Find affordable car insurance with bad credit by comparing rates.
It can be tough to find cheap auto insurance with a poor credit rating. Auto insurance companies utilize credit score as a major rating factor, pricing policies based in part on clients' credit histories. Because auto insurance companies use data showing clients with bad credit are more likely to file auto insurance claims, the companies compensate for that added risk by assigning expensive rates.
Your car insurance costs with bad credit depends on which company you choose, where you live, and many other rating factors. See below average car insurance rates for drivers with bad credit in major New York cities and rates from large auto insurance companies, , along with tips to save on auto insurance if you have a bad credit score in New York.
New York drivers face a penalty of $2,380 per year for having a "worst"-tier credit score. Drivers in the "poor" or "below fair to poor" credit tiers will also face higher-than-average rates.
|Credit Tier||Average Annual Rate in New York|
|Below Fair to Poor||$3,046|
|Average — All Credit Tiers||$1,582|
Auto insurance costs also depend on the geographic area in which you drive. Car insurance companies use your ZIP code to estimate whether you're likely to file a claim: the more claim-prone your area,, the more expensive your rates.
Listed below are major New York cities and their mean car insurance costs for drivers with low credit scores.
|City||Average Annual Rate — Worst Credit||Average Annual Rate — Poor Credit||Average Annual Rate — Below Fair to Poor Credit|
Another contributing factor to your car insurance rate is the company you buy from. Every auto insurance company prices policies differently, giving rating factors varying weights in their pricing calculations. Credit can be a primary differentiator in price between insurance companies. In New York, the cheapest insurance company for a driver with a bad credit score is GEICO, which offers a premium cut of $1,041 per annum compared to the second-cheapest company, NYCM Insurance.
See premiums from leading auto insurance companies in New York for drivers with bad credit.
|Company||Average Annual Rate — Worst Credit|
If you're having a hard time purchasing car insurance with a low credit score, consider these tips: