Home Insurance Tips Cheapest auto insurance for young drivers in New York

Cheapest auto insurance for young drivers in New York

Older singles and families aren’t the only people we found rates for — we know drivers in their 20s can face high insurance prices. We analyzed car insurance rates for 25-year-old male and female drivers in New York, and the cheapest companies varied for this group, too.

Cheapest full coverage for young good drivers

Here are the cheapest car insurance companies we found for young drivers with clean credit and driving histories in New York, ranked by lowest average price for full coverage:

  • Geico: $1,706 per year.
  • Allstate: $1,813 per year.
  • Travelers: $2,096 per year.
  • New York Central Mutual: $2,252 per year.
  • Progressive: $2,467 per year.

Drivers in their 20s can have a hard time finding cheap car insurance, and that’s even truer when they need full coverage. The rates above are averages for 25-year-old male and female drivers with comprehensive and collision coverages, which are often required for drivers with active auto loans or leases.

These rates reflect a good driver discount, but no others. Young drivers, like all drivers, should check several quotes to find the cheapest for the coverage levels they need.

Cheapest minimum coverage for young good drivers

For young drivers with bare-bones insurance coverage, here are the cheapest average insurance rates we found in New York and the companies providing them:

  • Geico: $757 per year.
  • New York Central Mutual: $866 per year.
  • Allstate: $922 per year.
  • Travelers: $1,075 per year.
  • Progressive: $1,253 per year.

Since young people often have fewer assets to protect with liability insurance, they can usually get away with lower coverage limits.

For an age group with relatively high insurance rates on average, that’s good news, keeping rates as low as possible. For this price set, we averaged rates for 25-year-old male and female drivers who have clean driving records, good credit and bare-bones insurance coverage.

Poor credit and minimum coverage

For young drivers with poor credit and minimum coverage policies, here are the cheapest insurers we found, ranked by average rate in New York:

  • Geico: $884 per year.
  • Allstate: $1,706 per year.
  • New York Central Mutual: $1,808 per year.
  • Travelers: $2,453 per year.
  • State Farm: $3,217 per year.

Poor credit is common for younger folks just starting out, who may still be building their credit files. That can increase rates further, so it’s extra important to shop around and compare as many insurance quotes as possible to find the cheapest you can get.

For these prices, we averaged rates for 25-year-old male and female drivers with no recent accidents or violations (earning them a good driver discount), minimum coverage car insurance, and credit in the “poor” tier as reported to an insurer.

Cheapest for minimum coverage after a crash

For young New Yorkers with a recent at-fault accident, these are the cheapest auto insurance companies we found and their average rates:

  • New York Central Mutual: $1,047 per year.
  • Geico: $1,071 per year.
  • Allstate: $1,208 per year.
  • Travelers: $1,311 per year.
  • Progressive: $1,587 per year.

To get prices for this group, we averaged rates for 25-year-old male and female drivers with good credit and a recent at-fault crash costing $10,000 in property damage.

Since car insurance is often pricier after a crash, and especially so for young drivers, we assumed minimum required insurance in the state to contain costs for our hypothetical driver.

If you’ve caused a crash, no matter your age, be sure to check auto insurance quotes just after the third and fifth anniversaries of your incident, when insurers often adjust rates downward.

SOURCENerdwallet.com