Most expensive states for car insurance: Where does New York rank?

STATEN ISLAND, N.Y. — Insuring your vehicle can be costly; especially if you’re living in New York.

WalletHub, an online financial advisory site, recently released its 2021 Best & Worst States for Cheap Car Insurance report, finding that New York is the second-most expensive state in the nation to insure a vehicle.

The average yearly premium for New York drivers is $1,828, second only to Michigan, which boasted the highest average yearly auto insurance premium at $1,908, according to the report.

New Jersey, Louisiana and Delaware were found to be the third, fourth and fifth most expensive states, in order, with average yearly premiums of $1,287, $1,263 and $1,133, respectively, research showed.

Meanwhile, the reported stated that the cheapest car insurance rates can be found in Wyoming, South Dakota, Iowa, Vermont and North Dakota, with average yearly premiums of $274, $326, $326, $341 and $370, respectively.


While New York was found to have the second-most expensive car insurance prices in the country, how much each driver pays is dependent on a number of factors, such as coverage type, age, gender and prior driving violations.

Those seeking full-coverage car insurance in New York will pay, on average, 143{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} more than those content with the minimum required coverage, the data showed. And younger drivers will pay significantly more than their more experienced counterparts, with 16-year-olds paying, on average, 314{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} more for coverage than 55-year-olds.

Despite studies that show that men typically exhibit more aggressive and dangerous driving behavior than women, female drivers tend to pay 6{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} more, on average, than male drivers for coverage in New York.

Additionally, drivers with a prior DUI can expect to pay, on average, 85{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} more for car insurance in New York than those without a prior charge.

According to the report, the cheapest car insurance rates in the state are currently being offered by Main Street America, Progressive, Sterling Insurance, Geico and Utica Group.

WalletHub’s financial experts encourage New Yorkers to regularly compare rates across various insurance companies, with the potential savings in the thousands.

“One common car insurance mistake that drivers should avoid is failing to even consider switching insurers. More than four 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.