Who Has the Cheapest Offers for New York Automobile Insurance

Auto insurance is an important purchase, but finding cheap car insurance in New York isn’t always easy. The best way to find cheap car insurance is to compare rates from multiple insurers.

The cheapest car insurance company in New York is Main Street America at $1,031 per year on average, or $86 per month, according to the most recent NerdWallet analysis of full coverage car insurance rates in New York. Meanwhile, the average cost of full coverage car insurance in New York is $2,600 per year, or about $217 per month.

Minimum coverage in New York is $1,180 per year on average, but we found you can likely get a cheaper policy. For example, NYCM offers the cheapest rates in New York at $463 per year, on average, for minimum coverage car insurance for a 35-year-old driver with a clean driving record.

For minimum coverage, we looked at rates that reflect the minimum requirements in New York. For full coverage, we used the below coverage limits:

  • $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 coverage per person.

  • $300,000 uninsured motorist coverage per accident.

  • Collision coverage with a $1,000 deductible.

  • Comprehensive coverage with a $1,000 deductible.

     

Cheapest full coverage car insurance in New York for 20-year-olds

Drivers in New York with clean driving records may want to consider the following companies, which had the lowest average rates:

  1. Main Street America: $1,918 per year, or about $160 per month.

  2. NYCM: $2,012 per year, or about $168 per month.

  3. Erie: $2,691 per year, or about $224 per month.

  4. Progressive: $2,693 per year, or about $224 per month.

  5. Travelers: $3,980 per year, or about $332 per month.

     

Cheapest minimum coverage car insurance in New York for 20-year-olds

Drivers in New York who want just the state minimum coverage may want to check with these companies, which had the lowest average rates:

  1. NYCM: $658 per year, or about $55 per month.

  2. Main Street America: $836 per year, or about $70 per month.

  3. Utica National: $1,216 per year, or about $101 per month.

  4. Progressive: $1,335 per year, or about $111 per month.

  5. Erie: $1,345 per year, or about $112 per month.

     

Minimum auto insurance limits required in New York

New York auto insurance laws require car owners to carry liability insurance, personal injury protection (PIP) and uninsured motorist bodily injury coverage (UMBI).

The minimum coverage limits in New York are:

  • $25,000 bodily injury liability per person.

  • $50,000 bodily injury liability per accident.

  • $50,000 liability for death per person.

  • $100,000 liability for death per accident.

  • $10,000 property damage liability per accident.

  • $50,000 PIP.

  • $25,000 UMBI per person.

  • $50,000 UMBI per accident.

Liability car insurance covers the cost of any damage, injuries or deaths you cause in a car accident, up to your policy’s predefined limits.

Personal injury protection will cover your medical bills and expenses if you’re injured in a car crash, up to your policy limits, no matter whose fault it was. Depending on your state, PIP may also pay for:

  • Lost wages if you’re unable to work due to injuries from an accident.

  • Services you can no longer perform, like house cleaning or child care, because of your injuries.

  • Funeral costs if an accident-related injury leads to death.

  • A small death benefit as a cash payout.

Uninsured motorist coverage will cover expenses from injuries or damage after an accident with a driver who doesn’t have car insurance. Underinsured motorist coverage will cover the same expenses if you’re hit by a driver with some car insurance, but not enough to cover all costs from the crash.

For the best financial protection, consider buying more than the bare minimum coverage. Any costs that surpass your coverage limits would have to come out of your own pocket, so with these minimums, a serious accident could easily leave you owing more than, say, $10,000 to repair another driver’s car.