Start with New York's Minimum Liability Requirement
New York state has laws in place that require you to carry a certain amount of liability car insurance. It is required no matter what type of vehicle you own or how good your driving record. New York's minimum liability coverage for injury is $25,000 (one person) and $50,000 (per accident). It's the same for uninsured and underinsured motorist injuries. The liability requirement for property damage is a $10,000 limit. For personal injury, there's a $50,000 limit. Death coverage liability is $50,000 (one person) and $100,000 (per accident).
New York is also a no-fault state, which means that both parties in an auto accident must file a claim with their insurance company no matter who is at fault. The insured's provider will then cover medical care, lost wages, and other expenses from the accident.
Start comparing insurance rates based on the minimum requirements established in New York. Knowing what's required of you will give you a basis for comparison. You might choose to go with only the minimum requirements; however, if you have acquired a great deal of savings and/or personal assets, you might consider purchasing more liability than is required to protect your assets. If comparing New York car insurance providers online, keep in mind that the provider must be authorized and licensed to do business in the state of New York. Out-of-state policies are not acceptable.
Compare Other Types of Coverage
It's wise to compare policy rates based on various types of coverage, including comprehensive, collision, medical payments, towing insurance, etc. If you owe no money on your vehicle, you can opt to buy the minimum liability coverage only and save money. If you still owe a balance, most lenders require you to keep collision and liability insurance for the duration of the loan.
Use online comparison sites to shop around for the best rate on policies that include the coverage you need. Compare rates from New York providers with an A rating for financial stability and with a proven track record in customer service. Many online comparison sites provide quotes from only A-rated companies, making it easier to narrow your choices. Also, consider whether or not the companies offer discounts for safe drivers, student driver training, good grades (for students), a short home-to-work commute distance, and safety features on your car. There are many ways to lower the premium if you know what companies are seeking.
New York's average insurance premium for private vehicles is $2,394 (as of 2009), while the national average is significantly lower at about $1,735. Insurance companies and government agencies do not fix the rates. Car insurance providers in New York are competitive and want to obtain business from what they consider to be their most lucrative customers.
Not all insurance providers in New York desire perfect drivers as customers. Some companies specialize in high risk drivers, married drivers, senior drivers or single drivers. That's why finding cheap car insurance in New York, NY takes a little time and effort on your part. It's up to you to figure out which category you fit in, and the insurance provider that will provide you with an affordable policy!
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