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.
New York Central Mutual insurance review 2023
At a glance
Auto
3.7
Cost & ratings
4.0
Coverage
3.0
Support
4.2
Home
2.5
Cost & ratings
2.7
Coverage
3.0
Support
1.5
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.
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 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 NYCM:
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Extensive list of car insurance discounts available
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Tiered roadside assistance package can be added to car insurance policy
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Split or single limit auto insurance policy may be available for some drivers
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Apple version of mobile app may have functionality issues, according to customer reviews
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Policies are only available in New York state
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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 $2,014 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 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:
Get personalized auto insurance quotes
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.
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 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:
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Unique discount opportunities for recently renovated or newly purchased homes
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Claims service available 24/7
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Add-on coverage available for equipment & appliance breakdown and utility line expense
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Home insurance only available in New York
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Home insurance not rated by J.D. Power for customer satisfaction
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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 premium | National average 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 |
*All rates displayed are average annual rates.
New York Central Mutual home insurance discounts
Compared to its auto insurance policy, NYCM’s homeowners insurance policy has fewer discounts. However, there are some unique discount opportunities compared to the best homeowners insurance companies:
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:
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Featured
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Overview
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Overview
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Overview
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Overview
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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.
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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.
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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.
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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.
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Avg. full coverage auto rate
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Avg. full coverage auto rate
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Avg. full coverage auto rate
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Avg. full coverage auto rate
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No rates available
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$1,700
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$1,353
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$1,229
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Avg. home rate for $250k dwelling coverage
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Avg. home rate for $250k dwelling coverage
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Avg. home rate for $250k dwelling coverage
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Avg. home rate for $250k dwelling coverage
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No rates available
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$1,168
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No rates available
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$371
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JD Power Digital Experience Study - Service
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JD Power Digital Experience Study - Service
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JD Power Digital Experience Study - Service
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JD Power Digital Experience Study - Service
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Not rated
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568/1,000
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731/1,000
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Not rated
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JD Power Digital Experience Study - Shopping
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JD Power Digital Experience Study - Shopping
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JD Power Digital Experience Study - Shopping
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JD Power Digital Experience Study - Shopping
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Not rated
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549/1,000
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502/1,000
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Not rated
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AM Best rating
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AM Best rating
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AM Best rating
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AM Best rating
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A+ (Superior)
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A (Excellent)
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A++ (Superior)
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A+ (Superior)
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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 an 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: Condo insurance is a type of homeowners insurance 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: NYCM created a list of safety tips , available on its website, to spot and deal with potential seasonal damage and help homeowners mitigate risk.
- 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.
Frequently asked questions about New York Central Mutual Insurance
Methodology
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:
Auto
- $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.
Homeowners
- 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.
Bankrate Scores
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.