Understanding How New York Car Insurance Companies Determine Your Rate
Understanding How New York Car Insurance Companies Determine Your Rate
Monthly car insurance premiums can be one of the most expensive parts of car ownership. Even if you are a good driver, rarely file claims and drive a car with a high safety rating, you may find yourself paying thousands each year to get, and stay, insured. By understanding how your New York car insurance rates are determined, you may be in a better position to make decisions that will enable you to save, no matter where in the state you live or what your driving history.
About 175 companies are currently licensed to offer auto insurance in the state. Each of these companies uses a slightly different set of criteria to determine the rates that are offered to their policyholders. This means that everyone, even if you have had an accident in the past or have just gotten your license, should be able to find an insurer who is a good fit and will offer you incentives to sign up. If you are a first time driver, seek out a company that specialises in dealing with customers in your position. If you live in a particularly populated part of the state, find an insurer who is willing to work with you.
One of the biggest things that all New York car insurance companies will consider when determining your rate is your driving record. There are a few ways that your record can work against you. First, those who are new to driving, and therefore have no record, will typically be seen as high risk, especially if they are still in their teens or early twenties. Those who have been driving for years, but have been involved in accidents or moving violations, will also be subject to paying the often punishing fees associated with younger drivers. This is because you are seen as a high risk investment, and your company will anticipate that they will pay out more money for this kind of driver than they would for someone with a clean record.
In some cases, it may not be possible to control your driving record, but you certainly can control the kind of car you drive. Fast cars, sports cars, and even red cars are seen as higher risk than more family oriented sedans. These vehicles tend to be involved in more accidents, and are more likely to be stolen, and therefore are assessed as being higher risk by insurers. When buying a car, consider how your choice will affect your premiums. If you are hoping to save on insurance, it may be wise to invest in a more family friendly car.
By understanding how New York car insurance premiums are priced, you can work to make yourself the kind of driver who is offered lower monthly premiums. While it may mean selecting a less exciting car, or slowing down on your daily commute, it could end up saving you a few hundred dollars each year.
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