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New York Insurance Information

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selling in New York for

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#1 Best Value for Car Insurance in New York, 2016

Co-operative Insurance Companies, #1 Best Value in car insurance, New York, 2016

Co-operative Insurance Companies was named the Number One Best Value for car insurance in 2016 for the state of New York. Co-Operative Insurance Companies won with a ValChoice score of 100. The company beat out 62 other companies for this prestigious honor.

The ValChoice grading system reviews every insurance company, in every state. Each year we identify the best company, by state. Companies are chosen solely based on our independent, unbiased analytics.

How Good is Your Car Insurance?

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  • media_coverage_1-17c
  • New York Times columnist Gretchen Morgenson on the value of mutual insurance
  • New York Business Journal on car insurance
  • Forbes on technology delivering transparency to disrupt consumer insurance markets
  • News.com, Buffalo, New York
  • Albany Business Journal on car insurance
  • Associated Press
  • Buffalo Business Journal

The New York state flag is the image for the New York insurance page on the ValChoice website

In New York, auto insurance prices and homeowners insurance prices have both been rapidly increasing. Recently, auto insurance prices began trending up even faster. See the table below for details.

When insurance rates go up fast, it's time to shop for better insurance. Our analytics provide the most reliable information available on insurance companies. Best of all, we don't sell insurance. That means we're independent and unbiased.

Why I Founded ValChoice

Car and Home Insurance Average Rates and Three-Year Trend

Average Price*3-Year Change
Car Insurance $1,235 7.1%
Homeowners Insurance $1,287 11.1%
Median Household Income** Not Applicable 3.9%
*Insurance Information Institute (iii.org). The most recently published data from the III is through 2015. **U.S Census Bureau (https://census.gov). Data used matches the same three-year period that is available from the III.

new york times"ValChoice, a data analytics company that aims to bring some transparency to the opaque insurance industry."

-Gretchen Morgenson

Forbes magazine press article on technology executive, author and founder Dan Karr
ValChoice is “Carfax for...insurance”

-Giovanni Rodriguez

Auto Insurance In New York

The five largest auto insurance companies in New York are shown in the table below. The market share of each company is shown in the second column. The third column shows their most recent ValChoice Score. ValChoice Scores are only presented for companies with above average performance. For the companies where the needle on the gauge is missing, you can order a free report to get the ValChoice Score. This information is presented so you can reliably compare New York auto insurance companies in order to understand your options for the best car insurance.

The ValChoice scoring system takes into account how they price, their historic performance for claims handling and the level of service they provide. This scoring system uses high quality data and grades on a curve. This approach to grading yields companies that score as high as 100 and as low as 0. Only a system like this gives consumers a true picture of the performance of car insurance companies. For more details on any given company, order a ValChoice report.

Compare Auto Insurance Companies in New York

Market ShareValChoice Score
GEICO (Berkshire Hathaway Insurance )31.93%
gauge 60
60 out of 100
State Farm13.26%
gauge 57
57 out of 100
Allstate Insurance13.90%
gauge below average
Progressive Insurance9.68%
gauge below average
Liberty Mutual Insurance Companies5.52%
gauge below average
ValChoice only comments publicly on companies that are above average. For any company that is below average we don't publicly display the score. For those interested, scores on all companies are available with free reports. All analysis based on quantitative, high-quality data. Data sources include: SERFF, state insurance commissioners, National Association of Insurance Commissioners and AM Best Company. Data used by permission.

New York laws require the minimum insurance amounts shown in the table below. The important point to know about insurance coverage amounts is they define the maximum amount your insurance company is obligated to pay. If the costs are more than the amount of insurance coverage you purchased, you will be personally responsible for the costs above your coverage limits. More information on how insurance coverage protects you is included below the table.

Minimum Car Insurance Coverage Required in New York

Minimum Coverage
Bodily Injury, per person 25,000
Bodily Injury, per accident 50,000
Property Damage 10,000
Personal Injury Protection 50,000

Types of New York Car Insurance

New York is known as a "no-fault" state for auto insurance. You may have also heard of no-fault insurance coverage by the name personal injury protection. No fault and personal injury protection are the same.

Bodily InjuryProperty Damage

No Fault and Bodily Injury Protection

With no-fault insurance, it doesn't matter who causes an accident. Whether the accident is caused by you or someone else, the coverage you have under your insurance pays for your bodily injuries and your passengers bodily injuries. In the case your passengers are covered by their own insurance, their insurance will be the first to pay for their injuries.

The payment amount is capped at the coverage limit of the policy. The table above shows the minimum coverage limits. Minimum coverage limits means you must buy at least this much insurance coverage. In New York the minimum personal injury protection coverage amount is $50,000.

If you are at fault and the other party (one or more people) has bodily injuries in excess of the their personal injury protection coverage, your bodily injury liability coverage will pay. This form of liability cover also pays only up to the coverage limits of your policy. If the coverage you purchased are less than the costs, you will be responsible for the amount above the coverage you bought. This means you will be personally responsible for the medical bills, lost wages, etc, of all the people that were injured. To avoid being personally responsible, you can purchase additional bodily injury liability coverage. Click this link for more information on car insurance coverage requirements in New York.

Property Damage Protection

The property damage liability portion of your insurance coverage pays for repairs to the other person's vehicle or property. This works the same way as the bodily injury coverage, with the difference being it pays for the other parties property. The maximum amount the insurance will pay on your behalf is the coverage limit that you purchased. If you want coverage above the minimum amount, that can be purchased, but is not required. Coverage for your own vehicle can also be purchased.

Drivers often wonder what coverage they have for a vehicle that gets damaged by floodwater. Floodwater damage protection is part of your comprehensive insurance. For more details on insurance coverage for flooded vehicles, read our blog post titled "Does Your Car Float Like a Boat? What to do if it Won't!"

Getting an Auto Insurance Quote

When you get a car insurance quote, be sure to get an example of the insurance policy, or the declarations page. This will be proof of how much insurance you're actually buying. Also, be sure to keep a copy of the insurance policy so you know the full extent of your coverage.

Always ask your agent to provide you with a ValChoice report. ValChoice reports are the only reliable way to know how well insurance companies perform for providing a good value, their performance when handling claims and the level of service they provide.

 

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Homeowners Insurance In New York

New York Homeowners Insurance Rates and Trends

The five largest home insurance companies in New York are shown in the table below. The market share of each company is shown in the second column. The third column shows their most recent ValChoice Score for homeowners insurance. ValChoice Scores are only presented for companies with above average performance. For companies where there is no needle on the fuel-gauge-style image, you can order a free report to get the ValChoice Score. This information is presented so you can reliably compare New York homeowners insurance companies in order to understand how to get the best homeowners insurance.

The ValChoice scoring system takes into account how they price, their historic performance for claims handling and the level of service they provide. This scoring system uses high quality data and grades on a curve. This approach to grading yields companies that score as high as 100 and as low as 0. Only a system like this gives consumers a true picture of company performance. For more details on any given company, order a ValChoice report.

Compare Homeowners Insurance Companies in New York

Market ShareValChoice Score
CHUBB INA11.24%
gauge 91
91 out of 100
State Farm13.23%
gauge 54
54 out of 100
Allstate Insurance14.26%
gauge below average
Travelers8.66%
gauge below average
Liberty Mutual Insurance Companies8.24%
gauge below average
ValChoice only comments publicly on companies that are above average. For any company that is below average we don't publicly display the score. For those interested, scores on all companies are available with free reports. All analysis based on quantitative, high-quality data. Data sources include: SERFF, state insurance commissioners, National Association of Insurance Commissioners and AM Best Company. Data used by permission.

Renters Insurance

Many companies that offer homeowners insurance also offer renters insurance. The ValChoice grading system applies to renters insurance as well as home insurance. To get a report on renters insurance, simply select homeowners insurance and choose the type of insurance report card you would like to have.

Flood Insurance

Flood insurance is offered separately from homeowners insurance. Talk to your insurance company or insurance agent if you wish to purchase flood insurance. At this time ValChoice does not grade any flood insurance offerings. For more information on flood insurance, read our blog post titled "10 Facts About Flood Insurance, Without Drowning in Details."

Hurricane Deductibles

State law in New York allows for hurricane deductibles. Hurricane deductibles in NY commonly range from 1% to 5% of the insured amount. For hurricane deductibles to go into effect, either the National Weather Service or the National Hurricane Center must declare a hurricane. 

Hurricane deductibles mean you are likely to pay much more if wind damages your home than if something else damages your home. For more information on hurricane and wind/hail deductibles read our blog post "How to Get Hurricane Insurance Without Getting Blown Away."

Homeowners who install storm shutters or hurricane resistant doors and windows are entitled to discounts on their insurance. Be sure to check with your insurance company if these discounts apply to you.

Getting an Insurance Quote

When getting a homeowners insurance quote, be sure to consider the following important items.

Amount of Coverage

The dollar amount of insurance coverage to purchase should be equal to the estimated cost of rebuilding the home. Do not include the property value when determining the amount of insurance to buy.

Extended Dwelling Endorsement

This coverage is often referred to as “extras.” This is additional coverage that addresses the problem that occurs when the actual cost to rebuild the home is more than was estimated when buying the insurance. In situations where there is a catastrophic event such as a flood, tornado or hurricane, building costs can increase significantly due to building materials increasing in price and contractors being scarce. Extended dwelling endorsements cover this higher than expected building cost. Extended dwelling endorsements are typically offered as a percentage of the coverage amount. The amount offered is commonly 10%, 25%, 50% or 100% of the coverage.

Building Code Coverage

When rebuilding a home, local laws will require that you rebuild to current building codes. If building damage is extensive, sometimes the laws even require you to upgrade the undamaged portion of the home to meet current building codes. This can be a significant additional expense. It's common that a homeowner insurance policy will exclude or limit the coverage for conforming to current building codes. Be sure to understand this important point about the insurance you buy.

Loss of Use

This specifies how much and how long the insurance company will pay for you to live somewhere else while your home is being rebuilt or repaired. One year in loss of use coverage is common. If your home requires a total rebuild, it’s wise to plan on a couple years for the project to be completed.

Covering Your Personal Items (“Contents”)

Your personal items will commonly be covered by what’s known as “replacement cost” coverage. This means you only get paid when you actually replace the item. There are two important items to understand here. 1) You must have a detailed home inventory to know what you had in order to replace these items, and 2) if you had $200,000 worth of contents and only replaced $20,000 worth of items, you would only receive the $20,000. “Replacement cost” sounds good. In reality, it may leave you far short of what you expected.

 

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New York Homeowners Insurance Rate Calculator

Vermont Home Insurance Rate CalculatorThis calculator is an average of insurance prices across the state. Individual prices will vary depending on factors such as deductibles, coverage and the risks associated with the specific area where you live.

Use this calculator to estimate home insurance prices in New York. Just enter the replacement value (cost to rebuild, not including the land).

 

New York Homeowners Insurance Prices Yields 8th Worst Value of All 50 States

The value New York residents get from their home insurance is below average. We measure value based on what percentage of the premiums collected by insurance companies are paid out in the form of claims. We do this over several years to account for catastrophic events.

For the ten-year period from 2007 to 2016, New York residents had the 8th worst value from their homeowners insurance of all 50 states. Due to the low value of home insurance in New York, homeowners need to shop carefully for insurance.

Important Insurance Laws - New York

New York Insurance Regulation

The New York Department of Financial Services develops and enforces insurance laws for the state. Consumers can contact the department with questions and complaints. If you do not receive the service you expect from your insurer, you can file a complaint directly with the Department of Financial Services

Important Laws

A summary of the driving safety laws for the state of New York can be found using this link. The information includes a summary of the laws affecting people driving cars, or riding motorcycles or bicycles while using cell phones or texting. Also included are the requirements for child safety seats, wearing a helmet and being under the influence while operating a vehicle in the state of New York.

The New York Statute of Limitations defines the time limit following an accident when you can file a lawsuit. Once this time limit has passed, you can no longer file a lawsuit.

State law in NY allows for homeowners insurance companies to invoke hurricane deductibles. This type of deductible means you will pay a percentage of your homes value before the insurance companies starts paying for losses. This different type of deductible goes into effect when a hurricane warning is issued by the National Hurricane Center or the National Weather Service. The percentage amount of the deductible and the wind speed that triggers the deducible varies by insurance company. This link to the New York Department of Financial Services lists the approved deductible amounts and the triggers, by insurance company. 

Resources Available to Consumers

Small Claims Court is available for you to resolve issues, without needing to hire an attorney. This link to the small claims court provides more information, including the dollar limit of claims that can be made in this court.

he Federal Emergency Management Agency (FEMA) is for disaster victims who are uninsured, underinsured or the victim of a flood.