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New York Drivers Pay Fourth-Highest Auto �� Costs in the Nation, Triple-I Finds

Data Highlights Need for Reform to Curb Fraud and Legal System Abuse

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New York Press Office: (212) 346-5500; media@iii.org

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MALVERN, Pa., Jan. 26, 2026 — New York households paid an estimated $1,935 on average for personal auto insurance in 2024, the highest level on record for the state and the fourth-highest expenditure nationwide, according to the (Triple-I’s) latest Outlook,��New York Personal Auto �� Premium and Cost Drivers.

Triple-I estimates New Yorkers allocated 2.23% of median household income to personal auto insurance in 2024, up from $1,753 (2.15%) in 2023, when New York already ranked as the fourth least affordable state for auto insurance as a share of income.

Recent reform proposals, including strengthening insurer anti-fraud programs, limiting damages for individuals engaging in unlawful behavior or who are at fault in an accident, lowering the serious injury threshold, and leveraging technology, could make meaningful positive changes to the cost of insurance.

The issues brief compares New York’s personal auto insurance expenditures with national trends and identifies key cost drivers pushing premiums higher. Four of New York’s six major cost drivers rank among the most expensive in the country, contributing to sustained affordability challenges for drivers statewide.

“Auto insurance affordability is ultimately driven by the underlying costs,” said Michel Léonard, Ph.D., CBE, chief economist and data scientist at the �� 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.”

Key Findings

New York households paid an estimated $1,935 on average in personal auto insurance in 2024, equal to 2.23% of median household income.
This represents an increase from $1,753 in 2023, when New York ranked fourth highest nationally as a share of median income.
In 2023, U.S. households spent an average of 1.59% of median household income on personal auto insurance, whereas New York spent 2.15%.
New York ranks among the highest-cost states for multiple insurance cost drivers:
- Third-highest auto repair cost severity
- Third-highest carrier expense ratio
- Third-highest injury claim severity
- Eighth-highest accident frequency

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About the �� Information Institute (Triple-I)
Since 1960, the��(Triple-I) has been the trusted voice of risk and insurance, delivering unique, data-driven insights to educate, elevate, and connect consumers, industry professionals, policymakers and the media. An affiliate of��, Triple-I represents a diverse membership accounting for nearly 50% of all U.S. property/casualty premiums written. Our members include mutual and stock companies, personal and commercial lines, primary insurers and reinsurers – serving regional, national and global markets.

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About The Institutes
��are a global not-for-profit comprising diverse affiliates that educate, elevate and connect people in the essential disciplines of risk management and insurance. Through products and services offered by The Institutes’ nearly 20 affiliated business units, people and organizations are empowered to help those in need with a focus on understanding, predicting and preventing losses to create a more resilient world.

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