New York auto insurance

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Protect yourself with New York auto insurance 

New York is one of the most diverse states in the country, with mountains, lakes and country roads in the north and one of the world's largest cities in the south. With a population of around 20 million, New York is the fourth largest state in population, with nearly half its residents living in New York City.

New York also ranks as the 7th deadliest state for motor vehicle accidents, both in number of fatal accidents and number of accident-related deaths. More than 1,000 residents of New York die each year in car accidents, which is 1.6 times higher than the national average.

Residents of urban areas of New York are 64% more likely to die in an accident than those in the countryside. New York City is the state's deadliest city, with over 2,400 fatalities over the last decade. The metropolis has had seven times more deaths from accidents over the last 10 years than the second-place city of Hempstead.

No matter where you live in New York, driving is fraught with risk. Protect yourself, your car and your loved ones with the best New York auto insurance available. Check out VIU by HUB for the right tools to compare coverage options and quotes across a variety of insurance carriers.

Minimum requirements for New York auto insurance

As in most states in the United States, drivers in the Empire State are required to have New York auto insurance. Failure to maintain the required coverage may result in the DMV suspending the driver's license and vehicle registration. The law requires Personal Injury Protection, Uninsured Motorist coverage and the following Liability Coverage:

       $10,000 in Property Damage Liability Coverage for a single accident.

       $25,000 in Bodily Injury Liability Coverage and $50,000 in death coverage for a single person in an accident.

       $50,000 in Bodily Injury Liability Coverage and $100,000 in death coverage for more than one person in an accident.

Other requirements for liability coverage must include the following:

       The coverage must be effective for all valid registrations, even if the vehicle is not in use.

       The coverage must be issued in New York by a licensed company certified by the state DMV. Out-of-state policies are not acceptable.

       The policy must be issued and remain in the vehicle registrant's name.

Average cost of New York auto insurance

New York auto insurance rates are among the highest in the country, second only to Michigan. A policy that meets the minimum state requirements will cost around $2,278 yearly, with the average driver paying over $3,400 for coverage. This is more than twice the national average, which is around $1,424.

Factors impacting New York auto insurance

Insurance rates are affected by several personal factors, such as the driver's age, gender, marital status, credit history and driving history. The car's make and model, the type of insurance and deductible choices also factor into the rate calculation. There are several other reasons for the high cost of insurance, specifically in New York:

       New York is a no-fault state, which requires all parties in an accident to file a claim with their insurance provider, regardless of fault. No-fault states generally have additional insurance requirements to ensure that all drivers are protected in the event of an accident, but this results in higher insurance costs for all.

       New York has high healthcare costs, which get passed down to insurance companies and result in higher premiums.

       Extra New York auto insurance coverage requirements result in additional charges added to the premiums of drivers in the state.

       New York is located in the Mid-Atlantic region of the country, which is at high risk of winter storms and hurricanes. These weather conditions increase the hazards on state roads, which results in more insurance claims and increases costs.

       Cities in New York with high crime rates carry higher insurance rates due to the increased risk of vandalism or theft. New York City, Buffalo and Rochester, the three largest cities in New York, all rank among the nation's highest for crime.

Best New York auto insurance rates

A survey indicated that the least expensive New York auto insurance quotes range from an average cost of $850 per year all the way up to $4,450. Insurance is far more expensive for teen drivers.

New York auto insurance coverage options

While state residents are required to have New York auto insurance that includes Personal Injury Protection, Liability Coverage and Uninsured Motorist coverage, many people choose to include additional options on their policy to get more protection. Here are some coverages that you may opt to add to your policy:

Emergency Roadside Assistance

This assists if you need help while out on the road because you locked your key in the car, got a flat tire, needed a jump start or ran out of gas. This coverage usually includes towing an inoperable vehicle within a specified distance.

Gap Coverage

If you experience significant damage to your vehicle, your regular insurance policy will only pay the Actual Cash Value of the car, which may not be sufficient to cover your balance due to depreciation. Gap Coverage covers the difference between what you owe and what the car is worth.

Mechanical Breakdown Coverage

Similar to an extended warranty or service contract, this optional policy covers the cost to fix mechanical systems and parts that break on your vehicle.

Non-Owner auto insurance

Even if you don't own a car, but plan to drive another vehicle, you can purchase a Non-Owner car insurance policy that will provide liability coverage for injuries or damages you cause in an accident.

Rental Reimbursement

If your car breaks down and is being repaired, Rental Reimbursement pays for a rental car while your vehicle is in the shop. While there are limits on the amount the policy will pay per claim and per day, it’s generally enough for an inexpensive rental for the length of the repair time.

This information is intended for general informational purposes only and is not intended to constitute legal advice.

Sources: 

Wikipedia

Insurance Institute for Highway Safety

Department of Motor Vehicles

Auto insurance in New York by city

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