Deciphering which companies have the cheapest insurance rates in Albany will involve a little more work in order to find the lowest price quote. Every insurance company has their own unique process for establishing rates, so let's take a look at the most affordable insurance companies in New York.
We do need to point out that Albany, NY insurance rates are influenced by many factors which can significantly increase or decrease the policy premium. Simply getting older, adding a teenager to your policy, or having a fender bender can cause premium changes resulting in some companies being cheaper than others.
USAA has some of the cheapest car insurance rates in Albany at around $1,152 per year. This is $923 less than the average premium paid by New York drivers of $2,075. Erie, Progressive, Utica National, and Allstate also are some of the more affordable Albany, NY auto insurance companies.
In the rate table above, if you have coverage with Utica National and switched to USAA, you might achieve a yearly price reduction of in the neighborhood of $382. Policyholders with Allstate could save as much as $404 a year, and Travelers policyholders might lower prices by up to $423 a year.
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It's important to note that these policy rates are averaged for all ages of drivers and types of vehicles and and are not figured with an exact zip code location in Albany. So the company that has the lowest price for you may not even be in the top 20 companies in the list above. That's why you need to quote rates from many companies using your own specific driver and vehicle information.
For drivers in Albany, one of the more important considerations that are looked at to determine the amount you pay each year for auto insurance is where you keep your car. More densely populated places tend to pay more, whereas areas with less congestion have the luxury of lower rates.
The next table ranks the highest-priced places in New York to buy an auto insurance policy in. Albany makes the list at #22 with an annual cost of $1,036 for the average insurance policy, which is approximately $86 per month.
|Rank||City||Average Per Year|
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Premium costs are approximated as the specific area where the vehicle is garaged can lower or raise prices significantly.
The car, truck, or SUV driven is one of the largest considerations when consumers are trying to find the best cheap car insurance in Albany. Vehicles with reasonable performance levels, good crash test ratings, or low incidents of liability claims will cost much less to insure than fast, unsafe models. The next list illustrates auto insurance costs for some of the most economical vehicles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford F-150 XLT Regular Cab 2WD||$1,102|
|Dodge Grand Caravan Crew||$1,209|
|Ford Escape XLT 2WD||$1,229|
|Honda CR-V LX 4WD||$1,239|
|Ford Edge Sport AWD||$1,250|
|Toyota Corolla XLE||$1,259|
|Nissan Rogue SL 2WD||$1,270|
|Kia Optima LX||$1,280|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,340|
|Chevrolet Silverado LS Crew Cab 2WD||$1,356|
|Hyundai Sonata Limited 4-Dr Sedan||$1,362|
|Toyota Camry Hybrid||$1,356|
|Ford Explorer XLT AWD||$1,377|
|Chevrolet Malibu LT||$1,386|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,404|
|Honda Odyssey EX W/Rear Entertainment||$1,425|
|Chevrolet Impala LS||$1,433|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,431|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 2WD||$1,440|
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New York minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Table data does not factor in specific zip code location which can change coverage prices considerably.
Looking at the numbers, you can presume that cars like the Ford F-150, Toyota Prius, Dodge Grand Caravan, and Ford Escape are likely to be the cheaper vehicles to insure for drivers in Albany.
Should you buy full coverage?
Saving money on auto insurance is the goal of most vehicle owners, and one of the best ways to reduce the cost of insurance in Albany is to only pay for liability coverage. The chart below illustrates the comparison of yearly insurance costs with and without full coverage. The premiums are based on no accidents, no driving violations, $250 deductibles, single marital status, and no policy discounts are applied.
As an average for all age groups, physical damage insurance costs an extra $1,863 per year more than insuring for liability only. At some point, almost every driver questions if paying for full coverage is worth it. There is no exact formula of when to phase out comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
The chart below illustrates how your deductible choice can increase or decrease yearly insurance costs when searching for cheap insurance in Albany. Data assumes a single male driver, comp and collision included, and no additional discounts are factored in.
The data above shows that a 40-year-old driver could lower their car insurance rates by $304 a year by switching from a $100 deductible to a $500 deductible, or save $458 by choosing a $1,000 deductible. Even younger drivers, such as the Age 20 example, could potentially save up to $1,004 or more just by choosing higher deductibles when buying full coverage. If you make the decision to raise deductibles, it will be necessary to have enough in a savings account to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Tips for buying cheaper insurance in Albany
Here are some money-saving ideas that can help Albany drivers locate cheaper coverage.
- Do not get into accidents
- Save money by observing traffic laws and speed limits
- Avoid price increases by not filing claims
- Buying car and homeowners insurance together can save money
- Buy vehicles with five-star safety ratings
- Shop your coverage around for the best deal
That final tip is incredibly necessary, as we noted in this write-up. Auto insurance rates fluctuate considerably, so drivers shouldn't be resistant to switch to a new company if you find a better deal. Sticking with a specific company is fine, but it's not a great idea if that stubbornness costs you a small fortune year after year. Spend a few minutes and compare rates and find cheaper insurance in Albany.