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Saving money on car insurance can be as easy as a walk in Prospect Park.
The most populous borough of New York City, Brooklyn is home to the famous Brooklyn Bridge, Coney Island, and hipsters. Lots of hipsters. But in terms of car insurance, Brooklyn is known for some expensive premiums — the average premium in Brooklyn is nearly twice as high as that of the rest of New York state. So, saving while insuring a vehicle in Brooklyn is an absolute imperative. Let’s get started on how to save on car insurance in Brooklyn.
|6 Month Premium in Brooklyn||6 Month Premium in New York||6 Month Premium in the US|
As we stated, car insurance rates for Brooklyn are about 96% higher than the average premium for the rest of the state and 54% than the average for the entire US. This has to do with the way insurance companies predict losses in this area. Based on the high population size, crime, weather-related events, and claims history, insurance companies see Brooklyn as a risky place to insure clients. Insurance companies will protect themselves against risk through higher premiums.
Given Brooklyn’s size, we decided to survey 5 zip codes throughout the Borough to see the average rate by insurance company. Here are the results:
Our Findings: 6 month Premiums in Brooklyn
|Zip Code||Allstate||Geico||Liberty Mutual||Progressive||State Farm|
In a consistent profile (outlined here), we discovered that Geico was the cheapest company for auto insurance. With an average 6 month premium at $681.75, it was over a thousand dollars cheaper than the city’s average and even less than the state’s!
Because living in Brooklyn is clearly pretty expensive, it’s important to save money whenever possible. Here are the ins-and-outs of saving on car insurance.
A lot of discounts, such as the good driver or the safety equipment discount are built into your user profile (through your VIN or driving record), but you still want to make sure you’re getting all the discounts you’re qualified for. Here are some common discounts:
These discounts might not seem like a lot, but when you’re paying more than twice the state’s average, every penny counts.
Drive safely is a good idea, no matter where you live. But in Brooklyn, avoiding reckless and dangerous driving can save you thousands a year on auto insurance. Here are some common violations and how much it will raise your premium.
Average Annual Increase by Violation
|Violation||Increase to Premium|
|Texting While Driving||$35|
|Speeding in School Zone||$230|
|Average Speeding Ticket||$370|
|Hit & Run||$2,752|
While maintaining a good credit score is pivotal for your financial health, it can also be pretty impactful on your insurance premium. Looking at the average premiums for Brooklyn below, the difference between very poor premium (300-579) and excellent (800-850) is nearly $4,000 a year. On average, moving from one credit tier to another can save you an average of $1,370 a year. So, keep that score up!
Average Annual Premium by Credit Tier
|Zip Code||Very Poor (300-579)||Fair (580-669)||Good (670-739)||Very Good (740-799)||Excellent (800-850)|
Bundling, meaning putting all your insurance eggs in one basket, can save you between $117 and $190 a year on your auto insurance. The reason is pretty simple - insurance companies want more lines of revenue and thus offer you an incentive. Here are some typical savings you can see across Brooklyn.
Average Annual Savings in 2017
|Zip Code||Renters Savings||Condo Savings||Homeowner Savings|
By this, we are referring to the simple truth that most vehicles do not grow in value over time but depreciate. In terms of insurance, this could mean the coverage you have for your vehicle is no longer necessary. Here's how to find out if you still need full coverage:
If it's still determined that you need physical coverage, consider raising your deductible. When you raise your deductible, you lower your premium. Be aware, by raising your deductible, you take on a greater financial responsibility if your vehicle is totaled. However, this type of coverage is really designed for total loss scenarios. As we'll discover in our next section, filing a collision claim can seriously impact your car premium in Brooklyn.
Being smart with your claims means using your collision lightly and sparingly in order to avoid future rate increases. As collision claims are generally considered to be "at-fault" accidents by insurance companies, you can expect your rate to increase at your renewal. For most violations, your rate will be increased for 3 years. You should consider if the amount you would save by filling a claim is worth the value of your premium increase. Here's how you can expect your rate in Brooklyn to change.
Overall Increases by Violation
|6 Month Premium Increase||One Year Premium Increase||Three Year Premium Increase|
As you can see, it's expensive to rear end someone or file a claim. If you are in a situation where you need to pay for repairs (either because you damage or vehicle or someone else's) consider getting estimates first. This way, you can determine if it makes sense to file a claim or pay out of pocket.
Your absolute best bet for saving on auto insurance is to follow our lead and compare with as many companies as possible. Because our user profile most likely doesn’t match you, it’s important to see our data as a starting point — where you should begin, but not end, your search for the best auto insurance. Use our comparison app here to see how much you could be saving on car insurance.
In our best efforts to be fair in our comparison, we used the same user profile across all insurance providers. Here is our user profile:
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