According to InsuranceRates.com, the median six-month car insurance rate in the state of New York has decreased to $970.25. This is a reduction of more than 20%!
Demographic Group Median Six-Month Rate
- Men Only $1018.25
- Women Only $ 912.00
- Age Group: Less than or equal to 19 $1484.13
- Age Group: 20 to 24 $1336.00
- Age Group: 25 to 29 $1129.75
- Age Group: 30 to 39 $1078.88
- Age Group: 40 to 49 $1002.88
- Age Group: 50 to 59 $ 844.50
- Age Group: 60 to 74 $ 738.38
- Age Group: Greater than or equal to 75 $ 771.50
Other Auto Insurance demographics
- Men in New York pay a median auto insurance rate almost 12 percent
higher than women. - Drivers in New York 19 years of age or younger pay a median auto
insurance rate that is over 100 percent higher than drivers age 60 to 74. - New York auto insurance rates declined just over two percentage points more than the national median, which declined 18.1 percent over the same period.
- A New York driver who pays the six-month median rate of $970.25 and earns the New York median annual income of $42,414 pays approximately 4.58 percent of his or her gross income for auto insurance. By this “affordability factor,” New York is the 5th most expensive state to insure a vehicle. Currently, Massachusetts is the most affordable with a factor of 1.96 percent, while Louisiana is the most expensive with a factor of 6.70 percent.