According to the latest figures, the US national average for annual car insurance says that in New York, the average cost of full coverage car insurance is around $3,697 per year, while the national average is around $2,348.
Drivers in New York should not only consider minimum liability coverages, personal injury protection, and uninsured motorist coverage. They should also compare quotes and bundle policies before committing to anything. Additionally, maintaining a clean driving record is also an effective means to minimize costs.
Various insurance providers may provide discounts based on these criteria:
- Record
- Vehicle type
- Age
- Location
- Marital status
- Safety Precautions
- Credentials
- Policy Choices
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Hidden Discounts for Your Car Insurance
Depending on individual circumstances, NY-based drivers may be eligible for these discounts provided by various insurance providers:
| TYPE OF DISCOUNT | DESCRIPTION |
| 1. Low Mileage Discount | If you drive fewer miles than the average driver, you may qualify for a low mileage discount. Insurance companies often offer this discount to those who drive less than 7,500 miles per year, as they are considered less likely to be involved in accidents. |
| 2. Safe Driver Discount | Maintaining a clean driving record with no accidents or traffic violations can earn you a safe driver discount. Insurance companies reward responsible drivers who pose a lower risk by offering them reduced premiums. The longer you maintain a spotless record, the more you can save. |
| 3. Defensive Driving Course Discount | Completing an approved defensive driving course can not only improve your driving skills but also lead to a discount on your car insurance. Many insurers recognize the value of these courses in reducing the likelihood of accidents and offer a discount to drivers who complete them. |
| 4. Marriage Discount | Many insurers provide discounts to married couples because statistics show that married individuals are generally less likely to be involved in accidents compared to single drivers. This discount can apply whether each spouse has their own vehicle or if they share a single vehicle. |
| 5. Higher Education Discount | Some car insurance companies offer discounts to drivers who have completed a higher education degree, such as a bachelor's or master's degree. This discount is based on statistical data showing that highly educated individuals tend to be involved in fewer accidents and make fewer claims. |
| 6. Green Vehicle Discount | Some insurance companies offer discounts for eco-friendly vehicles. These discounts are designed to encourage the adoption of environmentally friendly cars and to reward customers who make sustainable choices. The discount may vary based on the type of vehicle and its fuel efficiency. |
| 7. Anti-Theft Device Discount | Installing approved anti-theft devices in your vehicle can earn you a discount on your car insurance. Insurers offer this discount because vehicles equipped with anti-theft devices are less likely to be stolen, which reduces the risk of theft claims. |
| 8. Multi-Car Discount | If you insure multiple vehicles with the same insurance company, you may be eligible for this discount. Insurers often provide this discount to encourage customers to bundle their policies, as it is more cost-effective for them to manage multiple vehicles under one account. |
| 9. Multi-Policy Discount | Bundling your car insurance with other types of insurance, such as homeowners or renters insurance, can qualify you for a multi-policy discount. Insurance companies offer this discount to reward customer loyalty and to encourage them to keep all their insurance needs under one roof. |
| 10. Good Student Discount | Students who maintain good grades (usually a B average or higher) can often receive a good student discount on their car insurance. Insurers consider responsible students to be lower-risk drivers and offer this discount to encourage academic excellence while helping families save money. |
| 11. Student Away at School | If you have a student on your policy who attends school more than 100 miles away from home and doesn't have a car with them, you may qualify for a student away at school discount. This discount acknowledges the reduced risk associated with the student's limited driving time. |
| 12. Occupational Discounts | Some insurance companies offer discounts based on your occupation. For example, teachers, healthcare workers, and first responders may be eligible for reduced rates. These discounts are based on the insurer's data indicating that certain professions tend to have lower claims rates. |
| 13. Affinity Group Discounts | Membership in certain professional organizations, alumni associations, or other affinity groups may entitle you to a discount on your car insurance. Insurers form partnerships with these groups to offer exclusive discounts to their members, so it's worth inquiring about any group memberships you have. |
| 14. Loyalty Discount | Sticking with the same insurance company for an extended period can earn you a loyalty discount. Insurers value long-term customers and may offer reduced rates to those who have been with them for several years, as a way of thanking them for their continued business. |
| 15. Early Signing Discount | Some insurers offer a discount for signing up for a new policy before your current one expires. This early signing discount encourages customers to avoid lapses in coverage and rewards them for planning ahead and staying continuously insured. |
Remember that the discounts available to you will depend on your insurer, state, and individual circumstances. It's always a good idea to discuss your options with your insurance agent to ensure you're getting all the discounts for which you qualify.
The New York No-Fault System
The New York No-Fault system is a type of auto insurance law that requires a driver's own insurance company to pay for their medical expenses and lost wages after a car accident – regardless of who was at fault for the accident. This system is designed to streamline the claims process and reduce the number of lawsuits.
Under New York's No-Fault law, the minimum coverages are:
- $50,000 personal injury protection – This covers medical expenses, lost wages, and other reasonable and necessary expenses related to injuries sustained in a car accident, regardless of fault.
- $25,000/$50,000 bodily injury liability – This coverage pays for injuries or death to others caused by the insured driver if they are at fault in an accident.
- $10,000 property damage liability – This covers damage to other people's property (e.g., their vehicle) caused by the insured driver if they are at fault.
- $50,000/$100,000 uninsured motorist coverage – This coverage protects the insured if they are injured by a driver who has no insurance or insufficient insurance.
It's important to note that while these are the minimum required coverages, drivers can choose to purchase higher limits for added protection. Additionally, drivers must file a claim with their own insurance company within 30 days of the accident to be eligible for No-Fault benefits.
