With COVID-19 causing drastic changes in people’s driving habits and personal finances, WalletHub has released a new report on the States with the Cheapest & Most Expensive Car Insurance, along with a review of New York’s Best Cheap Car Insurance Companies.
Based on WalletHub’s analysis, New York was determined to be the 2nd most expensive state for car insurance in 2021. You can find some additional highlights below.
Top 5 Cheap Car Insurance Companies in New York:
- Main Street America
- Sterling Insurance
- Utica Group
Other Key Findings:
- Full coverage car insurance costs 143% more than minimum coverage in New York, on average.
- 16-year-olds pay 314% more for car insurance than 55-year-olds in New York, on average.
- Women pay 6% more than men for car insurance in New York, on average.
- Drivers with a DUI pay 85% more for car insurance than drivers with a clean record in New York, on average.
- 61 million Americans have reduced their car insurance coverage due to COVID-19.
- 105 million Americans say they’re not getting their money’s worth from their car insurance.
- 55 million Americans have second thoughts about owning a car due to COVID-19.
How has COVID-19 affected people’s car insurance choices?
“COVID-19 has had a significant impact on people’s car insurance choices, considering that 61 million Americans have already reduced their car insurance coverage because of the pandemic, according to WalletHub’s new car insurance survey,” said Jill Gonzalez, WalletHub analyst. “This trend of reducing car insurance coverage seems likely to continue through 2021, given current sentiment. Roughly 105 million say they’re not getting their money’s worth from their car insurance right now.”
What’s the best way to save money on car insurance?
“The best way to save money on car insurance is to compare quotes from the cheapest car insurance companies and choose whichever provider offers the lowest rates. The best cheap car insurance companies in New York right now are Main Street America, Progressive and Sterling Insurance, according to WalletHub’s editors, so they’re a good place to start,” said Jill Gonzalez, WalletHub analyst. “In addition to regularly comparing quotes and switching insurers when a good deal is available, drivers should make sure to take full advantage of car insurance discounts and, most importantly, drive safely. Accidents and moving violations can quickly result in increased insurance costs.”
What’s a common car insurance mistake that drivers should avoid?
“One common car insurance mistake that drivers should avoid is failing to even consider switching insurers. More than 4 in 10 people think that switching car insurance companies will be hard, according to WalletHub’s new survey, but it can actually be pretty straightforward and produce significant savings. The difference between the cheapest and most expensive car insurance companies in New York is about $6,576 per year,” said Jill Gonzalez, WalletHub analyst.