Auto Insurance Premiums: New York's Average Costs Explored

The average cost of car insurance in New York varies depending on factors such as age, gender, driving record, credit score, and location. The average annual premium for car insurance in the state is $1,870, or $156 per month, according to Insure.com's analysis. This is higher than the national average of $1,682. New York's high population density, elevated risk of accidents and theft, and extensive coverage requirements mandated by state law all contribute to the high cost of car insurance in the state.

Average monthly premium for full coverage

The average monthly premium for full coverage in New York varies depending on factors such as age, gender, driving record, and credit score.

According to MoneyGeek, the average monthly cost of full coverage car insurance in New York is $196 for a 30-59-year-old driver. However, this can vary significantly depending on age and gender. For example, an 18-year-old male driver can expect to pay an average of $379 per month, while a 25-year-old female driver will pay around $123 per month. The average monthly premium for a 16-year-old male driver is $550, while a 16-year-old female driver will pay approximately $445 per month.

The cost of full coverage car insurance in New York also depends on the driver's record. A clean driving record will result in a lower premium, with an average monthly cost of $170. An at-fault accident or a speeding ticket will increase the premium to $189 and $197, respectively.

Credit score also plays a significant role in determining the average monthly premium for full coverage in New York. According to MoneyGeek, a driver with a poor credit score may pay up to $5,849 per year, while a driver with an excellent credit score can expect to pay around $1,580 per year.

CarInsurance.com reports that the average monthly cost of full coverage car insurance in New York is $156, which amounts to $1,870 per year. Progressive offers the cheapest rates for full coverage, with an average annual cost of $1,020.

Average annual premium for full coverage

The average annual premium for full coverage in New York varies depending on the source. According to Bankrate, the average cost of car insurance in New York for full coverage is $3,757 per year. However, MoneyGeek reports the average annual cost of full coverage in New York to be $2,356 per year. On the other hand, NerdWallet claims that the average cost of full coverage in New York is $2,075 per year, while NY.com puts the figure at $2,016 per year. Lastly, CarInsurance.com states that the average cost of full coverage in New York is $1,870 per year.

These discrepancies in the reported average annual premium for full coverage in New York may be due to differences in the methodologies used by each source, the specific coverage limits and deductibles considered, and the demographic factors included in their calculations. It's important to note that car insurance rates can vary significantly depending on individual factors such as age, gender, driving record, credit score, and location within the state.

Average monthly premium for minimum coverage

The average monthly premium for minimum coverage in New York varies depending on the source and the factors considered. According to MoneyGeek, the average monthly cost for a state minimum coverage car insurance policy in New York is $110. In contrast, Bankrate puts the average monthly cost of minimum coverage at $129. CarInsurance.com, meanwhile, states that the average monthly cost of liability-only insurance in New York is $827 for coverage limits of 50/100/50.

The Zebra reports that the average annual cost of car insurance in New York State is $1,582, which equates to a monthly cost of approximately $132. However, this figure is based on data from 2021 and may not accurately reflect the current average cost.

According to an analysis by financial education website MoneyGeek, the average cost of car insurance in New York is about $168 per month. This is higher than the nationwide average of around $85 per month for full-coverage auto insurance.

It's important to note that insurance costs are determined by a variety of factors, including the insurance company, the characteristics and driving records of insured individuals, and location, among others. As such, the average monthly premium for minimum coverage in New York can vary significantly depending on these factors.

Average annual premium for minimum coverage

The average annual premium for minimum coverage in New York varies depending on the source and the factors considered. According to Bankrate, the average cost of car insurance in New York for minimum coverage is $1,553 per year. MoneyGeek estimates the average annual cost to be $1,320, while carinsurance.com puts the figure at $731.

The Zebra reports that the average car insurance rate in New York State is $1,582 per year, with rates varying depending on factors such as age, gender, marital status, coverage level, and credit score. For example, a 16-year-old driver in New York pays, on average, $5,370 per year for car insurance, while a driver in their 50s pays only $1,347.

According to MoneyGeek, the average monthly cost of state minimum coverage in New York is $110, while NerdWallet puts the figure at $804 per year, or $67 per month.

Average premium by age and gender

The average cost of car insurance in New York varies depending on age and gender. For example, a 16-year-old male driver added to a family policy incurs an average annual premium of $3,563. An individual policy for a 16-year-old male can cost upwards of $6,599 annually. Conversely, a female young driver in New York faces an average annual car insurance cost of $2,741, and $228 per month.

In general, younger and less experienced drivers pay more for car insurance than those above the age of 25. Additionally, women are more likely to have lower rates than men. The average monthly premium for a 25-year-old male in New York is $125, while the premium for an 18-year-old male is $379. A 25-year-old female pays about $123 a month, while her 18-year-old counterpart pays an average of $302. The younger the driver, the greater the disparity in the difference between the cost of insuring a male vs. a female.

The most expensive drivers to insure in New York are 16-year-old males, with an individual average monthly premium of $550. A 16-year-old female is likely to have an average premium of $445, more than $100 per month less.

Car insurance rates in New York are highest for teens, at $12,124 per year or $1,010 per month. The rates are higher for teenagers (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road. Car insurance rates are bound to decrease as teens grow older and earn a good driving record. Young adults pay $6,538 per year for their car insurance, which is $5,586 less than what teens pay.

The car insurance rates in New York for adult and senior drivers are $4,017 and $4,169 per year, respectively. The rates for adults and seniors are lower than those for teens and young adults because they are more likely to obey speed limits and follow the rules of the road.

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