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New York Auto Insurance

New York auto insurance requires that drivers purchase certain types of coverage before allowing them to register a vehicle. Currently, New York laws require all drivers to buy three types of coverage in order to operate a vehicle:

  • Liability coverage
  • Uninsured motorist bodily injury protection
  • Personal injury protection (PIP)

New York Auto Insurance Coverage Requirements

New York auto insurance carries required liability coverage minimums in the amount of 25/50/10. This means when a driver has an accident, the insurance company will pay for medical expenses of others involved at $25,000 per person, up to $50,000 for all injured, and $10,000 for any property damage if the policyholder is determined to be "at fault."

The uninsured motorist bodily injury protection is required at the same levels of 25/50, meaning $25,000 per person and $50,000 for all medical expenses.

The personal injury protection coverage minimum is $50,000. PIP coverage is also called no fault auto insurance, as the coverage pays expenses regardless of fault. It provides an added level of security for New York drivers.

New York Auto Insurance Rates

New York ranked number 2 overall in the country for most money spent on car insurance in a recent study. New York auto insurance cost an average $1,160.80 for the year. New York drivers paid on average $799.26 for liability, $338.94 for collision, and $175.08 for comprehensive.

So how do New York auto insurance providers calculate the premium rate? Insurance companies begin by calculating the cost for them to provide New York auto insurance to everyone in the state, including such variables as number of claims, tax rates, and traffic accidents. They then figure individual portions of that cost by placing drivers in risk categories using information like car type, a person’s age, and driving record to name a few.

New York Auto Insurance Companies

While most auto insurers in New York use similar statistics to calculate individual premiums, they all use slightly different formulas. For this reason, rates can vary significantly when comparing one company to another. In order to make sure you are getting fair rates, it is always a good idea to shop around and compare rates from different providers.

More New York Auto Insurance Information and Resources

For additional information on New York auto insurance, contact the New York Department of Insurance. They have official resources for filing complaints as well as detailed explanation of car insurance laws and regulations.

New York Department of Insurance
25 Beaver Street
New York, NY 10004
Phone: (212) 480-6400

For other New York Insurance Resources, See:

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