With a new year comes new prices and New Yorkers will be shelling out more for this in 2023.

According to Insurify’s latest report on auto insurance trends report, the cost of auto insurance is expected to increase in 2023.

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New Yorkers can expect to see an increase of about 7% on average from 2022 to 2023.

The report cites these reasons for a possible increase in premiums.

  • “Americans are driving more, causing more total accidents;
  • “Auto repair costs are rising, making every accident more expensive;
  • “Inflation is increasing costs of all goods and services;
  • “Climate change could cause more frequent, damaging natural disasters.”

On average, the yearly cost of auto insurance in 2022 was around $1777. In 2023 drivers can expect to pay around $1895 for the same amount of coverage.

According to the report, we have seen the average cost of car insurance increase every year since 2019. The average cost of insurance was around $1440 in 2019 with a slight increase in 2020 to $1463. In 2021, the average rate jumped to $1633 before jumping around 9% from 2021 to 2022.

If you are looking to save money on your insurance there are some things you can do.

Drive a more modest vehicle if possible. More expensive cars tend to have pricier insurance premiums.

Take advantage of all your possible discounts from your insurance company. Some companies will give you a lower rate if you combine your auto insurance with other types of insurance like renters' or homeowners' insurance.

Finally, make sure you shop for insurance. Get quotes from different companies and see which one is giving you the best deal.

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