Study shows that auto insurance premiums in New York are higher than the national average
New York is a notoriously expensive state, with a high cost of living and an abundance of luxuries that few other states can rival. For drivers, the costs associated with living in New York are all too clear. According to a study from InsuranceQuotes.com, the state is home to the third highest auto insurance rates in the United States. Though New York falls behind both Michigan and Rhode Island in terms of insurance premiums, this may not be the case for long as rates continue to rise in many parts of the state.
Average driver pays approximately $815 a year in premiums
The study shows that auto insurance rates in New York are 42% higher than the national average. Drivers in the state pay an average of $815 per year for their coverage. Some drivers pay significantly more than others due to where they live and their driving record. While the state as a whole is home to high insurance rates, smaller areas in the state actually have relatively low insurance premiums for coverage.
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Some counties enjoy lower insurance rates
In Oneida County, auto insurance premiums are 42% lower than the state average. Rates in Herkimer County are 47% lower. Drivers in these counties enjoy lower rates for a myriad of reasons, including the type of insurance coverage being offered in those counties and the relatively low risk that insurers face in these specific markets.
Requirement for no-fault coverage makes auto insurance more expensive
Insurance rates are affected by many different factors, but the New York Department of Financial Services may have a role to play in higher premiums. The state agency requires auto insurance companies to provide robust coverage, such as no-fault insurance. This type of coverage ensures that those involved in a car accident have the means to pay medical bills. Population density also has an impact on the cost of auto insurance coverage, which is why rates tend to be quite higher in New York City.