How Much Does Auto Insurance Cost for Good Students in New York?

How Much Does Auto Insurance Cost for Good Students in New York?

Finding dependable, low-priced auto insurance is easier said than done, and deciding which companies offer the lowest-priced insurance rates for good students will take even more shopping around. Every insurance company has a unique approach to determine rates, so we’ll take a look at the insurance companies that tend to have lower prices in New York.

It’s important that readers know that New York insurance rates are impacted by many factors that will increase or decrease the price you pay for coverage. Improving your credit score, buying higher coverage limits, or getting caught speeding may generate price changes resulting in some rates now being less affordable than competitors.

Best Cheap Insurance Rates for Students

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Cheapest auto insurance in New York ranked by cost per year
Rank Company Cost Per Year
1 USAA $1,163
2 Erie $1,242
3 Utica National $1,489
4 Travelers $1,529
5 Progressive $1,542
6 Allstate $1,588
7 Amica $1,628
8 MetLife $1,636
9 Preferred Mutual $1,737
10 GEICO $1,850
11 New York Central Mutual $1,892
12 Safeco $1,908
13 Central Mutual $1,968
14 State Farm $1,982
15 Liberty Mutual $2,066
16 Hanover $2,393
17 Encompass $2,583
18 Nationwide $3,054
19 Mercury $3,848
20 21st Century $4,455
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USAA may have some of the cheapest car insurance rates in New York at around $1,163 a year. Erie, Utica National, Travelers, and Progressive also rank well as some of the more affordable New York car insurance companies.

In the above example, if you are currently insured with Utica National and switched to USAA, you could earn savings of in the vicinity of $326. Customers with Travelers may save as much as $366 a year, and Progressive insureds might lower prices by $379 a year.

Understand that those rates are averaged across all insureds and vehicles and do not factor in a rate discount for good students. So the insurer that has the lowest price for you may not even be in the rate chart shown above. That is why you need to get car insurance quotes using your own personal information and vehicle type.

The vehicle model that is being insured is a large factor when consumers are trying to find cheap car insurance for good students in New York. Vehicles with lots of horsepower, a lack of modern safety features, or a history of substantial liability claims will cost significantly more to insure than more economical and safe models.

The table below ranks auto insurance rates for a selection of the most cost-effective vehicles to buy insurance for.

Cheapest Auto Insurance Rates for Good Students in New York
Vehicle Estimated Cost for Full Coverage
Honda CR-V LX 4WD $1,991
Ford Escape Limited 2WD $2,012
Jeep Wrangler Sport 4WD 2-Dr $2,083
Toyota Prius $2,164
Chevrolet Traverse LTZ AWD $2,169
Subaru Forester X AWD $2,164
Ford Edge SE 2WD $2,213
Ford F-150 FX2 Super Cab 2WD $2,233
Hyundai Tucson GLS 4WD $2,239
Ford Explorer XLT 2WD $2,233
Honda Odyssey EX $2,343
Chevrolet Equinox LS AWD $2,363
Volkswagen Jetta S 4-Dr Sedan $2,371
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Table data represents single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New York minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in specific New York garaging location which can decrease or increase coverage rates substantially.

Looking at the rates, you can expect vehicles like the Honda CR-V, Ford Escape, and Jeep Wrangler will definitely be some of the most economical vehicles to insure for student drivers.

One of the many components that influence the price you pay for insurance is where you normally keep your vehicle. Areas that are more densely populated or have higher claim rates like New York, Hempstead, and Yonkers are more likely to have higher rates, whereas areas that tend to be more rural can boast about having cheaper rates.

The following table shows the highest-priced places in New York for good students to purchase a policy in.

Most expensive New York cities for auto insurance
Rank City Premium Per Year
1 New York $2,654
2 Freeport $2,213
3 Hempstead $2,211
4 Levittown $1,981
5 Yonkers $1,920
6 Hicksville $1,919
7 Mount Vernon $1,919
8 West Babylon $1,856
9 Brentwood $1,853
10 Coram $1,784
11 New Rochelle $1,676
12 White Plains $1,661
13 Buffalo $1,503
14 Cheektowaga $1,240
15 West Seneca $1,225
16 Tonawanda $1,213
17 Niagara Falls $1,189
18 Syracuse $1,119
19 Utica $1,103
20 Troy $1,085
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Rates are estimated as the specific area where the vehicle is garaged can lower or raise premium rates noticeably.

Violations and accidents raise rates

A great way to obtain the cheapest insurance premiums in New York for student drivers is to be an attentive driver and avoid at-fault accidents and violations. The example below shows how violations and at-fault accidents drive up car insurance costs for different categories of driver ages. Data assumes a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawVioqcibChart);function drawVioqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘No Violations or Accidents’, ‘One Speeding Ticket and No Accidents’, ‘One Speeding Ticket and One Accident’],[‘Age 20’, 1229,1371,1765],[‘Age 30’, 851,993,1385],[‘Age 40’, 845,991,1381],[‘Age 50’, 751,891,1283],[‘Age 60’, 713,855,1245],[‘Age 70’, 771,913,1309]]);var options = {title: ‘Accidents, Violations, and New York Insurance Cost’,titleTextStyle: {color: ‘#333’, fontSize: 17, bold: true},width: ‘100%’,height: 600,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},colors:[‘#b2da64′,’#eed355′,’#e39e71’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in New York’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);var chart = new google.visualization.BarChart(document.getElementById(‘qcibvio’));chart.draw(data, options);}

In the prior example, the average cost of auto insurance per year with a clean driving record and no accidents is $860. Receive one speeding ticket and the average cost surges to $1,002, an increase of $142 each year. Now include one accident along with the one speeding ticket and the annual cost of insurance for good students increases to an average of $1,395. That’s an increase of $535, or $45 per month, just for not driving responsibly!

Full coverage versus liability only rates

Finding cheap car insurance for good students in New York is probably important to most vehicle owners, and one way to lower the cost of insurance is to only pay for liability coverage. The example below illustrates the comparison of yearly insurance costs with full coverage and liability only. The premiums are based on no accidents, no driving violations, $250 deductibles, single marital status, and no policy discounts are applied.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $250 Deductibles’, ‘Liability Only’],[‘Age 20’, 2373,807],[‘Age 30’, 1251,447],[‘Age 40’, 1227,415],[‘Age 50’, 1121,389],[‘Age 60’, 1087,383],[‘Age 70’, 1317,509]]);var options = {title: ‘Price Comparison of Full Coverage Versus Liability Only’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in New York’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

As an average for all age groups, comprehensive and collision coverage on your policy costs $1,396 per year over having just liability coverage. That is a large expense which might make you wonder when is it a good idea to stop buying full coverage. There is no definitive formula of when to stop paying for physical damage coverage, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your vehicle’s replacement cost is $4,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would get paid by your company is $3,000 after paying your policy deductible. If you are paying over $300 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.

How to get cheap car insurance for good students in New York

The list below summarizes a few penny-pinching suggestions that can help New York drivers get cheaper car insurance.

  • Safe vehicles cost less to insure
  • Raise deductibles to save money
  • Higher credit scores may earn you cheaper rates
  • Save money by insuring older vehicles for liability only
  • Avoid accidents
  • Be a cautious driver
  • Shop around for cheaper prices

The last item on the list is incredibly necessary, as was pointed out in this article. Prices charged by auto insurers can change in a short period of time, so drivers shouldn’t hesitate to change to a new company if a better rate can be found. We understand brand loyalty, but it’s not recommended if that devotedness results in you overpaying major coinage every year. It takes less than five minutes to shop around to find cheaper insurance for good students.