Priced Out of Mobility

Between 2020 and 2024, premiums in New York have risen 24 percent1, outpacing both inflation (18 percent)2 and wage growth (13 percent) during the same time period.3 

• In 2025, the average annual premium for full coverage in New York is estimated at $4,031 , roughly 1.5 times the national average of $2,638, according to Bankrate.4 5

• The financial analytics site ValuePenguin projects that New York drivers saw an average 13.5 percent increase in 2024, which is the fifth-highest in the nation.6

For working- and middle-class households, these rising premiums are fueling a new affordability crisis.

• A family earning $60,000 per year now spends nearly 7 percent of its income on auto insurance, while a household earning $40,000 devotes roughly 10 percent.7 8

Disparities deepen the strain.

• Drivers with poor credit pay an average of $7,590 annually, nearly 88 percent more than those with good credit.9

• Young drivers, particularly men under 25, sometimes face costs exceeding $9,900 per year, and residents of urban areas like Brooklyn pay over $6,700 on average for full coverage , compared with roughly $1,777 in more rural areas like Fairport, NY, the least expensive city in the state.10

These persistent increases have turned auto insurance from a basic cost of driving into a structural barrier to economic mobility for millions of New Yorkers.