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New York Central Mutual insurance review 2024

Updated Mar 14, 2024
  • At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .

At a glance

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Rating: 3.1 stars out of 5
Bankrate Score
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Auto

Rating: 3.7 stars out of 5

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Cost & ratings

Rating: 4.5 stars out of 5

4.5

Coverage

Rating: 3 stars out of 5

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Support

Rating: 3.8 stars out of 5

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Home

Rating: 2.5 stars out of 5

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Cost & ratings

Rating: 4.33 stars out of 5

4.33

Coverage

Rating: 3.67 stars out of 5

3.67

Support

Rating: 4 stars out of 5

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About Bankrate Score

Bankrate's take

Homeowners in New York state who are interested in a regional insurance company may want to check out NYCM’s home insurance policies, which are typically cheaper than the state average. However, its car insurance policies may be more expensive, which could make bundling more difficult.

Who New York Central Mutual may be good for: New York policyholders looking for basic coverage with bundling opportunities might appreciate what NYCM has to offer.

 

Who New York Central Mutual may not be good for: NYCM may not be the best option for policyholders who plan on moving outside New York State or customers who prefer a digital insurance experience over working with an agent in person.

Answer a few questions to see personalized rates from top carriers
 

New York Central Mutual Insurance car insurance

Bankrate took a deep dive into New York Central Mutual car insurance and based on our assessment, this company could be a good choice for New Yorkers who want basic coverage options and excellent customer service from a regional carrier. Beyond the standard policy options — including bodily injury liability, property damage liability, uninsured motorist coverage and personal injury protection, which are required in New York — NYCM doesn’t appear to offer some of the various add-on coverage options that many of the nation’s best car insurance companies offer. However, it does offer emergency roadside assistance.

Although the carrier is limited to New York and the company offers basic coverage options, NYCM earned a solid auto Bankrate Score of 3.9 out of 5. NYCM also received an A+ (Superior) rating from AM Best, indicating a stable history for its financial strength, but was not rated by Standard & Poor’s (S&P). It also came in first in the 2023 J.D. Power Auto Insurance Study for overall customer satisfaction in the New York region for the second year.

Pros and cons of New York Central Mutual Insurance car insurance

Learning more about an insurance company could reveal whether or not it’s the best fit for your needs. When comparing car insurance carriers, here are some quick facts about New York Central Mutual Insurance car insurance:

Pros
  • Extensive list of car insurance discounts available

  • Tiered roadside assistance package can be added to car insurance policy

  • Split or single limit auto insurance policy may be available for some drivers

Cons
  • Apple version of mobile app may have functionality issues, according to customer reviews

  • Policies are only available in New York state

  • Need an agent to purchase policy and make changes

New York Central Mutual Insurance car insurance cost

The 2023 national average cost of car insurance is $2,545 per year for full coverage and $741 per year for minimum coverage, based on Bankrate’s study of average car insurance rates from Quadrant Information Services.

Insurance companies look at a driver’s history to determine how risky they are to insure. Drivers with clean driving records typically enjoy the cheapest average car insurance rates, while drivers who have even a single infraction, like a speeding ticket or accident, might pay more for the same coverage. Depending on the infraction or number of points on your license, some insurance providers might label you a high-risk driver. Note that some companies don’t cover drivers with a DUI, as they may require special coverage like an SR-22. The best way to see what your insurance rates would be is to request a quote from one of NYCM’s insurance agents.

NYMI full coverage premium National full coverage premium
Clean driving history $2,397 $2,543
Speeding ticket conviction $2,397 $3,069
At-fault accident $2,397 $3,577
DUI conviction $3,595 $4,790
*All rates displayed are average annual rates.

New York Mutual Insurance car insurance quotes by age

Drivers under the age of 25 typically see the most expensive insurance premiums of any age group. Insurance providers charge more for young drivers because they aren’t as experienced behind the wheel and are more likely to file claims. Statistics also point to riskier driving behavior among teens, which contributes to higher premiums. Fortunately, many insurance providers offer discounts for safe driving and good students that can make car insurance more affordable for teens and young adults.

NYMI full coverage premium National full coverage premium
Age 16 $3,390 $5,469
Age 17 $3,317 $5,114
Age 18 $3,213 $4,759
Age 19 $3,116 $4,197
Age 20 $3,076 $3,962
*All rates displayed are average annual rates.

Average cost of car insurance for drivers on their own policy

NYMI full coverage premium National full coverage premium
Age 18 $4,864 $7,498
Age 25 $3,490 $3,134
Age 30 $2,747 $2,693
Age 40 $2,397 $2,543
Age 60 $2,146 $2,302
*All rates displayed are average annual rates.

New York Central Mutual Insurance car insurance discounts

If you prioritize cheap car insurance, discounts can help. NYCM offers an extensive list of car insurance discounts for drivers to save on auto insurance. Some are based on the features of a vehicle, while others depend on the driver. These include:

Young drivers under age 21 may take a qualifying course to earn a discount on their auto policy. The discount amount for successfully completing the course ranges from 6 percent to 10 percent, depending on the driver’s age.
If your vehicle has this feature, you could earn up to a 3 percent discount on your NYCM auto policy.
If the named insured on the auto policy also has an umbrella, homeowners or renters insurance policy with NYCM, they could discount up to 25 percent off the auto policy.
If these come installed by the factory in your vehicle or you have more than one airbag, the medical payment and personal injury protection portions of your car insurance could receive up to 30 percent off.

Get personalized auto insurance quotes

Answering a few quick questions to check your availability with New York Central Mutual Insurance
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New York Central Mutual home insurance

New York Central Mutual home insurance may be an option to explore for homeowners on a budget. Aside from the standard coverage options you’d expect, the homeowners policy also has coverage add-ons available like equipment & appliance breakdown coverage, valued possession coverage and utility line expense coverage.

The average rates for New York Central Mutual home insurance are far below the national average, although the company lacks a digital option when it comes to claims filing and NYCM’s homeowners insurance was not included in J.D. Power’s home insurance study for customer satisfaction. However, the company earned an impressive homeowners Bankrate Score of 4.1 out of 5.

Pros and cons of New York Central Mutual home insurance

New York Central Mutual’s home insurance policy may not be the right fit for every New York homeowner. Here are some quick facts about the carrier and policy type:

Pros
  • Unique discount opportunities for recently renovated or newly purchased homes

  • Claims service available 24/7

  • Add-on coverage available for equipment & appliance breakdown and utility line expense

Cons
  • Home insurance only available in New York

  • Home insurance not rated by J.D. Power for customer satisfaction

  • Limited tools for digital policy management, especially for digital inventorization of personal belongings

New York Central Mutual Insurance home insurance cost

NYCM’s homeowners insurance comes in far below the national average. While the national average annual premium for $250,000 in dwelling coverage is $1,687 per year, NYCM’s average annual premium for the same dwelling amount is $621.

Dwelling coverage limit New York Central Mutual Insurance average premium National average premium
$150,000 $456 $1,146
$250,000 $621 $1,687
$350,000 $779 $2,231
$450,000 $934 $2,785
$750,000 $1,585 $4,457

*All rates displayed are average annual rates.

New York Central Mutual home insurance discounts

NYCM has added to the homeowners insurance policy discounts it offers. In addition to common discounts, like a multipolicy discount, policyholders can enjoy unique discounts that are also offered by some of the best homeowners insurance companies:

If the named insured works at least 20 hours per week from home, the policy may be eligible for a 5 percent discount. This discount cannot take effect if the retirement discount is already in place and self-employment is not applicable.
In addition to base eligibility starting at age 55 and older, NYCM’s retirement discount has additional requirements. It can only apply if either the named insured or spouse in the same residence is not employed full time, occupies the residency at least 10 months of the year, and insures the policy dwelling amount up to value.
This discount may apply to homes located within a gated community.
Homes 20 years old or older can qualify for this discount if the homeowner has recently replaced the roof or primary heating source. Homeowners must provide proof of purchase and installation to NYCM. Effective from the date of installation, the discount remains on the policy for 20 years.
If your home is outfitted with burglar alarms, fire alarms, automatic sprinklers, generators or other home protection devices, you could enjoy a discount on your premium.
If your home is certified as Green by the US Green Building Council LEED for homes rating system or meets green guidelines as set by the National Association of Home Builders Green Building Guidelines, you may be eligible for a 5 percent discount.
You don’t have to be a first time homebuyer to earn a discount for purchasing a home.
NYCM rewards policyholders who haven’t filed a claim in the past five years.

Get personalized home insurance quotes

Answering a few quick questions to check your availability with New York Central Mutual Insurance

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Powered by Coverage.com (NPN: 19966249)

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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Compare New York Central Mutual with other insurers

Because of its limited availability, this NYCM insurance review may reveal that it is not the right option for everyone. If this is the case for you, here are three other insurance companies to consider:

Badge 1 Featured

New York Central Mutual

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Rating: 4 stars out of 5
4
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Read review Read Bankrate's full New York Central Mutual Insurance review
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American Family

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Rating: 4.2 stars out of 5
4.2
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Read review Read Bankrate's full American Family Insurance review
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Geico

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Rating: 4.4 stars out of 5
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Read review Read Bankrate's full Geico Insurance review
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New Jersey Manufacturers (NJM)

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Rating: 4.3 stars out of 5
4.3
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Read review Read Bankrate's full NJM Insurance review
Overview
Overview
Overview
Overview
Homeowners in New York state who want a regional insurance carrier may want to check out NYCM’s home insurance policies, which are typically cheaper than the state average. However, its car insurance policies may be more expensive, which could make bundling more difficult.
With a wide variety of discount options for both home and auto insurance, American Family could be an option for those who want to stack savings. Unique opportunities for young drivers to save exist too, such as its Young Volunteer discount, which provides a discount for drivers under 25 years old and have volunteered with a non-profit for at least 40 hours.
If you prefer a large, national insurer for auto insurance, Geico might be one to check out for a car insurance quote because of its array of policy personalization options for auto insurance. It also has a robust online and mobile app for those who want to manage their policies online.
If you prefer to have insurance with a regional carrier, but are moving away from New York, New Jersey Manufacturers might be an option for a home insurance quote. Its homeowners insurance policy also has an array of endorsement options, such as assisted living car coverage, scheduled personal property and water back-up coverage.
Avg. full coverage auto rate
Avg. full coverage auto rate
Avg. full coverage auto rate
Avg. full coverage auto rate
$2,381
$1,513
$1,732
$1,306
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
Avg. home rate for $250k dwelling coverage
$621
$1,399
No rates available
$573
JD Power Digital Experience Study - Service
JD Power Digital Experience Study - Service
JD Power Digital Experience Study - Service
JD Power Digital Experience Study - Service
Not rated
568/1,000
731/1,000
Not rated
JD Power Digital Experience Study - Shopping
JD Power Digital Experience Study - Shopping
JD Power Digital Experience Study - Shopping
JD Power Digital Experience Study - Shopping
Not rated
549/1,000
502/1,000
Not rated
AM Best rating
AM Best rating
AM Best rating
AM Best rating
A+ (Superior)
A (Excellent)
A++ (Superior)
A+ (Superior)

Is New York Central Mutual Insurance a good insurance company?

Bankrate’s team of insurance experts, which includes licensed agents with decades of combined insurance experience, dedicate time each year to evaluating carriers to help our readers find the best coverage for their needs. Our research finds that New Yorkers who prefer a regional insurance carrier that has had longevity in the insurance market — over 100 years offering  home and auto insurance — might want to look into New York Central Mutual. The carrier offers extensive discounts and add-on coverage opportunities for those who want to craft a personalized insurance policy. 

Shoppers prioritizing customer service in their home insurance company may want to speak with friends and family insured with NYCM since J.D. Power did not include the hyper-regional carrier in its U.S. 2023 Property Claims Satisfaction Claims Study. Additionally, New Yorkers planning to move out of the state may not find it to be the best carrier for their needs.

New York Central Mutual Insurance customer satisfaction

Analyzing ratings and reviews by third-party agencies could shed some light on how satisfied customers are with a certain insurance company. These organizations review complaints and conduct surveys to get a sense of the customer experience for insureds. Since NYCM is only available in New York, J.D. Power did not include it in its studies. J.D. Power provides a score based on a 1,000-point rating system, and AM Best uses a letter grade system for its rating, using letters A through D.

Study or Rating agency New York Central Mutual Industry average
2023 J.D. Power Digital Experience Study - Service Not rated 702/1,000
2023 J.D. Power Digital Experience Study - Shopping Not rated 521/1,000
AM Best rating A+ N/A

New York Central Mutual Insurance auto claims satisfaction

New York Central Mutual car insurance was ranked first in J.D. Power’s 2023 U.S. Auto Insurance Study for the New York region, which indicates that customers are generally satisfied with their auto insurance claims experience from the provider. However, NYCM was not included in the 2022 J.D. Power Auto Claims Satisfaction Study, mostly likely due the study being a national study.

New York Central Mutual customer complaints

The National Association of Insurance Commissioners (NAIC) is in charge of standardizing insurance companies and insurance practices. Amongst other vital duties, it keeps tabs on customer complaints. The NAIC has a complaint index, which can help potential policyholders gain better insight about the type of service they may receive with a particular carrier. The NAIC uses a baseline scoring system where the average amount of customer complaints is 1.0. A rating above 1.0 indicates more complaints than average, and a rating below 1.0 shows fewer complaints than average. You can also view the exact amount of a company's total complaints to the NAIC.

While the NAIC score for NYCM has fluctuated over the past few years, it has remained below the 1.0 average rating. This indicates that NYCM consistently has fewer than average complaints, which may be indicative of positive interactions between NYCM and its auto insurance policyholders.

NYCM's NAIC score for home insurance is incredibly low, which may indicate that its policyholders are generally happy with its service. Even in 2020, NYCM's highest-scoring year out of the past three years, the company only had three complaints filed.

Other New York Central Mutual tools and benefits

  • Condo insurance: If you own a condo, you can purchase coverage for personal liability, the interior structure of the condo and personal property under a covered loss.
  • Mobile home insurance: You can purchase four types of coverage for your mobile home including coverage for the mobile home itself, other structures, contents and loss of use as long as the mobile home is less than 10 years old.
  • Home insurance safety tips: NYCM wants to help homeowners homeowners stay safe and prevent potential damage. To do so, the company provides a list of safety tips on its website, broken down by season, so you can be proactive in mitigating risk.
  • Business insurance: NYCM writes business insurance for over 200 classes of businesses, so you can get property damage coverage and loss of business coverage. The company writes policies for offices, restaurants, services, retail and residential or building owners.
  • Valued possession coverage: If you own valuables like furs, jewelry, camera equipment, instruments, boats, snowmobiles or sports equipment, you can purchase additional coverage.

Frequently asked questions about New York Central Mutual Insurance

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