Why is NY car insurance so obscenely priced?

Question

Is it the disproportionate number of criminals per capita who live/commit acts there? The totally corrupt government (where the governor performs s*x acts in highway rest stops...)? Or the fact the NY folks would sue their own grandmother for fraudulent medical expenses just to make a buck (read total lack of moral fiber)?

Answer 1

Several reasons I'm sure.  Some people already listed some good ones.  I just wanna throw in my two cents and say perhaps it's because people just earn more in New York.  New York is the financial capital of the U.S. followed by Charlotte, NC.  I think Atlanta is up there too.  I'm saying it's probably related to the cost of living.  I bet you would love to work in New York and live in the middle of nowhere.  Make New York money and have no cost of living.

Answer 2

NY car insurance is obscenely priced because they can get away with it. People pay it. Insurance prices are not regulated.

It isn't just New York. It's every state.  

Answer 3

There are a couple factors.  Insurance in the 5 boroughs is extremely high for colission coverage because of the high theft and accident rates.  It is also high because of no-fault, but no-fault claims have decreased significantly over the past few years.

Whatever you do, do not get State Farm b/c they will not cover you in an accident and claim fraud because somebody else in your building had an accident 5 years ago.

Answer 4

I used to live in NY and (thankfully) moved away because it became ridiculously not less expensive to live in the Northeast Corridor's armpit (sorry, but it is).  The short answer to your question is that NY is the most densely populated state in the US.  The long answer is in addition to that, there is so much corruption in state government and so many back-room deals going on behind certain officials in the Dept. of Banking and Insurance and the heads of some car insurance companies, there will likely never be any relief.

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Take care.

Answer 5

It's All of the above

Answer 6

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