New York households paid an average of $1,935 for personal auto insurance in 2024, according to the Insurance Information Institute’s (Triple-I) latest report. This figure marks the highest recorded level for the state and ranks as the fourth-highest expenditure nationwide.
Triple-I found that New Yorkers spent 2.23% of their median household income on auto insurance in 2024, up from $1,753 (2.15%) in 2023. The state already ranked as the fourth least affordable for auto insurance by share of income last year. In comparison, U.S. households overall spent an average of 1.59% of median household income on personal auto insurance in 2023.
The report highlights several cost drivers contributing to high premiums in New York: elevated repair costs, severe injury claims, high claims-handling expenses, and frequent accidents. Four out of six major cost factors are among the most expensive nationally.
“Auto insurance affordability is ultimately driven by the underlying costs,” said Michel Léonard, Ph.D., CBE, chief economist and data scientist at the Insurance Information Institute. “In New York, elevated repair costs, severe injury claims, high claims-handling expenses, and frequent accidents all combine to put persistent upward pressure on premiums. With personal auto insurance approaching $2,000 a year, New York remains one of the most expensive states in the nation to drive,” he said. “By tackling these cost drivers, New Yorkers could see meaningful steps toward improving long-term insurance affordability.”
Recent reform proposals have included measures such as strengthening insurer anti-fraud programs and limiting damages for individuals who engage in unlawful behavior or are at fault in an accident.
Key findings from Triple-I include:
– The average annual premium was $1,935 per household in 2024.
– This amount equaled 2.23% of median household income.
– In 2023, New York’s average was $1,753 or 2.15% of median income.
– Nationally in 2023 households spent about 1.59% on auto insurance.
– New York had third-highest auto repair cost severity and carrier expense ratio; third-highest injury claim severity; and eighth-highest accident frequency.
The Insurance Information Institute provides data-driven insights on risk and insurance topics for consumers, professionals and policymakers through research studies and educational resources available online here. The organization does not engage in lobbying or sales but aims to deliver objective information about risk management according to its official website. Triple-I represents more than 50 member companies ranging from regional to global carriers as detailed here.
Founded in 1960 and headquartered in Malvern, Pennsylvania, Triple-I is affiliated with The Institutes since November 2020 according to its site. It serves stakeholders including consumers and media with resources offered both in English and Spanish through its website.
