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Best cheap car insurance in Albany

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There are numerous insurance providers in the state of New York, but determining which ones offer both the cheapest rates in Albany while providing the best coverage can be a challenge. The average annual cost of car insurance in Albany is $1,655 for a full coverage policy and $764 for a minimum coverage policy, which is slightly above the national average. The cheapest car insurance company in Albany is Geico, according to Bankrate’s 2021 study of quoted annual premiums.

Car insurance is legally required in Albany and can protect you legally and financially in the event of an at-fault accident. While cheap rates are always appreciated, you might want to consider other factors too, such as endorsement options, discounts and third-party ratings so you can get both affordable rates and superior coverage.

Best cheap car insurance companies in Albany

The cheapest car insurance companies in Albany are Geico, State Farm, USAA and New York Central Mutual according to Bankrate’s study of Quadrant rates. These providers stand out for offering below-average rates, customizable coverage, good saving opportunities and above-average ratings for overall customer satisfaction by J.D. Power in the New York region.

Bankrate assigns a score to each insurance provider, based on the finding of the above criteria, on a five-point scale. This allows you to compare multiple providers with a well-rounded approach, instead of focusing solely on the cheapest rates.

Insurance company Bankrate Score J.D. Power customer satisfaction score
(New York region)
Average annual premium for full coverage Average annual premium for minimum coverage
Geico 4.7 827/1,000 $1,537 $613
State Farm 4.7 859/1,000 $1,566 $751
USAA 5.0 868/1,000* $1,594 $692
New York Central Mutual Not rated 827/1,000 $1,710 $800

*USAA is not officially ranked by J.D. Power due to eligibility restrictions.

Geico

Geico is one of the cheapest car insurance companies in Albany and averaged the lowest rates for both minimum and full coverage, according to our research. Although it does not have the highest customer satisfaction rating with J.D. Power, it does have an A++ rating from AM Best, indicating superior financial strength. Geico has limited coverage options, but has a long list of savings opportunities including discounts for military personnel, federal employees, good students, claims-free drivers, having safety features in your vehicle and more.

Learn more: Geico Insurance review

State Farm

State Farm is the largest car insurance company in the country, and it is also the highest-rated auto insurance company in New York by J.D. Power (excluding USAA). State Farm offers a handful of endorsements, including rideshare insurance and roadside assistance, but it really stands out for its affordable rates and discounts. State Farm also has two safe driver rewards programs, Drive Safe & Save for drivers over 25 and Steer Clear for drivers under 25.

Learn more: State Farm Insurance review

USAA

USAA exclusively sells car insurance to active duty and retired military personnel, plus their spouses and children, which may exclude it for many drivers. Albany drivers who do qualify for USAA coverage will get access to the company’s highly-rated customer service, low rates and reliable coverage. USAA also offers many discounts, including some unique options like garaging your vehicle on base.

Learn more: USAA Insurance review

New York Central Mutual

New York Central Mutual (NYCM) is a local insurance carrier. NYCM offers basic car insurance policies, but you can add roadside assistance for more protection, which is offered in three tiers. Although the rates quoted are the highest among the insurance providers we studied, Albany drivers might be able to get an affordable car insurance policy through NYCM by taking advantage of its discounts. There are savings for enrolling in automatic payments, having airbags and daytime running lights, being a homeowner and insuring a new car, among others.

Learn more: New York Central Mutual Insurance review

How to get and keep the cheapest car insurance in Albany

As you are trying to find cheap car insurance companies in Albany, keep the following in mind:

  • Know the coverage limits you need. In addition to the state minimum requirements, you should purchase a policy that fits within your budget while providing enough financial protection if you were to get in an accident. Carefully review each option offered and work with a trusted insurance agent to make sure you are not purchasing too little — or too much — for your driving needs.
  • Adjust coverage as your vehicle ages. As the age of your vehicle increases, it may be time to adjust coverage so you are not overpaying for a policy. For example, if your vehicle is paid for and more than 10 years old, lower limits and fewer coverage options might be right for you. Consider speaking with a licensed insurance agent to determine how much car insurance is right for your situation.

Frequently asked questions

What is the best car insurance company?

The best car insurance company is different for every driver. It depends on where you live, how much coverage you need, what type of coverage you need, what discounts you can qualify for and more. To find the best insurance carrier for you, shop around and compare providers based on the criteria that matter most, like low rates or good customer service.

How much car insurance do I need in Albany?

The state of New York requires a minimum amount of car insurance to drive legally, but you may want to consider purchasing more than that to better protect your finances. If you have a loan or lease your vehicle, you may be required by your lender to purchase full coverage insurance, which includes comprehensive and collision coverage. Speak with an insurance agent to determine how much insurance is right for you.

How can I lower my insurance rates in Albany?

To find the most affordable rates in the area, you may want to review all available discounts to make sure you are taking advantage of as many as possible. Discounts tend to vary from one insurance provider to another, which means there may be some available you are unaware of. You can research discounts online, by working with an insurance agent or calling customer service.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full 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 bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Bankrate Score

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moodys had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

Written by
Sara Coleman
Former Insurance Contributor
Sara Coleman is a former insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability.
Edited by
Insurance Editor