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Low Auto Insurance Rates in New York

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New York is known as the most expensive state for auto insurance. Annual premiums for 2011 are $2,658, well above the national average of $1,440.

Annual Changes

Auto insurance rates in New York have risen 12% for 2011, following a decline of 1% over the previous 12 month period. While New York insurance rates are indeed very high, this is not because of any type of rate fixing by the state or the insurance industry as every insurer is free to set its own rates. As prices are subject to change and patterns are not predictable, finding the lowest rates for auto insurance in New York is best accomplished by checking this site often for rate information and multiple quotes.

Seasonal Changes

Annual premiums in New York began to rise in July 2010 after an unexpected drop in June. The upward trend continued every month after that, setting new highs throughout the winter, with a slight drop in November being followed by yet another rise that set the new rate for 2011. New York auto insurance rates can change quite frequently and rapidly, and although rates are expected to remain high, obtaining multiple quotes is the best way for New York drivers to save money on auto insurance.

Insurance Requirements

The no-fault system is effect in New York. State insurance regulations require property damage insurance and personal injury protection coverage as well as bodily injury liability cover. The minimum amount of bodily injury coverage is set at $25,000 per person and $50,000 per accident, with a mandatory minimum of $10,000 for property damage liability. No-fault personal injury protection is also required, with a limit of $50,000. Uninsured and underinsured motorist coverage for bodily injury is mandatory in New York, and limits are $25,000 for each person and $50,000 for each accident. Higher coverage limits are recommended in order to protect assets in the event of a serious accident.

Advice for Getting the Best Deals

Major national firms as well as regional and statewide insurers offer auto insurance in New York. It is not possible to determine which firm offers the best rates in all or even most cases, as each firm can offer different quotes to different drivers. Obtaining multiple quotes from reliable insurance companies that are rated A or higher by A. M. Best is highly recommended. In addition, the J. D. Power consumer satisfaction ratings should be consulted to help make a final decision between reputable insurers.

New York drivers can save on insurance despite the high prevailing rates, by using this site as a resource for up-to-date rate information and multiple money-saving quotes from top insurers.

 

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