
New York Has 2nd Most Expensive Auto Insurance Rates in America
A new study of the states with the worst car insurance rates proved that New York's cost of living is truly the gift that keeps on giving.
It's no secret New York is an expensive state to call home. A recent homeowner survey found New York to be the 5th most expensive state for homebuyers and a separate report found we have the third lowest number of homeowners under the age of 34.
Read More: New York Among States with Fewest Young Homeowners
Adding insult to injury is a separate article determined New Yorkers pay the most for food. With all that said, it came as no shock when a report in March ranked New York dead last for affordability.
But hey, at least we are statistically paid the third highest salaries in the nation. Unfortunately, we are also the state with the highest tax burden.
With all that said, it's no wonder a recent "Happiness Survey" determined that New Yorkers need to make at least $132,825 at minimum to live comfortably in the state.
It's very possible that amount will need to be even higher after an all new study found that New Yorkers pay some of the highest auto insurance rates in the entire country.
A new report from MarketWatch found this out when looking for the cheapest car insurance options in the Empire State. Shocker: they found hardly anything.
In fact, they learned that New Yorkers pay an average of $310 a month for a full coverage auto policy, which is nearly $90 more than the national average.
However, for bargain hunters looking to save pennies however they can, MarketWatch determined Progressive sells the most inexpensive full coverage auto policy for an average rate of $232 a month.
Not everyone purchases a full coverage policy, which is a terrible idea, but not illegal. The average minimum liability auto policy in the state costs $183 a month, per MarketWatch's report. For those looking for the most affordable rate, that again would be from Progressive, who offers minimum liability plans at an average rate of $129 a month.
As for why auto insurance policies are ballooning to incredible levels, market watchers are still trying to figure it out. It's believed the rapidly rising cost of used vehicles and car repairs could be at fault. However, there has been increased accidents on the road
A recent BLS CPI report found that car insurance skyrocketed by 42.8% since 2020.
Compared to what people paid last year, the average car owner with a full coverage policy is paying nearly 10% more while those with minimum coverage are paying at least 6.1% more.
In the end, it's probably best to buy yourself a horse or e-bike (whatever you fancy most) and use that as your main mode of transportation. Both would be a lot cheaper.

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