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The average cost of car insurance is $2,008 a year for full coverage, but personal factors like your driving history can affect how much you pay.

Understanding Auto Insurance Premium Factors: New York’s Unique Considerations

Understanding Auto Insurance Premium Factors: New York's Unique Considerations

Written by: Daniel Robinson Written by: Daniel Robinson Writer Daniel is a Guide Group writer and has written for numerous auto news websites and marketing companies across the US, UK and Australia, specializing in auto finance and car care topics. Daniel is a leading group authority on auto insurance, loans, warranty options, auto services and more.

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Edited by: Rashaan Michner Edited by: Rashaan Michner Managing Editor Rashaan Michner is a guide team editor with more than 10 years of experience covering personal finance, credit, insurance and liability topics.

Reviewed by: Mark Friedlander, Reviewed by: Mark Friedlander Consultant Mark Friedlander is director of corporate communications at the Insurance Information Institute (Triple-I), a New York-based nonprofit research and education organization focused on better understanding consumers. . Insurance. Mark serves as a national spokesperson for Triple-I, handling a wide range of media issues in the insurance industry. His responsibilities include the association’s hurricane season communications strategy and its member company support and media outreach in Florida, where he is based. Insurance Information Institute

What is the average cost of car insurance in the United States? In this article, we at the Guide team explain average car insurance costs by state and how to keep your rates low. We also recommend three of the best car insurance companies to consider in the sections below.

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Most Expensive States For Car Insurance

The Guide team is dedicated to providing reliable information to help you make the best possible decision about insuring your vehicle. Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to compile ratings of the best car insurance companies. We collected data from dozens of auto insurance providers to rank companies on a wide range of rating factors. After 800 hours of research, the end result was an overall ranking for each provider, with the highest-scoring insurers at the top of the list.

The average cost of full coverage insurance is $2,008 per year or $167 per month, while minimum liability coverage is $627 per year or $52 per month. However, what you pay for auto insurance coverage will vary based on your personal rating factors. This is because insurers consider factors such as your location, driving profile, vehicle and desired coverage while calculating premiums.

There are good reasons for the wide price difference between full-coverage car insurance and minimum liability coverage. Liability insurance has two components: bodily injury and property damage. It’s required in most states and covers injuries to other drivers and vehicle damage when you cause an accident.

Understanding Auto Insurance Premium Factors: New York's Unique Considerations

Full-coverage car insurance goes beyond state-minimum coverage and adds collision and comprehensive coverage to liability protection. Collision coverage pays for damage to your vehicle regardless of who caused the accident. Comprehensive coverage protects your car against natural disasters, theft, fire and vandalism.

In California, Gender Can No Longer Be Considered In Setting Car Insurance Rates

All states set their own car insurance regulations and requirements. Factors such as driving conditions also vary by state, which can affect the cost of car insurance.

We compiled average car insurance costs from Quadrant Information Services to give you some idea of ​​what drivers in each state pay in average annual premiums. Auto coverage costs vary by state due to a variety of factors, including accidents and claims. The cost of spare parts and labor can also lead to higher rates in one part of a state than another.

The cost estimates in the table below include estimates for minimum coverage and full-coverage car insurance for a 35-year-old driver with good credit and a clean driving record.

The best way to see how much car insurance will cost for your vehicle is to compare free quotes from providers in your state.

New York Car Insurance Laws

Age is one of the most important factors in determining car insurance rates. Teen drivers and those in their early 20s can pay thousands more per year than people with more experience behind the wheel. This is because young drivers are more likely to be involved in accidents. Insurance companies charge higher premiums to cover the risk of insuring these inexperienced motorists, who tend to exhibit risky behavior behind the wheel.

Car insurance costs also vary widely depending on your provider. Here are some national and regional companies that offer lower rates than the national average for full coverage car insurance:

USAA generally offers low car insurance rates in all areas of the United States, but its policies are only available to active military, veterans and their immediate families. Erie Insurance is another affordable option if you live in one of the 12 states (and Washington D.C.) where the company serves.

Understanding Auto Insurance Premium Factors: New York's Unique Considerations

Auto insurers must weigh the risk factors on each driver’s record. If you have one or more speeding tickets, wrong-way accidents or other violations in your driving history, you will pay higher premiums than those with a clean record for several years. Here’s how average rates change for 35-year-old men with driving violations:

Why Is My Car Insurance So High?

Every car insurance company weighs risk factors differently. The following sections provide rate estimates for various driver profiles from leading insurers.

Having a recent at-fault accident on your record usually raises auto coverage rates for at least three years. State Farm and Erie Insurance offer the lowest average rates for these drivers.

Speeding can also lead to higher car insurance premiums for at least three years. Here are some typical charges for drivers with a recent speeding violation for going 16-20 mph over the limit. Erie Insurance and USAA lead the way with the cheapest rates.

As you might expect, a DUI violation significantly increases car insurance rates for at least three years. State Farm has the lowest rates for drivers with Erie Insurance, USAA and Progressive Nearest DUI.

What Is A Car Insurance Premium?

The type of vehicle you drive plays a major role in setting your car insurance rates. The cost of replacement parts and repairs, the likelihood of an accident, and the vehicle’s safety features all contribute to how much you pay for auto coverage. Here are some types of vehicles that are more expensive to insure:

More affordable, standard-sized cars with modern safety features are generally cheaper to insure. As a bonus, features like anti-lock brakes, anti-theft systems and passive restraint systems can even get you extra discounts from some insurers.

Car insurance costs are determined based on a number of factors. How each factor affects your total premiums can vary from provider to provider, so it’s important to compare average car insurance rates from multiple insurers.

Understanding Auto Insurance Premium Factors: New York's Unique Considerations

The following table contains the basic factors that generally determine the cost you will pay for auto insurance:

Average Cost Of Car Insurance In August 2023

Drivers typically see the highest rates between the ages of 16 and 25. Fees gradually decrease and at around 65 there is a slight increase again.

Insurers may set rates based on your gender, except in California, Hawaii, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania, where insurers are prohibited from using gender as a rate factor.

Drivers with good credit are often offered lower rates. In California, Hawaii, Massachusetts, Michigan and New Jersey, insurers are not allowed to set rates based on credit scores.

Both your city and state affect the cost of your car insurance premium. If you live in an area with particularly high break-in or theft rates, you may see higher rates for insurance.

New York Life Insurance Review

If your car model has high theft or crash rates – like most sports cars – your insurance premium may be higher. The value of your car is also used to determine the cost of comprehensive and collision premiums.

Maintaining a clean driving record is one of the biggest ways to save on car insurance. Those with a history of speeding tickets, at-fault accidents, traffic violations or DUIs will charge more for insurance. A violation will stop affecting your rates after it falls off your record, which usually happens after three years.

Each state sets its own minimum insurance requirements, but you can get additional coverage if you want to be fully protected. Shopping for full coverage insurance with higher policy limits will increase your car insurance rates.

Understanding Auto Insurance Premium Factors: New York's Unique Considerations

Collision and comprehensive insurance policies usually include a deductible. Choosing a higher deductible will result in a lower premium and vice versa.

What You Need To Know About Out Of State Car Insurance

The discounts you qualify for affect your rate. Common car insurance discounts include a homeowner’s discount, military discount, multi-policy discount, and full payment discount.

You may find that your car insurance premiums change slightly every six months or every year. Your premiums are actually part of a regional insurance pool that is sometimes affected by changing state regulations and the total amount.

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