All About Full Coverage Car Insurance in New York
Last Updated on June 27, 2022
New York does not require drivers to carry full coverage car insurance. However, many drivers carry full coverage auto insurance for added protection.
Full coverage car insurance includes liability protection, collision coverage, and comprehensive coverage. It protects you, your passengers, and your vehicle from most situations.
Should you buy full coverage car insurance in New York? Is full coverage car insurance worth it in New York? Keep reading to discover everything you need to know about full coverage car insurance in New York.
Table of Contents:
- What Does Full Coverage Car Insurance Cover?
- New York Car Insurance Requirements
- Do I Need Full Coverage Car Insurance in New York?
- How Much Does Full Coverage Car Insurance Cost in New York?
- Cheapest Insurance Companies in New York for Full Coverage Car Insurance
- Best Car Insurance Companies in New York for Full Coverage Car Insurance
- Factors that Impact the Price of Full Coverage Car Insurance in New York
What Does Full Coverage Car Insurance Cover?
Full coverage car insurance in New York includes liability coverage, collision coverage, and comprehensive coverage with certain minimum levels of protection.
Here’s what is included with full coverage car insurance in New York:
Liability Coverage: New York requires drivers to carry certain minimum amounts of liability coverage, including bodily injury liability coverage and property damage liability coverage. These items cover your liability when you damage someone else’s vehicle or injure another driver, passenger, or pedestrian. If you crash into someone’s vehicle, for example, or cause serious injuries to another person, then your liability coverage will cover the damage.
Collision Coverage: Optional in New York and all other states, collision coverage covers your own vehicle after an accident. If you collide with another vehicle, then your collision coverage covers the cost of repairing your vehicle up to pre-loss condition, regardless of fault. It also covers the full value of your vehicle if involved in a total loss accident (where the cost of repairing the damage exceeds the value of the vehicle).
Comprehensive Coverage: Optional in New York and all other states, comprehensive coverage protects your vehicle against damages that occur outside of accidents with other drivers. If you are involved in a single-vehicle accident, for example, or if you collide with an animal, then you might make a claim under comprehensive coverage. Comprehensive coverage also covers theft, vandalism, fire damage, water damage, and other non-accident damage to your vehicle.
Any full coverage policy in the United States, including full coverage policies in New York, includes the three core coverages listed above.
Some insurers include additional coverages with full coverage car insurance, including uninsured or underinsured motorist coverage and roadside assistance coverage.
New York Car Insurance Requirements
New York does not require drivers to carry full coverage car insurance. Instead, New York requires drivers to carry the following minimum amounts of coverage:
- $25,000 of bodily injury liability coverage per person and $50,000 per accident
- $50,000 of death liability coverage per person and $100,000 per accident
- $10,000 of property damage liability coverage per accident
These coverages are too low for many drivers. If you cause $15,000 of damage to someone’s vehicle in a collision where you were at fault, for example, then your minimum insurance policy only covers $10,000 of that amount. Or, if you injure multiple people or drivers, then you may need to pay hundreds of thousands of dollars out of pocket.
New York is a no-fault state, which means you make a claim through your insurance company regardless of fault. Your own insurance company covers medical bills, lost wages, and vehicle damages, regardless of who caused the accident.
Do I Need Full Coverage Car Insurance in New York?
New York, like all states, does not require drivers to carry full coverage car insurance. By law, your insurance must only meet the liability requirements listed above.
However, you must carry full coverage car insurance when leasing or financing a vehicle. In this situation, your vehicle is collateral for the loan, and full coverage car insurance secures that collateral.
Many drivers also choose to carry full coverage car insurance for added protection. If you don’t have full coverage car insurance, then you need to pay for vehicle repairs out of pocket after an at-fault accident. You will also not receive compensation if your vehicle is vandalized or stolen.
Many New York drivers drop full coverage car insurance on older vehicles that are less valuable. It’s not worth having full coverage car insurance on an old vehicle, for example, because the cost of repairing the vehicle after an accident exceeds its value. In this situation, many New York drivers drop full coverage car insurance to save money.
How Much Does Full Coverage Car Insurance Cost in New York?
Drivers in New York pay some of the highest rates in the United States for full coverage car insurance.
The average driver in New York pays around $1,834 per year for full coverage car insurance.
In comparison, the average American pays around $1,450 per year for full coverage car insurance.
Rates vary based on location. Drivers insuring a car in New York City typically pay more than drivers insuring a car in Syracuse, for example.
Driving history also plays a significant role in car insurance premiums. A driver with one at-fault accident on their record pays $2,800 per year for full coverage car insurance in New York, on average. Meanwhile, a driver with a speeding ticket pays over $2,000 per year, on average. DUIs, reckless driving citations, and other incidents will also raise car insurance premiums.
Cheapest Insurance Companies in New York for Full Coverage Car Insurance
Most of America’s largest car insurance companies provide competitive pricing and service in New York.
According to our research, some of the best full coverage car insurance providers in New York include:
USAA: $1,423 per year
GEICO: $1,604 per year
State Farm: $1,623 per year
Progressive: $1,693 per year
Allstate: $1,719 per year
Travelers: $1,764 per year
USAA tends to be the cheapest company for full coverage car insurance in New York. They’re also one of the best-rated car insurance companies in New York. However, not all drivers qualify for USAA membership. Membership is available to active duty and retired members of the United States military and certain qualifying family members.
GEICO and State Farm, meanwhile, are competitively priced in most parts of New York. State Farm is America’s largest car insurance company, while GEICO is America’s second-largest car insurance company. The two have average ratings across New York for claims satisfaction and customer service.
Best Car Insurance Companies in New York for Full Coverage Car Insurance
Sometimes, the cheapest car insurance companies aren’t the best providers.
You buy car insurance to protect you when needed most. Some companies charge low rates, only to deny your claims and reduce your compensation after an accident.
Fortunately, J.D. Power compiles annual rankings of the best car insurance companies in New York. J.D. Power surveys policyholders in New York who have recently made a claim. Policyholders share their experience, and J.D. Power ranks insurers based on claims satisfaction, pricing, customer service, and other factors.
In the latest J.D. Power subregion rankings for New York, here’s how rankings broke down on a 1,000-point scale:
State Farm: 859
Regional Average for New York: 830
Liberty Mutual: 825
USAA scored 868 on a 1,000-point scale, which would have placed it first overall. However, because USAA restricts membership, it does not officially take home the top place in J.D. Power’s rankings.
Factors that Impact the Price of Full Coverage Car Insurance in New York
The best car insurance company for you may not be the same as the best car insurance company for someone else.
Some companies welcome teenage drivers, for example, while others prefer older and more experienced drivers.
Some of the factors that impact the price of car insurance in New York include:
Driving History: Do you have a long track record of safe driving behavior? Or do you have multiple speeding tickets and other incidents on your record? Depending on your driving history, you could pay more or less for your full coverage car insurance in New York.
Credit Score: New York, like most states, allows insurance companies to consider credit scores when calculating rankings. If you have a high credit score, you’ll pay cheaper rates than someone with a lower credit score, all else being equal.
ZIP Code: Insurers use your ZIP code and location to calculate premiums. Some ZIP codes have higher accident rates and vehicle theft rates than others. Insurers want to know where your car will be parked each night to help them calculate rates.
Urban Versus Rural Areas: Drivers in Brooklyn, New York pay the most expensive car insurance in the state, with the average Brooklyn driver paying over $3,000 per year for full coverage car insurance. Drivers in smaller and more rural areas of the state like Corning, meanwhile, pay some of the cheapest rates.
Discount Availability: Some drivers qualify for extensive discounts, while others do not. Depending on how you take advantage of discounts, you could save hundreds or even thousands per year on full coverage car insurance in New York. New York insurers offer discounts for being a homeowner, being a good student, having a good credit score, and maintaining a clean driving record, among other discounts.
Final Word on Full Coverage Insurance in NY
Many drivers in New York carry full coverage car insurance for added protection.
Full coverage car insurance, priced around $1,800 per year in New York on average, includes liability, collision, and comprehensive coverage.
To learn more about the price of full coverage car insurance in your area of New York, compare quotes online today.