When it comes to safeguarding your vehicle in the bustling streets of New York, choosing the right car insurance is paramount. In this article, we’ll explore the top car insurance providers in the state, offering you insights into their strengths, weaknesses, and the coverage they offer. Let’s dive in.
State Farm
J.D. Power Score: 831/1,000
AM Best Financial Strength Rating: A++
BBB Rating: A+
Our comprehensive analysis reveals that State Farm stands tall as the premier car insurance choice for New York residents. Renowned for its competitive rates, State Farm’s average full-coverage policy costs approximately 14% less than the national average.
Exceptional Savings and Discounts
State Farm goes the extra mile by providing an array of discounts and innovative telematics insurance programs, helping policyholders keep costs at bay. If you’re under 25, you can benefit from the Steer Clear® program, enjoying substantial premium savings. State Farm’s Drive Safe & Save™ usage-based initiative also rewards safe driving habits with discounted rates.
Pros:
- A++ financial strength rating from AM Best
- Lucrative discount opportunities for students and young drivers
- Stellar reputation for exceptional customer service
Cons:
- Mixed State Farm insurance reviews
Despite mixed customer feedback, State Farm’s financial strength, and commitment to discounts make it a top pick for car insurance in New York.
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State Farm Car Insurance Coverage
According to the National Association of Insurance Commissioners (NAIC), State Farm holds the coveted position of being the largest car insurance provider in the United States. Their full-coverage policies encompass:
- Bodily injury liability coverage
- Property damage liability coverage
- Collision insurance
- Comprehensive insurance
- Medical payments coverage (MedPay)
- Underinsured/uninsured motorist coverage
State Farm goes the extra mile by offering additional auto insurance coverage options such as:
- Rideshare insurance
- Roadside assistance
- Rental car reimbursement
- Trip interruption coverage
State Farm Insurance Reputation
State Farm consistently ranks above the industry average in J.D. Power consumer studies. In the J.D. Power 2022 U.S. Auto Insurance Study℠, the company secured second place for overall customer satisfaction in New York, outperforming the regional average by nine points. Additionally, State Farm dominated the J.D. Power 2022 U.S. Insurance Shopping Study℠, boasting a score of 885 out of 1,000 points.
In our August 2022 survey, a significant 19% of respondents held State Farm car insurance policies. This popular insurer garnered a commendable 4.2-star rating for overall customer satisfaction, aligning with the survey’s average.
Geico
J.D. Power Score: 829/1,000
AM Best Financial Strength Rating: A++
BBB Rating: A+
Following State Farm, Geico secures its position as the nation’s second-largest auto insurer, holding a substantial 14.31% market share in 2021. Geico’s competitive edge lies in its affordability, with full-coverage insurance policies averaging just $109 per month or $1,308 per year – a remarkable 24% cheaper than the national average.
Abundant Discounts and High Coverage Limits
Geico prides itself on offering high coverage limits and an extensive array of discounts. These discounts encompass reduced rates for students excelling academically, new car owners, and safe drivers.
Pros:
- A++ financial strength rating from AM Best and an A+ rating from the BBB
- Generous policy limits
- Competitive car insurance rates for most drivers
Cons:
- Average J.D. Power claims ratings
- Fewer local agents compared to other providers
Geico Car Insurance Coverage
Geico offers the standard six types of car insurance that typically constitute full-coverage auto insurance policies. Additionally, Geico provides valuable add-ons, including:
- Mechanical breakdown insurance (MBI)
- Rental car reimbursement
- Roadside assistance
- Rideshare insurance
Geico Insurance Reputation
Geico boasts excellent financial strength, as indicated by its AM Best rating. The company’s high BBB rating and impressive score in the J.D. Power Auto Insurance Study underline its commitment to exceptional customer service.
Our 2022 survey revealed that 16% of respondents held Geico insurance policies. These policyholders rated Geico favorably, giving the insurer an average customer satisfaction rating of 4.1 out of 5.0 stars.
Travelers
J.D. Power Score: 822/1,000
AM Best Financial Strength Rating: A++
BBB Rating: A
Travelers enjoys a favorable reputation in the car insurance industry, thanks to its below-average rates and prompt claims processing. Customers also benefit from Travelers’ numerous savings opportunities, including the Early Quote discount, which reduces rates if you request a quote from Travelers before your current policy expires.
Pros:
- Strong AM Best and BBB ratings
- A wide range of available discounts
- Accident forgiveness coverage
Cons:
- Lower customer rating on the BBB site
While Travelers’ customer ratings may vary, its robust financial stability and comprehensive coverage options make it a compelling choice for car insurance in New York.
Travelers Car Insurance Coverage
In addition to standard insurance types that constitute full-coverage policies, Travelers offers optional coverages such as:
- Rental car coverage
- Gap insurance
- New car replacement coverage
- Accident forgiveness coverage
- Two tiers of roadside assistance
Travelers Insurance Reputation
Travelers garners mixed scores in J.D. Power studies. In the regional J.D. Power Auto Insurance Study, Travelers matched the industry average for overall customer satisfaction in New York. However, the company ranked last in customer satisfaction among large insurers in the J.D. Power Insurance Shopping Study, earning 853 out of 1,000 possible points.
Approximately 1.5% of our 2022 car insurance survey respondents reported having Travelers policies. These policyholders expressed high satisfaction, rating the company 4.2 stars out of 5.0.
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Progressive
J.D. Power Score: 811/1,000
AM Best Financial Strength Rating: A+
BBB Rating: F
Progressive stands as the third-largest auto insurance company in the market. It excels in providing affordable coverage for high-risk drivers in New York, including those with at-fault accidents, recent speeding tickets, or DUIs on their record.
Comprehensive Accident Forgiveness
Progressive offers accident forgiveness, both for minor and major incidents. New Progressive policyholders automatically receive small accident forgiveness, ensuring their insurance rates remain unchanged for claims that don’t exceed $500.
Pros:
- A+ financial strength rating from AM Best
- A wide selection of coverage options
- Highly rated mobile app
Cons:
- Average customer service ratings
Progressive’s focus on high-risk drivers and its diverse coverage options make it a valuable choice despite average customer service ratings.
Progressive Car Insurance Coverage
Similar to other major insurers, Progressive offers standard auto insurance coverage types and supplementary options, including:
- Roadside assistance
- Rental car reimbursement
- Loan/lease payoff coverage (gap insurance)
- Coverage for custom parts and equipment value
- Rideshare coverage
- Pet coverage
- Deductible Savings Bank
Progressive Insurance Reputation
Progressive often scores slightly below average in J.D. Power consumer studies. The company lagged behind New York’s regional average in the J.D. Power Auto Insurance Study. Furthermore, it received lower-than-average ratings for large insurers in the J.D. Power Insurance Shopping Study, earning 859 points out of 1,000.
Despite these industry ratings, Progressive ranked as the second-most popular car insurance provider in our consumer survey. Approximately 17% of participants reported having Progressive policies, and they awarded the insurer an average customer satisfaction rating of 4.1 out of 5.0 stars.
Allstate
J.D. Power Score: 810/1,000
AM Best Financial Strength Rating: A+
BBB Rating: A+
According to the NAIC, Allstate secures its position as the fourth-largest car insurance provider in the United States. Notably, the company offers a claim satisfaction guarantee, crediting up to six months of insurance premiums if you’re dissatisfied with how your claim is handled.
Robust Coverage and Reward Programs
Allstate’s offerings extend beyond the standard six car insurance coverage types, including:
- Aftermarket parts insurance
- Classic car insurance
- Mexico and Canada insurance
- Rideshare insurance
- Roadside assistance coverage
Allstate also provides the Extended Vehicle Care program, offering three coverage tiers similar to extended warranties. These tiers assist in covering the costs of mechanical breakdowns. Additionally, the Deductible Rewards® program gradually reduces your deductible for each claim-free year.
Pros:
- A+ financial strength rating from AM Best
- Offers a claim satisfaction guarantee
- Wide variety of insurance coverage options
Cons:
- Prices are often higher than average
- Mixed customer reviews
While Allstate’s prices may be higher than some competitors, its commitment to comprehensive coverage and customer satisfaction guarantees make it a trustworthy choice for car insurance in New York.
Allstate Insurance Reputation
Allstate typically scores slightly below the industry average in consumer studies. The company received New York’s second-lowest score in the J.D. Power Auto Insurance Study. In the J.D. Power Insurance Shopping Study, Allstate earned 854 out of 1,000 points, positioning it just nine points below the industry average.
Approximately 9% of participants in our 2022 car insurance survey held Allstate policies. These policyholders generally expressed satisfaction with the company, awarding it an average rating of 4.1 out of 5.0 stars.
In conclusion, when selecting the best car insurance in New York, consider your specific needs and preferences. Each of these top providers has its unique strengths and weaknesses, ensuring you can find the ideal coverage to protect yourself and your vehicle on the busy streets of the Empire State.
Source: https://www.marketwatch.com/guides/insurance-services/best-car-insurance-new-york/