New York State’s insurers: Where are they today
New York state’s insurers are on track to break a four-year streak of having the most expensive auto insurance in the nation, according to a new analysis.
The study by the state’s Department of Insurance found that the average rate for a car insurance policy sold in the state is $1,072, a 25% increase from 2014.
The average rate has been steadily increasing in recent years.
The average premium for a policy in 2017 was $1.737, an increase of more than $1 from 2016, according the analysis.
The latest rate increase is in line with a 6.3% increase in 2018.
The state is the third-most expensive in the country for auto insurance, according with the Insurance Institute for Highway Safety, and the third most expensive for policies sold on the individual market.
Last year, New York’s average rate was $938, more than 10% above the national average of $923.
The report shows that in 2018, New Yorkers are paying about $2,600 more than the national median, but they’re saving nearly $100 more per year than the median for people earning $55,000 or less, according an analysis by the Insurance Information Institute.
“We’ve seen a steady rise in the cost of auto insurance and that trend is expected to continue,” said Kevin O’Brien, senior vice president of the New York Association of Insurance Commissioners, which represents the state insurance regulators.
“The cost of the policy has gone up and the average premium has gone down.”
The average cost of a policy sold on an individual market has increased a total of $5,300 in the past year, the study found.
The cost for a similar policy sold at a commercial car dealership has increased $5.6 million.
Average rates in the five largest cities in New York City rose nearly 25% over the past five years, according, while the cost in the most populous cities was almost double, rising 27%.
The average rates in Manhattan, Queens, Brooklyn and Staten Island increased more than 20%, while the average in Brooklyn was almost 50%.
The report also found that New Yorkers paying more are saving money than those paying less.
In New York, an average of 2% of premiums paid by the average policyholder was for a deductible of more $100, a savings of $14.70.
That compares to an average savings of about $11.60 per person who paid the average for a $100 policy.
“The average annual deductible is a great measure of the quality of the coverage and the quality and effectiveness of the policies,” O’Reilly said.
“There’s a lot of money that’s going to be saved in this area.”
The study is the latest to show how insurance companies are trying to manage the impact of rising costs on the insurance industry.
Last month, President Donald Trump signed a measure that would reduce the amount of federal tax credits that insurers can receive for providing policies in 2018 to offset higher premiums.
The bill is currently awaiting a final vote in Congress, and it has not been considered by the Trump administration.
The new analysis comes after the state Department of Financial Services, which regulates the insurance sector, released a report in January that found insurers were paying less on average for auto policies, with rates rising more slowly than other types of insurance.
It also found more than 30% of the insurers sold in New Jersey are now offering fewer policies.