3/16/2023
If you live in New York City or the state of the same name and you want to register a car in your name, you will need to purchase car insurance to be able to drive it legally.
Car insurance in New York is not exactly cheap compared to other states. In fact, it is the third most expensive state for a basic policy that covers the mandatory minimum.
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Therefore, Busconomio wants to help you and we have made an analysis and comparison of the various insurance companies to find the cheapest car insurance in New York.
What are the cheapest car insurances in New York?
The price of a car insurance depends on so many factors that it is necessary to analyze each case in order to find the cheapest policy.
Even so, there are companies that are more expensive than others in general, that may under certain parameters offer better prices, but that usually are not cheap.
By performing several simulations for each of the entities that offer coverage in New York we can summarize that the cheapest car insurance policies are the following:
Main Street America
This is an insurance company that offers its services in 37 states of the union. It is actually a group of insurance companies that have been integrated within the Main Street America group, unifying their services and rates.
Among them we can find the NGM Insurance Company, the Old Dominion Insurance Company, the Austin Mutual Insurance Company or the Grain Dealers Mutual Insurance Company.
Main Street America offers auto insurance, home insurance, renters insurance, flood insurance and more. As for car insurance, their prices are the lowest for most categories and simulations performed.
Here are a few sample quotes for minimum and maximum coverages based on the age of the driver:
| Age | Minimum coverage | Maximum coverage |
| 20 years | $849 per year | $1,925 per year |
| 30 years | $593 per year
| $1,158 per year
|
| 40 years | $546 per year
| $1,033 per year
|
| 50 years | $552 per year
| $1,030 per year
|
| 60 years | $573 per year
| $1,048 per year
|
Progressive
After Main Street America, the company with the cheapest car insurance in New York is Progressiveressive, which offers a variety of coverages so that you can configure your policy to your liking.
It is one of the entities that sells the largest number of auto insurance policies in the United States, but it also sells medical, commercial, life, personal loan, travel and home insurance.
As for the price of Progressive's car insurance, after several quotes we have obtained the following results:
| Age | Minimum coverage | Maximum coverage |
| 20 years | $1,348 per year | $2.702 per year |
| 30 years | $785 per year
| $1,558 per year
|
| 40 years | $796 per year
| $1,496 per year
|
| 50 years | $806 per year
| $1,366 per year
|
| 60 years | $822 per year
| $1,341 per year
|
If you want more information about Progressive's auto insurance or about their other insurances, you can call their customer service phone number or visit their website.
Erie Insurance
Although this insurer only operates in 12 states in the U.S., it has more than 6 million policies among its customers. In addition to auto, motorcycle and other vehicle insurance, Erie Insurance also markets life, business and home insurance.
Its commercial network has thousands of agents, to whom you can turn to obtain information, take out insurance, report an accident or resolve any incident. You can use their agent locator to find the agent closest to you.
Here are the prices for Erie Insurance auto insurance in New York, according to age:
| Age | Minimum coverage | Maximum coverage |
| 20 years | $1,363 per year | $2,706 per year |
| 30 years | $744 per year
| $1,520 per year
|
| 40 years | $706 per year
| $1,436 per year
|
| 50 years | $681 per year
| $1,365 per year
|
| 60 years | $662 per year
| $1,343 per year
|
Geico
The second-largest auto insurer in the United States also appears among the cheapest in New York, offering a wide variety of coverages and policies, even to people with bad credit.
More information: Geico's customer service
Geico's main business is also car insurance, but it also offers many others, such as business, home, life, travel, and even pet insurance.
To give you an idea of the rates applied by Geico auto insurance, we have also made different quotes according to age, obtaining the average for the maximum coverage and for the most basic protection:
| Age | Minimum coverage | Maximum coverage |
| 20 years | $1,310 per year | $2,950 per year |
| 30 years | $787 per year
| $1,919 per year
|
| 40 years | $723 per year
| $1,873 per year
|
| 50 years | $709 per year
| $1,783 per year
|
| 60 years | $734 per year
| $1,810 per year
|
State Farm
Although this insurance company is not the cheapest in New York, it is within this ranking because it has competitive prices. It is the second entity best rated by users of auto insurance in New York in 2022 in the study conducted by JD Power.
State Farm is a giant in the insurance business, with all types of policies and coverages, also offering banking products such as checking accounts and personal loans.
Here is the table with the rates for State Farm car insurance in New York by age:
| Age | Minimum coverage | Maximum coverage |
| 20 years | $1,421 per year | $3,110 per year |
| 30 years | $766 per year
| $1,886 per year
|
| 40 years | $762 per year
| $1,874 per year
|
| 50 years | $740 per year
| $1,810 per year
|
| 60 years | $710 per year
| $1,784 per year
|
What is the cheapest insurance in NY with bad credit?
If you have a bad credit score, below 580 points, or regular, below 670, your car insurance quote will also be affected, increasing its price significantly compared to citizens with a good score.
Currently, in the state of New York you can find two insurance companies that offer car insurance with bad credit cheaper than most: Geico and State Farm.
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With an average for this type of quotes of about $4,200 per year, counting all the entities that offer car insurance in New York, with Geico this figure goes down to $2,700 and with State Farm it goes down to $3,600.
However, if you have the opportunity to increase your score to pay less, we recommend you to do it. Here is a small guide on how to raise your credit score quickly.
What are the mandatory minimum coverages in New York?
The New York State Department of Motor Vehicles (DMV) sets minimum requirements for any auto insurance purchased for vehicles registered there.
The holder of the insurance and the car registration must be the same, and the vehicle must remain insured even if it is not in use while registered.
You must have at least liability insurance with the following minimum coverages:
- $10,000 for property damage per accident.
- For accidents with only one person involved: $25,000 for personal injury and $50,000 for death.
- For accidents with two or more persons involved: $50,000 for personal damages and $100,000 for death.
So, if you want to hire a cheap car insurance in New York, you already know what are the minimum coverages required by law and which are the companies that offer the most affordable policies.
Español: Seguros de carro baratos en New York