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New York Central Mutual Insurance review 2022

Updated Jun. 23, 2022
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At a glance

4.8
Bankrate Score
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Auto

4.6

Home

5.0

Bottom Line

Policyholders who value cheap home insurance and a standard car insurance policy might consider NYCM as their company of choice.

Pros

  • Competitive homeowners insurance premiums compared to the national average
  • Unique opportunities for discounts that might not be found with other insurance carriers

Cons

  • Higher auto insurance premiums compared to the national average
  • Insurance products are only available in New York
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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.
 
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 car insurance

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.

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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:

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 home insurance

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.

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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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Quick Facts
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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:

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 insuranceThis 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 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 FamilyWith 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.
  • GeicoIf 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.

Methodology

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:

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 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. Age is not a contributing rating factor in Hawaii and Massachusetts.

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

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 and homeowners 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 and home insurance companies satisfy these priorities, third-party agency ratings from J.D. PowerAM BestS&PNAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners 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.

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