Best Cheap Auto Insurance Quotes for Low Credit Scores in New York

Our editors always tell us that when writing about car insurance, the words “cheap” or “affordable” should not be used anywhere to describe car insurance rates. Please forgive the oxymoron, but cheap car insurance for low credit scores may be a thing of the past. Don’t let that get you down, though, because we can show you some ways you can find and buy auto insurance that is easier on your budget.

Shopping around for cheap auto insurance is challenging, and deciding which companies have the cheapest auto insurance rates for low credit scores requires even more rate comparisons. Every car insurance company uses a slightly different approach to establish rates, so to begin we’ll rank the auto insurance companies that tend to have lower prices in New York.

It’s a good idea to know that New York auto insurance rates are calculated based on many things which can substantially change the policy price. Taking a driver safety course, increasing liability limits, or getting a DUI may generate price changes that may make certain companies cheaper than before.

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USAA may have some of the cheapest car insurance rates in New York at around $1,163 annually. Erie, Utica National, Progressive, and Travelers would also be considered some of the cheapest New York auto insurance companies.

As shown in the table above, if you currently have a policy with Progressive and switched to USAA, you might see a yearly savings of roughly $395. Policyholders with Travelers might save as much as $396 a year, and Allstate insureds might lower prices by up to $440 a year.

To get a quick, customized rate comparison, click here to get a free quote or visit several of the following companies.

Bear in mind that those rates are averaged across all drivers and vehicles in New York and do not take into consideration a price decrease for low credit scores. So the auto insurance company that is best for you may not even be included in the list of companies shown earlier. That helps illustrate why you need to compare as many prices as possible using your own driver and vehicle profiles.

The safety and performance level of the vehicle that needs insurance is probably the biggest factor that determines whether or not you can buy low-priced auto insurance for low credit scores. Vehicles with more horsepower, a lack of advanced safety features, or a history of substantial liability claims will cost much more to insure than safer models. The tables below ranks car insurance rates for a number of the most economical vehicles to insure in New York.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New York minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Rate quotes do not factor in your specific New York location which can revise rates noticeably.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New York minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Price information does not factor in the specific area where the vehicle is garaged which can alter premiums significantly.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New York minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Estimates do not factor in the specific area where the vehicle is garaged which can affect insurance rates noticeably.

The diagram below illustrates how your choice of deductibles can increase or decrease insurance premiums when quoting cheap insurance for low credit scores. The price estimates are based on a single female driver, comprehensive and collision coverage, and no policy discounts are applied.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 2123,1953,1765,1591],[‘Age 30’, 1477,1353,1211,1077],[‘Age 40’, 1371,1257,1129,1007],[‘Age 50’, 1199,1103,989,881],[‘Age 60’, 1157,1065,957,853],[‘Age 70’, 1345,1237,1119,1007]]);var options = {title: ‘Comparison of Deductible Levels and Auto Insurance Prices in New York’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},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);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

As shown above, a 50-year-old driver could lower their car insurance rates by $210 a year by changing from a $100 deductible up to a $500 deductible, or save $318 by changing to a $1,000 deductible. Youthful drivers, like the 20-year-old example, could roll back prices $532 each year just by choosing higher deductibles when buying full coverage.

When choosing a higher deductible, it is important to have additional savings on hand to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.

Comparison of full coverage and liability-only policies

Finding the best cheap auto insurance for low credit scores in New York is the goal of the majority of drivers, and a great way to find cheaper insurance is to not pay for full coverage. The diagram below compares auto insurance costs with and without physical damage coverage. The costs are based on a clean driving record, no claims, $500 deductibles, drivers are single, and no discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 2125,807],[‘Age 30’, 1123,447],[‘Age 40’, 1097,415],[‘Age 50’, 1005,389],[‘Age 60’, 975,383],[‘Age 70’, 1195,509]]);var options = {title: ‘Savings of Only Insuring for Liability’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in New York’,minValue: 0,format: ‘$###,###’},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);}

If we average the cost for all age groups, comp and collision coverage costs $1,253 per year more than just insuring for liability. At some point, every insured wonders if buying full coverage is worth the expense. There is no clear-cut rule to eliminate physical damage coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.

For example, let’s pretend your vehicle’s replacement cost is $6,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $5,500 after you pay the deductible. If premium cost is more than $550 a year to have full coverage, then it may be the right time to buy liability only.