Best cheap car insurance in Albany

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The average annual cost of car insurance in Albany is $1,655 for a full coverage policy and
$764 for a minimum coverage policy. Car insurance is legally required in Albany, which protects your legal and financial responsibility in the event of an at-fault accident. We researched the best cheap car insurance in Albany based on criteria such as average rate, discounts available, coverage options and more.

Best car insurance companies in Albany

The best car insurance companies in Albany are State Farm, Geico, New York Central Mutual and USAA. 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.

Insurance company J.D. Power score Average annual premium for minimum coverage Average annual premium for full coverage
State Farm 851 / 1,000 $751 $1,566
Geico 837 / 1,000 $613 $1,537
New York Central Mutual 837 / 1,000 $800 $1,710
USAA 884 / 1,000 $692 $1,594

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. 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.

Geico

Geico is one of the cheapest car insurance companies in Albany. The company is also highly rated by J.D. Power and has an A++ rating from AM Best, indicating superior financial strength. Geico has limited coverage options, but it does have a long list of savings opportunities. Geico offers discounts for military personnel, federal employees, good students, claims-free drivers, having safety features in your vehicle and more.

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. Additionally, Albany drivers can get an affordable car insurance policy through NYCM by taking advantage of 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.

USAA

USAA exclusively sells car insurance to active duty and retired military personnel, plus their spouses and children. Albany drivers who 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. According to the website, drivers who switch to USAA save over $700 per year on their auto insurance.

Cheapest car insurance in Albany

The average cost of car insurance in Albany is significantly cheaper than the average rate in New York State. The average New York driver pays $2,321 annually for full coverage insurance and $1,062 annually for minimum coverage insurance. For comparison, the average rate in the United States is $1,674 for full coverage and $565 for minimum coverage.

The table below includes the cheapest car insurance rates in Albany from the most popular providers based on market share. But keep in mind that car insurance rates are personalized, so factors like your age and credit score will impact the rate you pay.

Insurance company Average annual premium for minimum coverage Average annual premium for full coverage
Erie $535 $1,152
Progressive $535 $888
Geico $613 $1,537
USAA $692 $1,594
State Farm $751 $1,566

If you are shopping for cheap car insurance in New York, comparing providers is important. Each carrier has its pros and cons, and the carrier with the cheapest premiums might not be the best provider for your needs.

For example, USAA is a highly rated insurance company with cheap rates, but you must be affiliated with the military to buy a policy. Erie and Progressive have even cheaper average rates, and there are no eligibility requirements.

When it comes to coverage options, these five providers are not created equal. State Farm, Geico and USAA have limited endorsements, so drivers who want to customize their policy with add-ons may not find the coverage needed with these carriers. If you need specific coverages, Erie and Progressive are worth considering.

All five providers in the table above offer great discounts, but the actual savings available are varied. For instance, Geico is the only provider with a discount for federal employees, and Erie is the only provider that offers a rate protection option.

Albany insurance requirements

Albany drivers are required to purchase car insurance. New York’s car insurance laws require drivers to carry at least 25/50/10 in liability insurance, which includes:

  • $25,000 for bodily injury coverage per person
  • $50,000 for bodily injury coverage per accident
  • $10,000 for property damage coverage per accident

Additionally, New York drivers are required to carry uninsured motorist bodily injury coverage. Speak to your agent to understand if your uninsured motorist coverage extends outside of New York as the endorsement to extend out-of-state coverage is generally not required.

Personal Injury Protection (PIP) is also required at a minimum of $50,000. PIP generally covers your medical bills and lost wages if you get into an accident, regardless of which driver was responsible for the crash.

Car insurance companies in New York usually charge lower rates for minimum coverage policies, but drivers should not focus on the least amount of coverage to get the cheapest premium. There is no guarantee that liability-only insurance will cover your full financial responsibility in the event of an accident. And if you lease or finance your car, you may be required to get full coverage insurance until the loan is paid off.

Car insurance discounts in Albany

Drivers in Albany can take advantage of car insurance discounts to get a lower rate. Here are some of the most common discounts in the city:

  • Defensive driving course discount: Many insurance companies offer a discount to drivers who complete an approved defensive driving course.
  • Claims-free discount: Drivers who have no prior insurance claims on their record within the last few years can often get a cheaper rate.
  • Multi-policy discount: If you purchase an auto insurance and property insurance policy from the same carrier, you may qualify for a multi-policy discount.
  • New vehicle discount: Some insurance companies offer a discount to drivers who insure a new vehicle that is less than a few years old.

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?

Drivers in Albany are required to carry at least 25/50/10 in personal liability and uninsured motorist insurance. Additionally, drivers must carry at least $50,000 in PIP to satisfy New York’s no-fault insurance laws.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 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 coverages that meet each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.