Albany’s average annual car insurance cost is $1,655 per year for a full coverage policy and $764 for a policy with minimum coverage. Albany law requires you to have car insurance. This protects your financial and legal rights in the event that an accident is at fault. Based on factors such as coverage options, average rate, discounts, and coverage options, we found the most affordable Albany car insurance.
Albany’s best car insurance companies
State Farm, Geico and New York Central Mutual are the best car insurance providers in Albany. These providers are distinguished by their below-average rates, flexible coverage, great savings opportunities, and high ratings for customer satisfaction from J.D. New York Power.
| Insurance company | J.D. J.D. | Minimum coverage: Average annual premium | For full coverage, the average annual premium |
|---|---|---|---|
| State Farm | 851 / 1,000 | $751 | $1,566 |
| Geico | 837 / 1,000 | $613 | $1,537 |
| New York Central Mutual | 837 / 1,000 | $800 | $1,710 |
| USAA | 884 / 1,000 | $692 | $1,594 |
State Farm
State Farm is the largest auto insurance company in the United States. It is also the highest-rated New York auto insurance company by J.D. Power. State Farm offers a few endorsements including rideshare and roadside assistance. But it is known for its affordable rates as well as the discounts. State Farm offers two safety driver reward programs: Drive Safe & Save to drivers over 25 years old and Steer Clear to drivers under 25.
Geico
Geico is the most affordable car insurance company in Albany. J.D. also rates the company highly. The company has an A++ rating by AM Best which indicates superior financial strength. Although Geico offers limited coverage, it has a wide range of savings options. Geico offers discounts to military personnel, federal employees and good students.
New York Central Mutual
New York Central Mutual (NYCM), is a local insurer. NYCM provides basic car insurance, but you can also add roadside assist to get more protection. There are three levels of coverage available. NYCM offers affordable car insurance policies to Albany residents by offering discounts. You can save money by enrolling in automatic payment, getting daytime running lights and airbags, and being a homeowner or insuring a car.
USAA
USAA sells only car insurance to active-duty and retired military personnel as well as their spouses, children, and dependents. USAA coverage is available to Albany residents who meet the criteria. They offer reliable coverage, low rates, and excellent customer service. USAA offers many discounts including unique options such as garaging your vehicle at base. The website claims that drivers who switch to USAA can save more than $700 annually on their auto insurance.
Albany has the lowest car insurance
The average cost for car insurance is much lower than the New York State average. An average New Yorker pays $2,321 annually to insure their car with full coverage and $1,062 for minimal coverage. The average rate in the United States for full coverage is $1,674 and $565 respectively.
Below is a table that shows the most affordable Albany car insurance rates based on market share. Keep in mind, however, that car insurance rates can be personalized. This means that factors such as your age and credit rating will have an impact on the rate you pay.
| Insurance company | Minimum coverage: Average annual premium | For full coverage, the average annual premium |
|---|---|---|
| Erie | $535 | $1,152 |
| Progressive | $535 | $888 |
| Geico | $613 | $1,537 |
| USAA | $692 | $1,594 |
| State Farm | $751 | $1,566 |
It is crucial to compare providers when you search for affordable car insurance in New York. Every carrier has its pros, and the one with the lowest premiums may not be the best for you.
USAA, for example, is an insurance company that has high ratings and offers low rates. However, you have to be a member of the military in order to purchase a policy. Erie and Progressive offer lower average rates and have no eligibility requirements.
These five providers offer different coverage options. State Farm, Geico, and USAA offer limited endorsements. This means that drivers who wish to add ons to their policies may not be able find the coverage they need with these providers. Erie and Progressive may be worth looking at if you require specific coverages.
Although all five providers are listed in the table offer significant discounts, the actual savings offered can vary. Geico, for example, is the only provider to offer a discount for federal workers, while Erie offers rate protection.
Insurance requirements for Albany
Albany residents are required to have car insurance. New York’s car insurance laws require that drivers have at least 25/50/10 liability insurance. This includes:
- $25,000 per person for bodily injury coverage
- $50,000 per accident for bodily injury coverage
- $10,000 per accident for property damage coverage
New York drivers must also have uninsured motorist bodily injuries coverage. Talk to your agent to determine if your uninsured driver coverage extends beyond New York. The endorsement to extend out of-state coverage is not usually required.
Personal Injury Protection (PIP), which is required for a minimum amount of $50,000, is also required. PIP covers medical expenses and lost wages in the event of an accident. It does not matter who caused it.
New York car insurance companies usually charge lower rates for minimal coverage policies. However, drivers shouldn’t focus on getting the lowest premium if they want the best coverage. Liability-only insurance does not cover all financial responsibility in the case of an accident. You may also need to have full coverage insurance if your vehicle is leased or financed.
Albany car insurance discounts
Albany drivers can benefit from car insurance discounts in order to receive a lower rate. These are the most popular discounts available in Albany:
- Discount on defensive driving courses: Many insurance companies offer discounts to drivers who have completed a approved defensive driving course.
- Discounts for drivers who don’t have any insurance claims in the past few years are eligible for a lower rate.
- Multi-policy discount: You may be eligible for multi-policy discounts if you buy auto and property insurance policies from the same carrier.
- Discount for new vehicles: Insurance companies may offer discounts to drivers who have a vehicle less than a few decades old.
Questions frequently asked
Which is the best auto insurance company?
Every driver will have a different experience with the best auto insurance company. It all depends on where you live and what coverage you require. Compare providers and shop around to find the best option for you.
What amount of Albany car insurance do you need?
Albany drivers must have at least 25/50/10 personal liability insurance and uninsured motorist coverage. To satisfy New York’s No-Fault Insurance Laws, drivers must also have at least $50,000 of PIP.
