How Much Does Car Insurance Cost for an 18-Year-Old in New York?

Last Updated on November 27, 2020

Having a car offers plenty of freedom and independence for young adults. However, it’s very important for young drivers to have a car insurance policy they can rely on. The average cost of car insurance for an 18-year-old driver can be pricey, but there are ways that you can keep your premiums down. Here’s what you need to know about purchasing car insurance as an 18-year-old in New York.

How Much Does Car Insurance Cost for 18-Year-Olds in NY?

The average price of car insurance for an 18-year-old in New York can be quite expensive. Yearly prices often start around $4,000, while some analysts put the average cost of car insurance for 18-year-old drivers in New York as high as $7,000. Although these prices sound outrageous, know that these rates are for 18-year-old drivers on their own insurance policies. Drivers that remain on their parents’ policies will pay much less for insurance.

Car insurance companies look at a number of different factors to determine your overall risk level as a driver. The more statistically risky a driver is, the more expensive their car insurance premiums will be. Price can vary widely depending on who you are, even for young drivers.

Here Are Some of the Factors That Can Affect Your Car Insurance Premiums:

• Experience: 18-year-old drivers who have some experience on the road will likely see slightly cheaper premiums than brand new drivers. Insurance companies also look at your credit score and history of on-time payments. 18-year-olds who have already had insurance for a year may see slightly cheaper premiums than those who are getting an insurance policy for the first time.
• Location: Where you are driving can also affect the overall cost of your insurance. Car insurance in New York is already higher than in many other states for a number of reasons, including the volume of traffic in the state’s large metro areas. Young drivers who live in New York City and the surrounding suburbs will pay more than drivers in small towns.
• Vehicle: The type of car you have can also determine the overall cost of your car insurance. Some vehicles are statistically safer to drive, which means that they will have lower premiums. Features like anti-theft devices can also make your car safer and reduce the cost of your insurance overall.
• Gender: Statistically, men are slightly more likely to get into car accidents than women. Because of this, women may see lower car insurance prices.
• Amount of coverage: Of course, the amount of coverage you choose can also affect your monthly premium cost. If you opt just to meet New York’s basic liability requirements, you’ll pay much less than if you opt for additional coverage, such as comprehensive or collision coverage.

Why Is Car Insurance So Expensive for 18-Year-Olds?

Generally, car insurance prices are highest for young drivers and get lower as you get older. Statistics indicate that young drivers are far more likely to get into accidents due to inexperience and reckless behavior. Car insurance companies compensate for this added risk by charging more to cover young drivers. Luckily, the average price of car insurance goes down dramatically once drivers hit their twenties. Policies for those in their early twenties average between $2,000 and $3,000 per year.

How Can I Keep My Car Insurance Costs Low?

Although car insurance can be very expensive for 18-year-olds, there are things that young drivers and their families can do to keep premium costs down. The first thing to do is to ask your insurance company for a full list of discounts they offer. You might be surprised by what you qualify for. Most companies offer a good student discount, which applies to all high school and college students with a GPA over a certain level. There are also discounts for having multiple cars on the same policy, which can be helpful for those who are on the same policy as their parents.

Taking a defensive driving class is also a great way to save money on car insurance. In New York state, all drivers can earn a discount on their insurance just by taking one of these short courses. Not only will it help you save money, but these courses can teach young drivers important skills that will help them stay safe and make good decisions on the road.

The vehicle you choose can also affect the overall cost of your insurance. Choosing a vehicle with plenty of safety features may qualify you for a safety discount. For example, many companies offer small discounts for cars with anti-lock brakes, airbags, anti-theft devices, and other key safety features. Raising your deductible can also lower the cost of your monthly payments. However, this means you will pay more out of pocket in the event that you do have to file a claim, so tread carefully.

Finding Cheap Insurance for 18-Year-Olds

Don’t be afraid to get quotes from several different car insurance companies when trying to find a policy. Since each company calculates its pricing differently, you may get significantly cheaper premiums depending on which insurer you go with. Consider value as well as price – you may want to pay slightly more to get more coverage in the long run. Be sure to let insurance companies know that you’re shopping around, as they’ll be more likely to promote any discounts that they have to offer. If you’re really struggling to find an insurer that works for you, consider talking to an independent insurance agent. They are well versed in the industry and will be able to help you find a policy that takes all of your needs into consideration.

Finding the right car insurance for a new driver is so important. Although car insurance for 18-year-olds in New York can be expensive, shopping around can help you find the right policy for your needs.