Best car insurance in New York for 2023

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Auto insurance is required in New York. You cannot register your vehicle at the New York State Department of Motor Vehicles (DMV) until you purchase a policy. The state minimum limits include bodily injury liability and property damage liability, both of which have a “liability per person” and “liability per accident” limit. New York drivers must also purchase at least minimum limits of personal injury protection (PIP) and uninsured motorist coverage. In August 2023, a new law went into effect that requires insurance providers include spousal liability coverage, regardless of a policyholder’s marital status. However, this coverage can be declined in writing.

Rest assured that you do not need to memorize New York’s car insurance laws — you will not be able to buy a policy that does not comply with the minimum limits. But knowing the state minimum level of coverage could help you understand if you need higher limits or additional coverage options.

New York car insurance laws may not be the only authority with a say in how much coverage you need. If you’ve financed your vehicle, your lender will likely require you to carry coverage that goes beyond the state minimum requirements. Full coverage is not an industry-standard term, but it typically entails comprehensive and collision coverage plus state minimum requirements. In addition to these extra coverage types, a lender may also mandate that you raise your liability limits above state minimums.

If you owe a significant amount on your auto loan, adding gap insurance to your policy may be a wise idea. Guaranteed asset protection, or gap coverage, can help if your vehicle is totaled and the claim payout is less than what you owe on your loan.

To find the best car insurance in New York, you may want to start by making a list of your individual needs. Do you have a teen about to get their license? If so, you might want to look for an insurer that offers multiple discounts for teen drivers. Do you have a lower credit score? Consider an insurer that offers competitive rates for drivers with poor credit. Don’t neglect your vehicle’s make and model, either. For example, if you just purchased a brand new electric vehicle, many New York auto insurers offer new vehicle discounts or electric vehicle discounts.

You may also want to consider your policy management preferences when choosing between car insurance companies in New York. If you’re someone that prefers to speak with an agent face-to-face about your policy, a company with local agent offices in your area may be best. Or, if you’re more tech-savvy, a company with robust digital tools may be more your speed.

When looking for cheap car insurance in New York, Bankrate found that the lowest-cost options include Preferred Mutual, Progressive, Utica National and Geico. The cheapest car insurance won’t be the same for every driver, though. Your premium will depend on your unique rating factors, such as your vehicle type, location, driving record, age and gender.

There is no single best car insurance company in New York, so you’ll need to do research to find the right option for you. Each driver brings a unique set of circumstances, wants and needs to their search for car insurance, so the best company for you is the one that best fits your situation. Understanding what factors are important to you — like digital tools, customer satisfaction, coverage types or low rates — and comparing car insurance quotes from several companies that fit your needs could help you find the right carrier.

New York allows insurers to use credit-based insurance scores when setting auto insurance rates. Statistically, drivers with poor credit histories tend to file more claims than drivers with better credit. To make up for this increased risk, car insurance companies typically charge more for drivers with lower credit ratings. Working to improve your credit could lower your premium in New York.

Car insurance rates take into account various factors. The rate and severity of car accidents, theft and vandalism in some locations can make car insurance more expensive than in other areas. The cost of living is a major factor as well, as this influences the cost of labor and parts for car repairs after an accident. These reasons contribute to high New York car insurance rates, especially in New York City. Experts recommend shopping around and taking advantage of discounts to find cheap coverage in New York.

New York car insurance laws require that all drivers carry $25,000 in bodily injury liability per person and $50,000 per accident, $10,000 in property damage liability per accident, $50,000 of personal injury protection, $25,000 of uninsured motorist bodily injury per person and $50,000 of uninsured motorist per accident. Beginning August 2023, New York insurers are required to include spousal liability coverage in policies. However, drivers can choose to opt-out of this coverage in writing. As a no-fault state, New York's auto insurance requirements are more complex than many at-fault states.