The Best Affordable Car Insurance in New York for August 2024
In New York, car insurance is more expensive than in most other states in the U.S. The average annual premium was $3,697 in August 2024, which is about 59% higher than the national average of $2,329.
No matter where you are in the US, you can find affordable insurance that provides excellent coverage and customer service.
The top car insurance companies in New York have been selected by CNBC Select, taking into account factors such as price, coverage options, and customer service. (For more information on our methodology, please refer to our website.)
Best for a bad driving record
If your driving record isn't perfect, Progressive could be the right choice for you. They had some of the lowest rates for high-risk drivers in New York, including those with multiple accidents or DUIs. Additionally, Progressive will issue an SR-22 certificate if your state requires it.
With Progressive's accident forgiveness plan, your rate won't increase for claims under $500, and if you've been accident-free for five years, even a larger accident won't increase your premiums. Additionally, Progressive guarantees repairs made by partner auto shops for as long as you own or lease your car.
Best for seniors
For seniors, Erie offers competitive rates and a rate lock option to prevent annual premium increases.
Erie's full coverage insurance offers up to $350 for personal items and $500 for pets injured in a collision. Additionally, the diminishing deductible reduces your out-of-pocket costs each year you're accident-free, and if you have comprehensive coverage, the deductible for glass repair can be waived.
Best for discounts
Drivers who stack discounts can save up to 55% on their premiums with New York Central Mutual.
By combining NYCM auto and home policies, you could receive a discount of up to 25% off your premiums. Additionally, Amica offers significant savings for having anti-theft devices or a child on your policy who leaves their car behind when they go to college.
Best for families with young drivers
If you're a parent with a teen or college student, Geico is an excellent choice due to its affordable rates for young drivers.
Geico offers several discounts that benefit families, including up to 15% off for students with a B or better grade average and up to 25% for families with more than one car.
Best for military families
USAA offers affordable rates and excellent customer satisfaction to active service members, veterans, and their family members.
USAA offers unique advantages to military families, such as a discount for parking your car on base or not using it while deployed. Additionally, USAA's extensive coverage ensures that you won't need to search for a new provider if you move.
Compare car insurance rates
More on our top New York car insurance companies
Progressive
One of our top picks for liability-only insurance and high-risk drivers, Progressive offers an online experience that is both affordable and user-friendly, allowing you to avoid working with an agent. Check out our review of Progressive car insurance.
A.M. Best financial strength rating: A+
J.D. Power claims satisfaction study score: 870, below average
Better Business Bureau: A
NAIC complaint index: 0.89, below average
Erie
Erie has been providing car insurance since 1925 and is a great option if you want to be treated like royalty: It came in second in J.D. Power's 2023 claims satisfaction study and took top spots in two regions for overall customer service.
A.M. Best financial strength rating: A+
JD Power claims satisfaction study score: 902, above average
Better Business Bureau: A+
NAIC complaint index: 0.81, below average
New York Central Mutual
New York Central Mutual specializes in car insurance for New York drivers, with limited additional coverage options. Despite this, the company received high customer satisfaction ratings in JD Power's 2024 auto insurance study.
A.M. Best financial strength rating: A+
JD Power claims satisfaction study score: n/a
Better Business Bureau: A+
NAIC complaint index: 0.04, well below average
Geico
Geico is a leading insurance company that offers competitive rates, numerous discounts, and nationwide coverage. In New York, drivers can benefit from the DriveEasy program, which tracks driving habits and rewards safe drivers with lower rates. Check out our review of Geico car insurance.
A.M. Best financial strength rating: A+
JD Power claims satisfaction study score: 871, below average
Better Business Bureau: A+
NAIC complaint index: 0.70, below average
USAA
Since 1922, USAA has been providing auto insurance to active-duty service members, veterans, and their immediate family. This insurance comes with exclusive benefits, such as discounts for parking on base or not using your car while deployed. Additionally, customers can pay their monthly premiums without incurring any penalties. To learn more about USAA car insurance, check out our review.
A.M. Best financial strength rating: A+
J.D. Power's satisfaction study score is 900, which is above average, while the Better Business Bureau has given it an A+ rating.
NAIC complaint index: 1.36, above average
Car insurance requirements in New York
In New York, it is mandatory for vehicles to have bodily injury and property damage liability insurance, along with uninsured motorist coverage. Additionally, New York is a no-fault state, meaning drivers must have personal injury protection (PIP) to cover their medical bills, lost wages, and other expenses, regardless of who is at fault.
To safeguard yourself, your passengers, and your vehicle, you must have full coverage car insurance that encompasses both comprehensive and collision coverage. If you are leasing or financing your car, you are likely obligated to have full coverage.
How to get cheaper car insurance in New York
To lower your premiums, follow these steps whether you need replacement coverage or a new policy.
Take advantage of discounts
Insurance companies offer various discounts to lower rates, including bundling car and homeowners policies from the same provider and using a safe-driving app to track driving behavior and earn a lower rate.
Pay your annual premium upfront
The Zebra suggests that paying car insurance premiums all at once could save up to 12%, as many insurers charge a fee for monthly payments.
Look into pay-per-mile insurance
If you don't drive frequently, a pay-per-mile policy could save you up to 40% compared to traditional insurance. With SmartMiles from Nationwide, you're charged a flat daily rate plus a few cents per mile for the first 250 miles driven each day. SmartMiles is available in 44 states.
Improve your credit
In New York, paying on time for your credit card, keeping older accounts open and limiting new credit applications can improve your credit history and lower the cost of car insurance.
Ask for a higher deductible
The higher your deductible, the lower your premium will typically be.
Raising your deductible from $200 to $500 could lower the cost of collision and comprehensive insurance by up to 30%, according to the Insurance Information Institute. Elevating it to $1,000 could result in a savings of 40% or more.
Ensure you have the funds to meet the new higher deductible.
Why trust CNBC Select?
Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions with their money. Our insurance reviews are the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of insurance products. In order to identify the best insurance companies, we gathered over 100 data points on more than a dozen companies. At CNBC Select, we take pride in our journalistic standards and ethics, and we ensure that all our content is created without any input from our commercial team or external third parties. For more information on our methodology, please refer to our website.
Our methodology
Various factors were compared by CNBC Select when analyzing dozens of insurance companies to determine the best options.
We examined Bankrate's full coverage car insurance premiums for a 40-year-old driver with a clean driving record and good credit, insuring a 2020 Toyota Camry, commuting five days a week, and driving 12,000 miles annually.
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
We examined coverage features, ease of use, customer satisfaction data from the National Association of Insurance Commissioners, Better Business Bureau, and J.D. Power, as well as financial strength ratings from A.M. Best, which assess a company's ability to pay claims.
We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.
We organized our recommendations based on the best options for discounts, drivers with at-fault accidents or DUIs, seniors, families with young drivers, and military families.
New York car insurance companies may adjust their premiums and policy structures based on their own policies.
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