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New York Central Mutual Insurance Review 2022

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New York Central Mutual Insurance (NYCM) is a regional insurance carrier that might not have as many policy options and services as some larger national carriers, but does have one notable strength in terms of its homeowners insurance policies. Those on a budget might appreciate that NYCM’s average annual premiums for homeowners insurance come in below the national average. If you’re looking for basic home coverage at an affordable price and want to bundle your policy with auto insurance, NYCM might be a good place to start.

Perks Drawbacks
Competitive homeowners insurance premiums compared to the national average Higher auto insurance premiums compared to the national average
Unique opportunities for discounts that might not be found with other insurance carriers Insurance products are only available in New York

As a regional carrier, NYCM only offers its personal and commercial insurance lines in New York state. Although NYCM might not be able to compete with other major insurance carriers in terms of coverage choices, its homeowners policy is particularly affordable, especially when compared to the national average. However, the same can’t be said for its auto insurance, which tends to be more expensive than the national average. Still, individual rates may vary based on a variety of factors. In this New York Central Mutual Insurance review, Bankrate analyzed its homeowners and auto insurance policies to help see if NYCM could be a good fit for you.

New York Central Mutual Insurance car insurance | Bankrate Score 2.4

New York Central Mutual auto insurance may not be the best choice for many drivers if cost is a priority. Based on Bankrate’s analysis of average premiums from Quadrant Information Services, the average cost of car insurance with NYCM is higher than the national average. 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 have. However, it does offer emergency roadside assistance.

Limited coverage options, high premiums and single-state availability played a large role in NYCM’s low Bankrate Score of 2.4 out of 5. 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). Additionally, it came in below average in the 2021 J.D. Power Auto Insurance Study for overall customer satisfaction in the New York region.

New York Central Mutual Insurance car insurance cost

The 2021 national average cost of car insurance is $1,674 per year for full coverage and $565 per year for minimum coverage. For both policy types, NYCM comes in higher than the national average for drivers with a clean driving history. The average cost of car insurance with NYCM is $2,669 per year for full coverage and $1,129 per year for minimum coverage. Based on our research, the only instance where NYCM’s average rates are less than the national average is when adding a 16-year-old driver.

NYCM average annual full coverage premium National average full coverage premium
Clean driving history $2,669 $1,674
Speeding ticket $2,835 $2,062
At-fault accident $2,576 $2,311
Adding a 16-year-old driver $1,564 $2,531

*16-year-old rates reflect the added cost to their parents’ full coverage car insurance policy.

New York Central Mutual Insurance car insurance discounts

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:

  • Driving training: 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.
  • Daytime running lamps: If your vehicle has this feature, you could earn up to a 3% discount on your NYCM auto policy.
  • Coupler discount: 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.

New York Central Mutual Insurance car services

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 Insurance home insurance | Bankrate Score 5.0

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

NYCM’s cheaper average homeowners insurance rate, policy options and strong AM Best rating play a large factor in NYCM scoring a max Bankrate Score of 5 out of 5. The company also has a 24/7 hotline for customer queries. Similar to its auto insurance, NYCM’s homeowners insurance was not included in J.D. Power’s home insurance study for customer satisfaction.

New York Central Mutual Insurance home insurance cost

In contrast to its auto insurance premiums, NYCM’s homeowners insurance comes in far below the national average. While the national average annual premium for $250,000 in dwelling coverage is $1,312 per year, NYCM’s average annual premium for the same dwelling amount is $394.

Dwelling coverage limit NYCM average annual premium National average annual premium
$150,000 $298 $898
$250,000 $394 $1,312
$350,000 $486 $1,723
$450,000 $574 $2,148

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:

  • Work from home: 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.
  • Retirement: 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.
  • Gated community: If the insured home is located in a gated community, this discount could be added to the policy.

New York Central Mutual Insurance home services

NYCM also offers mobile home insurance, but does not advertise any additional non-insurance services to homeowners.

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 social responsibility

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 and higher than average auto premiums, 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:

  • 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.
  • Geico: If you prefer a large, national insurer for homeowners and auto insurance, Geico might be the right fit with its array of policy personalization options for home and auto insurance.
  • 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 to look into.


Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: Rates were calculated by evaluating our base profile with the age 16 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Hawaii rates indicate age is not a contributing factor.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and a single DUI conviction.


  • 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 Score

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

Written by
June Sham
Insurance Writer
June Sham is an insurance writer for Bankrate. Before joining the team, she worked for nearly three years as a licensed producer writing auto, property, umbrella and earthquake policies.
Edited by
Insurance Editor