Auto Insurance in New York – 10 Discounts to Better Rates

If shopping for auto insurance online is new to you, you may be confused because of the huge number of online companies offering insurance in New York.

If you currently have a car insurance policy, you will be able to save some money using this information. The purpose of this post is to instruct you on the most effective way to quote insurance and some tricks to saving. Although New York drivers can benefit by having an understanding of how insurance companies price online insurance and take advantage of how the system works.

Lots of discounts mean lots of savings

The price of auto insurance can be rather high, but there are discounts available that many people don’t even know exist. Certain discounts will be applied at the time of quoting, but lesser-known reductions have to be asked for in order for you to get them.

• Discount for Life Insurance – Companies who offer life insurance give a discount if you purchase life insurance.
• Anti-theft Discount – Anti-theft and alarm systems help deter theft and earn discounts up to 10%.
• Discount for Swiching Early – Select companies give a discount for switching to them before your current policy expires. The savings is around 10%.
• Fewer Miles Equal More Savings – Fewer annual miles could be rewarded with better rates on cars that stay parked.
• Accident Forgiveness – Certain companies will forgive one accident before raising your premiums if your claims history is clear prior to the accident.
• E-sign – A handful of insurance companies may give you up to $50 for buying your policy over the internet.
• Resident Student – Children who live away from home and do not have access to a covered vehicle can be insured at a reduced rate.
• Bundle and Save – When you combine your home and auto insurance with one insurance company you could get a discount of approximately 10% to 15%.
• Federal Employees – Being employed by or retired from a federal job can earn a discount up to 10% with certain companies.
• Student Driver Training – Make teen driver coverage more affordable by requiring them to take driver’s ed class if offered at their school.

A little note about advertised discounts, some credits don’t apply to all coverage premiums. Some only apply to individual premiums such as liability, collision or medical payments. So when the math indicates adding up those discounts means a free policy, you’re out of luck. But all discounts will cut your overall premium however.

To choose insurance companies with discount auto insurance rates in New York, click this link.

Situations that might require an agent

When buying proper insurance coverage for your personal vehicles, there isn’t really a single plan that fits everyone. Everyone’s needs are different.

For example, these questions might point out if you might need professional guidance.

• When should I not file a claim?
• Are split liability limits better than a combined single limit?
• What if I total my vehicle and owe more than it’s worth?
• Does my personal auto insurance policy cover using my vehicle for business use?
• Am I getting all the discounts available?
• Can I afford to buy a different vehicle if my vehicle is totaled?
• Is my business laptop covered if it gets stolen from my vehicle?
• Why am I required to buy high-risk coverage?

If you don’t know the answers to these questions then you might want to talk to a licensed agent. To find an agent in your area, fill out this quick form.

More information can be found on the New York Department of Financial Services website found here. Visitors are able to get help finding coverage, file complaints about an insurance agent or broker, and view a list of available companies.

The articles below may also help you learn more about auto insurance in New York

• Tips for Researching a Buffalo New York Auto Insurance Agent

Auto insurance coverages explained

Understanding the coverages of your auto insurance policy helps when choosing the right coverages and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and even agents have difficulty translating policy wording.

Medical payments coverage and PIP – Med pay and PIP coverage provide coverage for immediate expenses like X-ray expenses, hospital visits, doctor visits and chiropractic care. They are used to fill the gap from your health insurance policy or if there is no health insurance coverage. They cover all vehicle occupants and also covers if you are hit as a while walking down the street. PIP is not universally available but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist coverage – Uninsured or Underinsured Motorist coverage gives you protection when other motorists do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your vehicle.

Since many New York drivers only purchase the least amount of liability that is required (which is 25/50/10), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages should not be overlooked. Usually these coverages are set the same as your liablity limits.

Comprehensive coverage – Comprehensive insurance pays for damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for claims such as a broken windshield, a tree branch falling on your vehicle, hail damage and fire damage. The most a auto insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Collision coverage – This coverage will pay to fix damage to your vehicle from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage protects against things such as scraping a guard rail, backing into a parked car and damaging your car on a curb. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.

Liability – Liability coverage will cover injuries or damage you cause to other’s property or people by causing an accident. It protects you from claims by other people. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have policy limits of 25/50/25 which means $25,000 bodily injury coverage, a total of $50,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Alternatively, you may have one number which is a combined single limit which combines the three limits into one amount rather than limiting it on a per person basis.

Liability coverage protects against claims such as emergency aid, pain and suffering and funeral expenses. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as much as you can afford. New York requires drivers to carry at least 25,000/50,000/10,000 but you should think about purchasing better liability coverage.

A little work can save a LOT of money

You just learned some good ideas how you can get a better price on auto insurance. The key thing to remember is the more price quotes you have, the higher the chance of saving money. You may even discover the lowest premiums are with a smaller regional carrier.

Cheaper auto insurance can be purchased both online and also from your neighborhood New York agents, so you should be comparing quotes from both so you have a total pricing picture. Some companies may not provide online price quotes and many times these small insurance companies only sell through independent insurance agents.

As you prepare to switch companies, it’s very important that you do not skimp on coverage in order to save money. There have been many situations where an insured dropped liability limits or collision coverage to discover at claim time that it was a big mistake. Your aim should be to buy the best coverage you can find at a price you can afford while still protecting your assets.