You need to enter all your details, like personal information, vehicle information and more.
MoneyGeek’s car insurance calculator for New York allows you to get an estimate of how much car insurance may cost for you based on your age, driving record, vehicle type and coverage levels.
According to our calculator, car insurance premiums in New York are mainly affected by adding a teen driver, credit scores and the age of the driver.
However, the most important factor for you may differ.
While the cheapest car insurance provider in New York can be determined by evaluating multiple factors, our car insurance calculator can give you a ballpark figure. The cheapest option in New York is Erie, at an average of $1,147 yearly.
While price is important, you also want to have great services and a wide range of coverage options.
When getting a car insurance estimate, we recommend using our car insurance calculator and browsing our collection of sample drivers in New York to find the most affordable car insurance.
MoneyGeek analyzed the average cost of car insurance in New York to give you an idea of how much it differs compared to other states.
MoneyGeek also evaluated car insurers based on the quality of their service to help you find the best car insurance companies in New York.
How Car Insurance Premiums are Calculated in New York
Auto insurers in New York use a variety of factors to determine your car insurance premiums, including the age of the driver, driving history, the car model and more.
As per MoneyGeek’s research, the most influential factors in New York when calculating your premiums are adding a teen driver, credit score and age of the driver.
Adding a teen driver to your car insurance policy can increase your premiums by 2.9x in New York.
How Much Adding A Teen Driver Matters in Calculating Car Insurance in New York
If you add a teen driver to your car insurance in New York, insurance providers tend to charge higher premiums. This is due to the lack of experience of the teen driver making it riskier for the insurance companies to provide coverage.
In New York, adding a teen driver can multiply your premiums by 2.9x.
How Much Credit Score Matters in Calculating Car Insurance in New York
Credit scores are important as they help the insurers understand the financial stability and habits of the policyholder. If the credit score is poor, then premiums tend to be higher and vice versa.
Depending on your credit score, your insurance premiums in New York can increase by up to 2.7x. Drivers with poor credit scores pay the highest rates while those with excellent credit get the lowest rates.
How Much Age of Driver Matters in Calculating Car Insurance in New York
The age of the driver is another important factor that insurers consider while determining the insurance premiums. Drivers between the ages of 19 and 20 pay the highest premiums in New York while middle-aged drivers around the age of 40 get the most affordable rates.
Your insurance premium in New York can increase up to 2.5x depending on your age.
How Much Car Model Matters in Calculating Car Insurance in New York
Your car insurance premiums are impacted by the vehicle or model you are driving. Expensive vehicles tend to attract higher premiums like luxury sedans. Additionally, some car models are considered to be riskier, which also increases the premium.
In New York, driving an expensive vehicle can increase your premium up to 2x.
How Much Driving Record Matters in Calculating Car Insurance in New York
Driving records affect car insurance premiums hugely. If you have a DUI or an accident on your driving record, your insurance premium will increase because you are viewed as riskier to insure. If you have a clean driving record, the insurers consider you to be a safe driver and charge lower premiums.
Depending on your driving record, your premium can increase up to 1.7x in New York.
How to Calculate How Much Car Insurance You Need in New York
The coverage level of your car insurance policy impacts the cost of your premiums in New York. It is important to determine how much insurance you need to strike the right balance of cost and protection.
New York requires coverage for bodily injury liability, property damage liability, uninsured/ underinsured motorist coverage, personal injury protection mandatorily. However, you should consider buying additional liability insurance and comprehensive and collision insurance depending on your situation.
Understand New York car insurance requirements
By analyzing the New York minimum car insurance requirements, you can find out how much car insurance is adequate for you. However, the state minimum policies in New York only protect you for $25,000 of bodily injury liability per person up to a total of $50,000 of bodily injury liability per accident. You can increase your coverage levels for further protection.
However, this doesn’t include comprehensive and collision insurance, which protects you against damages to your car in New York.
Consider Purchasing Additional Liability Insurance
The state minimum coverage in New York can provide basic protection, but it is difficult to cover expenses in case of a major accident with this coverage level. As a result, you might need higher coverage to protect yourself from major damages.
A policy in New York protecting you for $300,000 in bodily injury liability per accident costs an average of $3,775 per year, compared to roughly $3,183 for the minimum liability insurance.
Decide whether or not to buy comprehensive and collision insurance
You need to decide whether you need a full coverage policy along with comprehensive and collision insurance. While New York law doesn’t require it, if you’re leasing or financing the purchase of your car, your lender may require it.
If you are adding comprehensive and collision with a $1,000 deductible, it will cost you around $1,045 per year in New York.
That said, you may not choose to pay more than one thousand dollars every year to insure a car that is only worth a few thousand dollars.
Consider buying additional protection besides these core coverages
In New York, you are required to have uninsured/underinsured motorist coverage. This will help protect against accidents with a driver who doesn’t have insurance or has too little coverage.
4.1% of drivers in New York are uninsured or underinsured. The state minimum for uninsured/underinsured coverage is $25,000 per person or $50,000 per accident.
You also have the option to buy medical payments coverage to protect against the cost of medical expenses in a crash.
Frequently Asked Questions About How Car Insurance is Calculated in New York
To help you understand how to calculate insurance premiums in New York using our car insurance calculator, MoneyGeek answered a few of the most commonly asked questions.
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across New York. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick