How Much Is Car Insurance Per Month In New York City?
Last Updated on February 17, 2022
New York City is world-renowned for many reasons. Everyone is aware of its many landmark buildings and famous sights. The city, however, is changing. Williamsburg’s six-acre Domino Park, for example, has transformed from an industrial sugar refinery into a sprawling waterfront playground of volleyball courts, complete with a taco and margarita joint. Other transformed sights include Hunter’s Point in Queens and The Pier in Brooklyn’s Bridge Park.
Nowadays, it’s clear that New Yorkers have more places to play. Much of the city is accessible with its extensive subway system but many New York residents still have to own cars. Therefore, there is a constant need for affordable car insurance.
Some Insurance Statistics and Facts
The national average cost for car insurance rose 2.7% in 2015 to $889.01 (from $865.34 the previous year), according to the Insurance Information Institute. This data was taken from the latest survey by the National Association of Insurance Commissioners.
The highest state at that time was New Jersey at $1,265.69 followed by New York State at $1234.84. Bear in mind that the NAIC calculates these averages based on all drivers having liability coverage (but not all drivers have collision and comprehensive coverage). Therefore, individual mileage may vary based on what is covered.
It wouldn’t surprise any New Yorker to learn that in New York City the cost of car insurance is even higher.
Average NYC Auto Insurance Rates
The table below illustrates the average insurance costs for male and female drivers in NYC, broken down by insurance coverage type.
| Insurance | Male | Female |
|---|---|---|
| Liability Coverage | $836 | $958 |
| Collision Coverage | $379 | $393 |
| Comprehensive Coverage | $71 | $71 |
| Monthly (Avg) | $107 | $118 |
| Annual | $1,286 | $1,421 |
Most Expensive Cities for Auto Insurance in America
The table below lists what it currently costs for full coverage insurance in the 10 most expensive cities in the country. New York’s Brooklyn zip code of 11212 puts it in the top two at more than double what the average American paid in 2015.
This table suggests the average monthly cost for full coverage car insurance in the City of New York is around $370 per month. Clearly, being able to shop around for the best rates and comparing coverage is the only way to go.
| Rank | State | Zip Code | City | Avg Rates | Max Rates | Min Rates |
|---|---|---|---|---|---|---|
| 1 | Michigan | 48227 | Detroit | $7,415 | $15,851 | $2,634 |
| 2 | New York | 11212 | New York | $4,440 | $7,898 | $2,326 |
| 3 | Louisiana | 70117 | New Orleans | $3,747 | $4,495 | $2,629 |
| 4 | Florida | 33135 | Coral Gables | $3,310 | $5,710 | $1,500 |
| 5 | Pennsylvania | 19132 | Philadelphia | $3,189 | $6,451 | $1,373 |
| 6 | Nevada | 89101 | Las Vegas | $2,705 | $3,386 | $1,786 |
| 7 | Rhode Island | 02909 | Providence | $2,573 | $3,533 | $1,297 |
| 8 | California | 90010 | Los Angeles | $2,552 | $3,680 | $1,523 |
| 9 | Maryland | 21216 | Baltimore | $2,423 | $2,852 | $1,903 |
| 10 | Kentucky | 40827 | Essie | $2,405 | $4,353 | $1,082 |
| Source: carinsurance.com | ||||||
Some Factors that affect Insurance Cost
There are a lot of factors that can make insurance less or more expensive. Some are more obvious such as:
- Driving experience
- Geographic location
- Type of car and weight
- Age
The one area that may seem a bit unfair because drivers can’t change it is age. Younger drivers can expect to pay more due to their inexperience and being statistically more likely to be involved in collisions. This is similar to the case of a new driver of any age. Luckily, car insurance rates aren’t always this high. Young drivers can expect to see their rates drop at age 25.
Other factors, such as your location, can be altered by perhaps moving closer to work to lessen your daily commute. A decision that, in New York City, could potentially also have a drastic impact on your lifestyle by getting you back hours previously lost in your hectic commute.
Unfortunately, leaving the entire area of New York City is probably out of the question for most New Yorkers. If you live in one of the five boroughs you will be subject to the main culprit causing your high insurance rate – the “territorial rating“, which is used by insurance agencies to set rates for specific areas.
Based on your zip code here are some key factors that come into play in territorial rating:
- Theft
- Traffic
- Vandalism
According to the NYPD, in 2017, there were 5,341 cars stolen in New York City. The good news is that it is down 3.3% from the previous year (but don’t expect insurance rates to follow). The NYPD also reports 215,074 traffic collisions in 2018, up 0.2% (and there is still a month and a half to go in 2018!).
New York City has one of the highest population densities and although most citizens are well-behaved, there is still a high rate of vandalism.
The Bottom Line – How Much Is Car Insurance in NY?
Proud New Yorkers can be certain that their already higher than national average insurance rates will continue to climb every year. Currently, at an average of $370 per month for comprehensive coverage, cutting costs are on every New Yorker’s mind. It is of at least some consolation that measures such as the following will help lower your rates:
- Shopping around for the best quote
- Installing anti-theft devices in your car
- Moving closer to work
- Being very proactive about driving less congested routes and leaving a bit earlier
- Driving an older lighter car with a good safety rating
- Carrying less comprehensive coverage
- Bundling your car insurance with your homeowners insurance
- Applying for discounts such as the veterans discount or the good student’s discount
- Taking a defensive driving course from an accredited driving school
After shopping around and looking at several different quotes and discount offerings, New Yorkers should be able to get reasonable rates. But until you move to rural Arizona, expect to have your insurance premiums come in at well above the national average.
