Evaluate New York Auto Insurance Companies

Financial responsibility requirements in New York make it mandatory for motorists to purchase auto insurance before being legally allowed to drive. Vehicle owners are encouraged to extensively shop around before choosing a coverage provider because individual insurers usually offer unique rates. The NY Department of Financial Services estimates that there are nearly 270 companies that are licensed to sell vehicle coverage in the Empire State, giving motorists a wealth of options.

Finding an adequate New York auto insurance company involves shopping around and comparing the many choices that are available. Motorists should explore the rates offered by numerous companies, as well as an insurer’s services. A coverage provider’s ability to handle claims quickly and efficiently can be an invaluable skill after an accident. To efficiently shop, motorists have the option of using the Internet to gather an extensive amount of data in a short amount of time.

Quote comparisons can be made online with minimal effort. Motorists in the Empire State can often accumulate dozens of estimates from one website after answering a short series of questions. These comparisons are important because individual companies use different methods for rating motorists. For this reason, the cheapest insurer for one motorist may not be the cheapest for another. After finding an adequately priced policy, it is still important to investigate several additional qualities before making a purchase.

NY Auto Insurance Company Quality and Price

The quality of services offered by individual insurers is important and often easily comparable. To assist motorists in their search, the New York Department of Insurance publishes 2011 Annual Ranking of Automobile Insurance Complaints that ranks insurers on the number of justifiable grievances they receive in a given year. In 2010 the Department received over 6,000 complaints pertaining to private passenger policies that could be viewed by motorists online.

Apart from information that can be found on the Internet, motorists are also encouraged to discuss potential recommendations with family, friends and co-workers. The NY Department of Insurance only publishes upheld complaints that are made directly to the Department, and including the opinions of other trusted individuals can help drivers make more educated choices.

In addition to service quality, it is also essential to examine the financial strength of a potential insurer. The NY Department of Financial Services estimates that coverage providers generate over $8 billion in annual premium, which is often invested in a number of ways. To explore the economic background of a specific company, residents can usually explore information online. Various businesses regularly rank insurers on qualities such as credit worthiness, investment history and financial strength, and publish this information on the Internet. It is important for motorists to remember that no company, no matter how large, is entirely exempt from bankruptcy or financial ruin.