A new report has been released to identify the five most expensive counties in which to purchase coverage.
The release of a new report has now underscored the point for New York auto insurance customers that a driver’s zip code will make a considerable impact on the amount that will be paid in premiums.
In fact, the county in which a motorist lives could nearly quadruple the cost of coverage.
This state has the third greatest population in the U.S. Out of the total estimated population in the state, which is over 8.3 million, approximately 48 percent are vehicle owners. Among them, the average New York auto insurance annual premiums are between $1,038 and $3,713. Clearly, this is a very large range. There are many different factors that are taken into consideration when calculating those figures, some having more weight than others.
This recent report showed that location plays a very high role in New York auto insurance prices.
Beyond issues such as driving record, credit rating, education, and other more personal issues, the driver’s place of residence is a major point. Among the factors that insurers take into account while they’re doing their calculations regarding a specific location, are the percentage of uninsured drivers in an area, the region’s traffic density, the risk of natural disasters, and the area’s history of accidents. Beyond that, the amount of competition among vehicle insurers also contributes to the final quote that is made for drivers based on where they are.
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According to the Nerdwallet report, the following counties were the most expensive in terms of vehicle coverage in the state:
• Brooklyn – Kings County – this is the county that had the highest premiums, at an average annual cost of $3,550.47.
• Bronx County – here, drivers paid an average of $3,022.40, which is still very high but notably lower than Brooklyn.
• Queens County – the average annual premiums in this area were $2,549.69.
• Staten Island – Richmond County – drivers here paid an average of $2,334.73 in premiums every year.
• Manhattan – New York County – though it is the third most populated bureau in the city, it had the fifth highest New York auto insurance rates, with an average premium of $2,272.80.