I’ve been calling around for car insurance in New York, and the quotes I’m getting are anywhere from $240 to $900 a month. Some companies even want $2,500 upfront before the first payment. I know the insurance situation is a mess right now, but seriously, none of the companies seem to match up with each other, and it’s so confusing.
7 Likes
Haha, how bad is your driving record? The carrier’s rates are filed and approved by the New York Insurance Commissioner.
1 Like
Not bad at all. I’ve made all my payments on time, and had one accident in the past four years (my car was hit while parked). It just doesn’t add up.
How old are you?
What car do you drive?
Which neighborhood do you live in?
Do you live in NYC? Are you getting quotes online or reaching out to multiple independent agents? Whether you rent or own, consider bundling your policies; that can save you around 20%. Also, if you drive cautiously and use a telemetry device for 90 days, you could save up to 30%. Make sure your credit score is above 600; anything lower can significantly hurt your rate, but the higher it is, the better. Don’t forget to ask for discounts; choosing to go paperless can usually knock off $10 to $30 from your bill.
Go for the $240 one. That looks like an obvious choice, haha.
Sometimes they give you an inflated price because they don’t want to take on your risk. Not all insurance business is worth it to them.
Having a clean record, it feels more like they’re giving me unfair pricing, but it’s just a strange time.
There’s no clean record, and we need details about your car, your age, your coverage, and your insurance history.
There are too many individual factors and not enough information.
Insurance is not an inexpensive industry. Did you know that most companies target a profit margin of just 4%? This means that 96 cents of every dollar is anticipated to be spent on claims, payroll, legal expenses, and other business-related costs. What other industries have such narrow profit margins? Insurance companies generate significant profits primarily because they operate on a large scale.
Do you own a Kia or Hyundai? Many insurance companies won’t cover them at all.
I think that only pertains to specific years and models.
The careless Kiaboyz can’t determine the year of the vehicles, and they attempt to steal even those they can’t, resulting in hundreds of dollars in damages.
Throughout my time in the insurance industry, I’ve found New York rates to be unpredictable. I disliked having conversations with New York policyholders who were upset about their rates. It’s a no-win situation in New York.
Are you seeing a range of $240 to $900 for the same coverages?
The coverage remains the same. These insurance companies are ridiculous.
Choose one of the more affordable companies; I don’t see an issue with that.
It might be related to your consumer report. If you change your insurance every six months, you may not get the best rates. Additionally, if you’ve been uninsured or have a poor payment history, you’ll likely face higher rates. Other factors, such as your age, location, and the type of car you drive, also play a significant role.