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Brooklyn Pays More for Car Insurance

December 7, 2013
Accidents Like This are a Common Site in Brooklyn

Accidents Like This are a Common Site in Brooklyn

According to a study published by NerdWallet, a consumer finance website, Brooklyn residents have the highest car insurance premiums than any other county in all of New York.  But if you own a car and live in Brooklyn, you probably know this already.
Although there are many things insurance companies take into consideration when computing premiums, the zip code in which you live and drive seems to be one of the most influential of determinants.

Close to half of the 8,337,000 residents of New York State own cars. The range of the price of car insurance is from the low of $1,038 to the highest, $3,713 per year. The zip code of that high figure is 11212, the Brownsville neighborhood in Brooklyn.
Why does a zip code play such a crucial role in determining insurance cost? Insurance companies look at several factors: what percentage of drivers in the neighborhood do not have insurance; natural disaster risk; traffic density; and accident history in the area. The number of insurers in an area also plays a part. The more companies vying for your dollars, the more competitive the prices.

The average premium for someone living in Brooklyn in general is $3,550.47. Bronx comes in second place with yearly premiums of $3,022.40. Manhattan ranks in the fifth spot with premiums set at an average of $2,272.80.

If you live in Brooklyn, all is not lost. The above figures are just averages. Individual drives have ways at their disposal to lower their own insurance costs. Discuss how with your insurance provider, and check out the suggestions MADD (Mothers Against Drunk Driving) has to change driving behaviors to stay safer, lower risk and insurance costs.

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