The average cost of car insurance in Albany is significantly lower than the state average. The average driver in New York pays $2,321 per year for full coverage insurance and $1,062 per year for minimum coverage insurance. In comparison, the average rate in the United States for full coverage is $1,674 and $565 for minimum coverage.
When looking for cheap car insurance in New York, it is critical to compare providers. Each carrier has advantages and disadvantages, and the carrier with the lowest premiums may not be the best provider for your needs.
For example, USAA is a highly rated insurance company with low rates, but in order to purchase a policy, you must be a member of the military. Erie and Progressive offer even lower average rates, with no eligibility requirements.
These five providers are not created equal when it comes to coverage options. Because State Farm, Geico, and USAA have limited endorsements, drivers who want to customise their policy with add-ons may be unable to find the coverage they require with these companies. If you require specialised coverage, Erie and Progressive are viable options.
The five providers in the table above all offer substantial discounts, but the actual savings available vary. Geico, for example, is the only provider that offers a discount to federal employees, and Erie is the only provider that offers rate protection.
Insurance requirements in Albany
Car insurance is required for Albany drivers. Drivers in New York are required to carry at least 25/50/10 liability insurance, which includes:
Per person, bodily injury coverage of $25,000 is provided.
Per accident, bodily injury coverage is limited to $50,000.
Property damage coverage of $10,000 per accident
In addition, drivers in New York are required to carry uninsured motorist bodily injury coverage. Speak with your agent to find out if your uninsured motorist coverage extends outside of New York, as an endorsement to extend out-of-state coverage is not typically required.
Personal Injury Protection (PIP) at a minimum of $50,000 is also required. PIP generally covers your medical bills and lost wages if you are in an accident, regardless of who was at fault.
Car insurance companies in New York typically charge lower rates for minimum coverage policies, but drivers should not focus on getting the least amount of coverage in order to get the lowest premium. There is no guarantee that liability insurance will cover your entire financial liability in the event of an accident. Furthermore, if you lease or finance your vehicle, you may be required to obtain full coverage insurance until the loan is paid off.
Albany car insurance discounts
Drivers in Albany can save money on car insurance by taking advantage of car insurance discounts. Here are some of the most common city discounts:
Discount for defensive driving courses: Many insurance companies give drivers who complete an approved defensive driving course a discount.
Claims-free discount: Drivers with no prior insurance claims in the last few years can often get a lower rate.
Multi-policy discount: If you buy auto and home insurance from the same company, you may be eligible for a multi-policy discount.
New vehicle discount: Some insurance companies provide a discount to drivers who insure a new vehicle that is less than a few years old.
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