Key Takeaways
Car insurance providers in New York typically don't consider your income when determining premiums. Instead, factors like your credit score and adding a teenage driver to your policy have a more significant impact on rates. Way.com has identified the most affordable car insurance providers for low-income individuals and families in New York. Our evaluation includes rates for both good and poor credit scores, helping you find cost-effective coverage options tailored to your financial situation.
In New York, single parents with poor credit scores face an annual car insurance cost increase of $8,457 compared to those with good credit. Similarly, for couples with a child, having poor credit can lead to a $11,085 yearly insurance premium hike compared to those with good credit.
The most budget-friendly car insurance providers for low-income families in New York are USAA and Erie.
| Company | Annual Rates | Monthly Rates |
|---|---|---|
| USAA | $2890 | 241 |
| State Farm | $5489 | 457 |
| Allstate | $4625 | 385 |
| Progressive | $6342 | 529 |
| MetLife | $11965 | 997 |
| Travelers | $7570 | 631 |
| Erie | $3752 | 313 |
| Nationwide | $5557 | 463 |
| New York Central Mutual Fire | $6645 | 554 |
Rates for Couple w/ a Kid by Good Credit Score
| Company | Annual Rates | Monthly Premium |
|---|---|---|
| USAA | $2,055 | $171 |
| State Farm | $6,105 | $509 |
| Allstate | $3,961 | $330 |
| Progressive | $8,295 | $691 |
| Travelers | $4,795 | $400 |
| Erie | $2,580 | $215 |
| Nationwide | $6,205 | $517 |
| Esurance | $7,535 | $628 |
| New York Central Mutual Fire | $4,690 | $391 |
Low-income individuals in New York seeking budget-friendly car insurance have options like USAA, Erie, and Allstate. These companies offer affordable coverage, with average annual premiums typically falling between $940 and $1,500, making it more accessible for those with limited financial resources to meet their car insurance needs.
| Company | Annual Rates | Monthly Premium |
|---|---|---|
| USAA | $935 | $78 |
| State Farm | $1,770 | $148 |
| Allstate | $1,315 | $110 |
| Progressive | $1,583 | $132 |
| Travelers | $2,180 | $182 |
| Erie | $1,175 | $98 |
| Nationwide | $1,793 | $149 |
| Esurance | $3,425 | $285 |
| New York Central Mutual Fire | $2,130 | $178 |
| Company | Annual Rates | Monthly Premium |
|---|---|---|
| USAA | $1,987 | $166 |
| State Farm | $3,770 | $314 |
| Allstate | $2,793 | $233 |
| Progressive | $3,365 | $280 |
| Travelers | $4,365 | $364 |
| Erie | $2,490 | $208 |
| Nationwide | $3,820 | $318 |
| Esurance | $7,285 | $607 |
| New York Central Mutual Fire | $4,536 | $378 |
College students often face higher car insurance rates, not because of low income, but because insurance companies view younger drivers as riskier to insure. This is due to their limited driving experience compared to older individuals, which increases the perceived likelihood of accidents and claims.
New York Low-Income Car Insurance Rates for Students by Good Credit
| Company | Annual Rates | Monthly Rates |
|---|---|---|
| USAA | $2,283 | $190 |
| Erie | $2,867 | $239 |
| Allstate | $3,213 | $268 |
| Progressive | $3,873 | $323 |
| State Farm | $4,335 | $361 |
| Nationwide | $4,391 | $366 |
| New York Central Mutual Fire | $5,217 | $435 |
| Travelers | $5,335 | $445 |
Seniors generally pay slightly higher car insurance rates than middle-aged drivers. In addition to age, a senior's credit score plays a role in premium costs. A typical 70-year-old driver in New York could pay around $3,021 more annually for car insurance with a poor credit score compared to having a good credit score, highlighting the impact of credit history on insurance expenses.
New York Low-Income Car Insurance Rates for Seniors by Good Credit
| Company | Annual Rates | Monthly Premium |
|---|---|---|
| USAA | $1,195 | $100 |
| Erie | $1,265 | $105 |
| Allstate | $1,478 | $123 |
| Progressive | $1,824 | $152 |
| State Farm | $1,662 | $139 |
| Nationwide | $1,642 | $137 |
| New York Central Mutual Fire | $2,293 | $191 |
| Travelers | $2,436 | $203 |
| Esurance | $4,285 | $357 |
Income generally doesn't directly affect car insurance rates in New York. However, it can indirectly influence rates through coverage and deductible choices. Car models and driving history play crucial roles in determining premiums.
| Factor | Impact on Car Insurance Rates |
|---|---|
| 1. Direct Factors | Income is typically not a direct factor considered by insurance companies when determining car insurance rates. |
| 2. Coverage Choices | Income indirectly impacts rates by influencing the level of coverage a person can afford. Lower income may result in choosing basic coverage to reduce costs. |
| 3. Deductible Levels | Income can affect deductible choices; those with higher incomes may opt for lower deductibles, which can lead to slightly higher rates but lower out-of-pocket expenses in claims. |
| 4. Discounts and Assistance | Low-income individuals may qualify for specific discounts or state programs designed to make insurance more affordable, mitigating the income's impact on rates. |
| 5. Primary Rate Factors | Car insurance rates are predominantly influenced by factors like age, driving history, vehicle type, and location, which have a more direct impact on rate determination. Income indirectly influences rates by shaping coverage and deductible decisions. |
The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
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