Study reveals the 5 cheapest car insurances in New York


They may not be the best. But they’re definitely the cheapest.

So says a WalletHub study that lists the five automobile insurance companies with the least expensive premiums in New York. The report said drivers can potentially save more than $12,000 a year in car insurance payments by shopping around and choosing the best fit.

In its report released this week, WalletHub analyzed quotes from all major insurance companies, using multiple driver profiles and New York zip codes to determine the cheapest five auto insurances in New York.

NYCM offers the lowest monthly rate at $125.

The authors of the report advised that drivers consider the five inexpensive options, “as well as compare the cheapest options to the best overall car insurance companies in New York to make sure you find the right fit for your particular needs.”

The cheapest five car insurance companies

Here are the five cheapest car insurance options available in New York, according to WalletHub.

  1. NYCM $125
  2. Main Street America $129
  3. Geico $137
  4. Progressive $150
  5. Sterling Insurance $159

State-mandated minimum coverage costs over $1,800 per year in New York, on average, compared to the national average of just $716 per year, WalletHub noted.

Who are the best car insurance companies?

During the fall, WalletHub released results of a study that showed the most highly rated car insurance companies. Listed below are the top five.

  1. The General Insurance
  2. PURE Insurance
  3. National General Insurance
  4. Esurance
  5. Erie Insurance

The WalletHub report released this week also examined the best car insurance rates in specific categories.

For instance, Progressive has the least expensive car insurance rate for married drivers and motorists with drunk or drugged driving convictions. For older drivers, the cheapest insurance rate is offered by Sterling, WalletHub says. And younger, inexperienced car operators, the least expensive insurance can be found at NYCM insurance.

Women pay more for car insurance

On average, women pay 6% more than men for car insurance premiums in New York, the WalletHub study indicated.

Other interesting notes from the study include:

• 16-year-olds pay 314% more than 55-year-olds.
• Married drivers pay 3% less than single drivers.
• Drivers with an at-fault car accident on their driving record pay 51% more than drivers with a clean record.
• Drivers with a DUI conviction pay 85% more than drivers with a clean record.

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