New York Central Mutual Insurance review 2023
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At a glance
Cost & ratings
Cost & ratings
About Bankrate Score
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.
Competitive homeowners insurance premiums compared to the national average
Unique opportunities for discounts that might not be found with other insurance carriers
Higher auto insurance premiums compared to the national average
Insurance products are only available in New York
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.
Limited coverage options and single-state availability played a large role in NYCM’s auto Bankrate Score of 3.7 out of 5. However, NYCM did receive an A (Excellent) 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 2022 J.D. Power Auto Insurance Study for overall customer satisfaction in the New York region.
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 NYCM:
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
Apple version of mobile app may have functionality issues, according to customer reviews
Policies are only available in New York state
Lower financial strength rating compared to other car insurance carriers
New York Central Mutual Insurance car insurance cost
The 2022 national average cost of car insurance is $2,014 per year for full coverage and $622 per year for minimum coverage, based on Bankrate’s study of average car insurance rates from Quadrant Information Services. Although average NYCM car insurance premiums are not available, knowing the national average may help you better understand how competitive NYCM is when comparing rates.
New York Central Mutual Insurance car insurance discounts
If you’re prioritizing 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%-10%, depending on the driver’s age.If your vehicle has this feature, you could earn up to a 3% 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% 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% off.
New York Central Mutual Insurance car tools and benefits
NYCM offers an Advantage Repair Program, which allows policyholders to receive expedited service when repairing a vehicle that was damaged in a covered accident. Policyholders can call the customer service line to report the incident to a representative, who sends the information to an auto repair shop of the policyholder’s choice, within NYCM’s Advantage Repair network. Through the program, the insurer guarantees streamlined issuing of payments and quicker repair turnaround times, as policyholder’s vehicles are given priority at the shop.
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.
Although average rates for New York Central Mutual home insurance are far below the national average, the company lacks a digital option when it comes to claims filing. Furthermore, NYCM’s homeowners insurance was not included in J.D. Power’s home insurance study for customer satisfaction. These factors played into NYCM’s relatively low homeowners Bankrate Score of 2.5 out of 5.
Pros and cons of New York Central Mutual Insurance homeowners 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:
Unique discount opportunities for homes that have been recently renovated or purchased
Claims service available 24/7
Add-on coverage available for equipment & appliance breakdown and utility line expense
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 $1,428 per year, NYCM’s average annual premium for the same dwelling amount is $586.
Dwelling coverage limit New York Central Mutual Insurance average annual premium National average annual premium $150,000 $434 $975 $250,000 $586 $1,428 $350,000 $735 $1,879 $450,000 $876 $2,343 $750,000 $1,487 $3,761
New York Central Mutual Insurance home insurance discounts
Compared to its auto insurance policy, NYCM’s homeowners insurance policy has fewer discounts. However, there are some that are unique compared to the best homeowners insurance companies:If the named insured on the policy works a minimum of 20 hours per week from home for an employer, a 5% discount could be added to the policy. This discount cannot take effect if the retirement discount is already in place.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.If the insured home is located in a gated community, this discount could be added to the policy.Homes that are at least 20 years old can qualify for this discount if the roof or primary heating source has been recently replaced. Both proof of purchase and installation must be provided, and the discount can be kept for 20 years from the installation date.
New York Central Mutual Insurance home tools and benefits
NYCM also offers mobile home insurance, but does not advertise any additional non-insurance services to homeowners.
New York Central Mutual Insurance customer satisfaction
Analyzing ratings and reviews by third-party agencies could provide 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 and if companies are meeting their expectations.
New York Central Mutual Insurance auto satisfaction
New York Central Mutual car insurance was ranked first in J.D. Power’s 2022 U.S. Auto Insurance Study for the New York region, earning 834 out of 1,000 points. This indicates that customers were generally satisfied with their auto insurance. However, all top four insurance carriers in New York were very close to the region average of 822 out of 1,000 points.
New York Central Mutual Insurance homeowners satisfaction
Because J.D. Power’s 2022 Home Insurance Study is completed on a nationwide basis, it is not surprising that NYCM did not rank. However, as a whole and across all product lines, NYCM earned a low score in the NAIC’s Complaint Index, indicating that it has fewer consumer complaints compared to the expected average in the market.
How to file a claim with New York Central Mutual Insurance
Filing a claim with NYCM can be done at any time of the day, any day of the week. Insureds calling 1-800-234-6926 can speed up the process by ensuring they have their policy number ready, as well as a summary of what happened.
For auto insurance glass claims, policyholders can report a claim online through Safelite Solutions.
New York Central Mutual Insurance availability
NYCM is only available in New York state.
Other New York Central Mutual Insurance perks worth considering
- Condo insurance: This is offered for condo owners to add coverage for personal liability, your condo’s interior structures and personal property should it be damaged in a covered peril.
- Home insurance safety tips: To help homeowners mitigate risk, NYCM created a list of safety tips, available on its website, to spot and deal with potential seasonal damages.
- Business insurance: NYCM offers business owner policies to offer financial protection for property damage and loss of business income. Among the 200 classes of businesses that it covers, NYCM focuses on “Main Street” business types such as medical offices, hair shops and salons, clothing stores, delis and residential buildings.
New York Central Mutual Insurance corporate sustainability
NYCM highlights the volunteerism of its employees, noting that many donate time and resources to local organizations. It mentions that it is a supporter of the American Red Cross and Soldier Program, which employees helped to create care packages and send to soldiers overseas. In 2012, the company held a “Dangers of Distracted Driving” contest, in which three schools shared a $30,000 winnings provided by the insurer.
Not sure if New York Central Mutual Insurance is right for you? Consider these alternatives
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:
New York Central Mutual Insurance vs. American Family
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.
Learn more: American Family Insurance review
New York Central Mutual Insurance vs. Geico
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.
Learn more: Geico Insurance review
New York Central Mutual Insurance vs. New Jersey Manufacturers (NJM)
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.
Learn more: New Jersey Manufacturers (NJM) Insurance review
Is New York Central Mutual Insurance a good insurance company?
Bankrate’s team of insurance experts (which includes three licensed agents) spend countless hours each year evaluating carriers to help our readers find the best coverage for their auto and homes.
New Yorkers that want a regional insurance carrier for their home and auto insurance needs 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 plan and its average homeowners rates are much lower than the national average. However, shoppers who prioritize 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. 2022 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.46years of industry expertise122carriers reviewed20.7KZIP codes examined1.2Mquotes analyzed
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following 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 sample drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.
The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.
- Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000
- Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000
- Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000
- Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
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 and home 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.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.On This Page