New York Central Mutual insurance review 2024
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At a glance
Score breakdown
Auto
3.9
Cost & ratings
4.5
Coverage
3.0
Support
3.8
Home
4.1
Cost & ratings
4.3
Coverage
3.7
Support
4.0
About Bankrate Score
Bankrate's take
New Yorkers who prefer to work with a regional company may be interested in NYCM’s home and auto policies. However, its digital tools are not as robust as some national counterparts, which could deter some customers.
- Only writes policies in the state of New York
- Ranked above-average in the 2024 J.D. Power Auto Insurance Study
- Digital tools are lacking
- Up to 15 percent discount for bundling home and auto policy; up to 7 percent discount for auto and renter bundle
- Policies are sold through NYCM agents, onlines quotes are not available
New York Central Mutual Insurance car insurance review
Bankrate took a deep dive into New York Central Mutual car insurance and based on our assessment, this company could be a good choice for New Yorkers who want basic coverage options and excellent customer service from a regional carrier. Beyond the standard policy options — including bodily injury liability, property damage liability, uninsured motorist coverage and personal injury protection, which are required in New York — NYCM doesn’t advertise some of the various add-on coverage options that many of the nation’s best car insurance companies offer. However, it does offer three tiers of emergency roadside assistance, plus collision and comprehensive coverage.
Although the carrier is limited to New York and the company offers basic coverage options, NYCM earned a solid auto Bankrate Score of 4.0 out of 5. NYCM also received an A+ (Superior) rating from AM Best, indicating a stable history for its financial strength, but was not rated by Standard & Poor’s (S&P). It also ranked above average in the 2024 J.D. Power Auto Insurance Study for overall customer satisfaction in the New York region for the third year.
Pros and cons of New York Central Mutual Insurance car insurance
Learning more about an insurance company could reveal whether or not it’s the best fit for your needs. When comparing car insurance carriers, here are some quick facts about New York Central Mutual Insurance car insurance:
Pros
- Extensive list of car insurance discounts available
- Tiered roadside assistance package can be added to car insurance policy
- Split or single limit auto insurance policy may be available for some drivers
Cons
- Poorly rated mobile app on the App Store and Google Play
- Policies are only available in New York state
- Need an agent to purchase policy and make changes; cannot purchase or modify your policy online or in the app
New York Central Mutual Insurance car insurance cost
As of November 2024, the national average cost of car insurance is $2,458 per year for a full coverage policy and $678 for minimum coverage. To compare, average auto insurance rates from NYCM are $2,664 per year for full coverage and $700 for minimum coverage. While these figures may seem high, it’s important to also take New York state’s higher auto insurance costs into account. NYCM’s full coverage rate is 30 percent less than the average full coverage cost of car insurance in New York, which is $3,846 per year.
How much is New York Central Mutual car insurance?
Insurance companies look at a driver’s history to determine how risky they are to insure. Drivers with clean driving records typically enjoy the cheapest average car insurance rates, while drivers who have even a single infraction, like a speeding ticket or accident, might pay more for the same coverage. Depending on the infraction or number of points on your license, some insurance providers might label you a high-risk driver. Note that some companies don’t cover drivers with a DUI, and they may require special coverage like an SR-22. The best way to see what your insurance rates would be is to request a quote from one of NYCM’s insurance agents.
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Good driver, good credit
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New York Central Mutual full coverage premium
$2,664
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National full coverage premium
$2,388
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New York Central Mutual full coverage premium
$6,945
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National full coverage premium
$4,372
|
|
New York Central Mutual full coverage premium
$2,664
|
National full coverage premium
$2,893
|
|
New York Central Mutual full coverage premium
$2,664
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National full coverage premium
$3,396
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|
New York Central Mutual full coverage premium
$3,928
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National full coverage premium
$4,586
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New York Central Mutual car insurance quotes by age
Drivers under the age of 25 typically see the most expensive insurance premiums of any age group. Insurance providers usually charge more for young drivers because they aren’t as experienced behind the wheel and are more likely to file claims. Statistics also point to riskier driving behavior among teens, which can contribute to higher premiums. However, many insurance providers (NYCM among them) offer discounts for enrolling in a defensive driving course and for getting good grades, which can make car insurance more affordable for teens and young adults.
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---|---|---|
New York Central Mutual full coverage premium
$3,819
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National full coverage premium
$5,080
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|
New York Central Mutual full coverage premium
$3,637
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National full coverage premium
$4,376
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|
New York Central Mutual full coverage premium
$4,586
|
National full coverage premium
$4,818
|
|
New York Central Mutual full coverage premium
$3,995
|
National full coverage premium
$2,929
|
|
New York Central Mutual full coverage premium
$3,114
|
National full coverage premium
$2,523
|
|
New York Central Mutual full coverage premium
$2,664
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National full coverage premium
$2,388
|
|
New York Central Mutual full coverage premium
$2,359
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National full coverage premium
$2,135
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Compare New York Central Mutual car insurance rates
Each insurance company uses its own method to determine your car insurance rate. One company may be more forgiving if you have a speeding ticket, while another may penalize you for it. Comparing quotes from a handful of different providers can help you hone in on the company that may be best for you price-wise. In the table below, we’ve compared average rates from NYCM and other top car insurance companies in New York.
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---|---|---|
$2,664
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$700
|
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$2,743
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$874
|
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$2,254
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$694
|
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$3,054
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$919
|
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$1,921
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$565
|
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$1,905
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$688
|
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$2,688
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$886
|
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$2,001
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$545
|
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$2,036
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$750
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$1,756
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$455
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New York Central Mutual customer satisfaction
Analyzing ratings and reviews by third-party agencies could shed some light on how satisfied customers are with a certain insurance company. These organizations review complaints and conduct surveys to get a sense of the customer experience for insureds. Since NYCM is only available in New York, J.D. Power did not include it in its 2023 Auto Claims Satisfaction Study. But, it did place third in the New York region of the 2024 Auto Insurance Study.
New York Central Mutual auto insurance customer complaints
The NAIC Complaint Index is another great way to gauge customer satisfaction. The NAIC Complaint Index tracks the number of formal complaints filed against a company, and assigns a score based on complaint volume. A score of 1.00 indicates that a company received a number of complaints expected for a company its size, while a higher score means a company received more complaints than expected. NYCM’s numbers are low for its auto insurance product, which signals that customers are overall satisfied with the company.
New York Central Mutual Insurance car insurance discounts
If you prioritize cheap car insurance, discounts can help. NYCM offers an extensive list of car insurance discounts for drivers to save on auto insurance. Some are based on the features of a vehicle, while others depend on the driver. These include:
- Driving training: Young drivers under age 21 may take a qualifying course to earn a discount on their auto policy. The discount amount for successfully completing the course ranges from 6 percent to 10 percent, depending on the driver’s age.
- Coupler discount: If the named insured on the auto policy also has an umbrella, homeowners or renters insurance policy with NYCM, they could discount up to 25 percent off the auto policy.
- Daytime running lamps: If your vehicle has this feature, you could earn up to a 3 percent discount on your NYCM auto policy.
- Airbag/automatic seat belt discount: If these come installed by the factory in your vehicle or you have more than one airbag, the medical payment and personal injury protection portions of your car insurance could receive up to 30 percent off.
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
New York Central Mutual home insurance review
New York Central Mutual’s home insurance offerings are pretty straightforward. In addition to the basics (dwelling, other structures, personal property, loss of use, personal liability and medical payments), NYCM offers homeowners a couple of different policy endorsements — but not as many as some of its competitors. These include scheduled personal property, service line coverage and equipment breakdown coverage. NYCM partners with Wright Flood, a private flood insurance company, to offer homeowners flood coverage.
Like its auto policies, NYCM home insurance cannot be purchased online. To get a quote, you must contact a company agent.
Pros and cons of New York Central Mutual Insurance home insurance
New York Central Mutual’s home insurance policy may not be the right fit for every New York homeowner. Here are some quick facts about the carrier and policy type:
Pros
- Unique discount opportunities for recently renovated or newly purchased homes
- Claims service available 24/7
- Some add-on coverage available for equipment & appliance breakdown and utility line expense
Cons
- No online quotes
- Home insurance not rated by J.D. Power for customer satisfaction
- Limited tools for digital policy management, especially for digital inventorization of personal belongings
New York Central Mutual Insurance home insurance cost
NYCM has cheap home insurance rates compared to the national and statewide average. Our analysis of rate data from Quadrant Information Services shows that, on average, NYCM customers pay $656 per year for a $300K dwelling limit policy. This is about 71 percent less than the national average cost of home insurance, which is $2,304 per year for a $300K policy. Below, you can see average rates based on dwelling limits for New York Central Mutual home insurance.
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$150K dwelling
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New York Central Mutual average premium
$420
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National average premium
$1,394
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$300K dwelling
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New York Central Mutual average premium
$656
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National average premium
$2,285
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$350K dwelling
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New York Central Mutual average premium
$738
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National average premium
$2,550
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$450K dwelling
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New York Central Mutual average premium
$896
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National average premium
$3,091
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$750K dwelling
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New York Central Mutual average premium
$1,410
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National average premium
$4,525
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Compare New York Central Mutual homeowners insurance rates
Like with auto insurance, your home insurance costs will partly depend on rating factors unique to you. Each carrier evaluates homeowners differently, which is why it’s so important to compare rates before deciding on a policy. You can compare average rates from NYCM and some of New York’s other prominent insurance companies in the table below. Keep in mind that rates are reflective of a policy with a $300K dwelling limit.
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$656
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- $1,648 |
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$1,955
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- $349 |
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$2,288
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- $16 |
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$1,448
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- $856 |
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$2,411
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+ $107 |
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$1,699
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- $605 |
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$3,524
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+ $1,220 |
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$1,691
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- $613 |
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$2,935
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+ $631 |
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$1,871
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- $433 |
New York Central Mutual customer satisfaction
Compared to its car insurance, there is less third-party information on NYCM’s home insurance. The carrier was not rated by J.D. Power in the 2023 Home Insurance Study or the 2024 Property Claims Satisfaction Study. However, the company does have an A+ (Superior) financial strength rating from AM Best, which indicates that the company has a strong ability to pay out claims. This is particularly important for home insurance, where claims can quickly get into four, five and six-figure ranges.
New York Central Mutual home insurance customer complaints
From 2021 to 2023, NYCM has maintained a low NAIC Complaint Index for its home insurance product. This is usually a green flag in terms of customer service, and implies that customers are overall pretty happy with the company.
New York Central Mutual Insurance home insurance discounts
NYCM has added to the homeowners insurance policy discounts it offers. In addition to common discounts, like a multi-policy discount, policyholders can enjoy unique discounts that are also offered by some of the best homeowners insurance companies:
- Work from home: If the named insured works at least 20 hours per week from home, the policy may be eligible for a 5 percent discount. This discount cannot take effect if the retirement discount is already in place and self-employment is not applicable.
- Gated community: This discount may apply to homes located within a gated community.
- Retirement: In addition to base eligibility starting at age 55 and older, NYCM’s retirement discount has additional requirements. It can only apply if either the named insured or spouse in the same residence is not employed full time, occupies the residency at least 10 months of the year, and insures the policy dwelling amount up to value.
- Renovation discount: Homes 20 years old or older can qualify for this discount if the homeowner has recently replaced the roof or primary heating source. Homeowners must provide proof of purchase and installation to NYCM. Effective from the date of installation, the discount remains on the policy for 20 years.
- Protective device discount: If your home is outfitted with burglar alarms, fire alarms, automatic sprinklers, generators or other home protection devices, you could enjoy a discount on your premium.
- Green discount: If your home is certified as Green by the U.S. Green Building Council LEED for homes rating system or meets green guidelines as set by the National Association of Home Builders Green Building Guidelines, you may be eligible for a 5 percent discount.
Compare New York Central Mutual with other insurers
Because of its limited availability, this NYCM insurance review may reveal that it is not the right option for everyone. If this is the case for you, here are three other insurance companies to consider:
Featured
NYCM
4.0
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 4.4Coverage 3.4Support 3.9 |
American Family
4.2
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 4.3Coverage 4.2Support 4.0 |
Geico
4.4
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 4.7Coverage 4.0Support 4.4 |
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OVERVIEW
Bankrate identified key carrier features, coverage offerings, discounts and more
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New Yorkers who prefer to work with a regional company may be interested in NYCM’s home and auto policies. However, its digital tools are not as robust as some national counterparts, which could deter some customers.
Read More
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With a wide variety of discount options for both home and auto insurance, American Family could be an option for those who want to stack savings. Unique opportunities for young drivers to save exist too, such as its Young Volunteer discount, which provides a discount for drivers under 25 years old and have volunteered with a non-profit for at least 40 hours.
Read More
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If you prefer a large, national insurer for auto insurance, Geico might be one to check out for a car insurance quote because of its array of policy personalization options for auto insurance. It also has a robust online and mobile app for those who want to manage their policies online.
Read More
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STANDOUT FEATURES
These features are some of the carrier’s most impressive
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Competitive home and auto rates
Varied roadside assistance
Private flood insurance
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Available in 19 states
Whole and term life insurance
Offers unique add-ons
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DriveEasy telematics program
Robust digital tools
Long list of potential discounts
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AVG FULL COV. AUTO RATE
Average national annual cost of a full coverage auto insurance policy
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$2,664 | $2,688 | $2,023 |
J.D. POWER AUTO SCORE
J.D. Power’s Auto Claims Satisfaction Study assesses customer satisfaction with the claims experience on a 1,000-point scale
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Not Scored | 874/1000 | 874/1000 |
AVG HOME RATE
Average national annual cost of a home insurance policy with $300K in dwelling coverage
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$656 | $1,691 | No rates available |
J.D. POWER HOME SCORE
J.D. Power’s Property Claims Satisfaction Study assesses customer satisfaction with the claims experience on a 1,000-point scale
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Not Scored | 638/1000 | Not Scored |
AM BEST RATING
AM Best ratings assess companies’ financial strength based on historical ability to pay out claims, among other financial obligations
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A(Excellent) | A(Excellent) | A++(Superior) |
Why you can trust Bankrate
Read our full methodologyOur insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth New York Central Mutual insurance review.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
Is New York Central Mutual Insurance a good insurance company?
Bankrate’s team of insurance experts, which includes licensed agents with decades of combined insurance experience, dedicate time each year to evaluating carriers to help our readers find the best coverage for their needs. Our research finds that New Yorkers who prefer a regional insurance carrier that has had longevity in the insurance market — over 100 years offering home and auto insurance — might want to look into New York Central Mutual. The carrier offers a solid list of discounts (especially for a regional carrier). Its endorsement offerings for auto insurance, however, are slightly more robust than its home insurance.
NYCM may not be best for a tech-savvy home or car owner looking to manage their insurance needs online or through a mobile app. Online quotes are not available, either, so NYCM may be better suited to someone looking for a go-to insurance “guy” to assist them with their policy.
What are real-life customers saying about New York Central Mutual?
As part of our New York Central Mutual insurance review, our insurance editorial team looked at what real customers had to say on Reddit. The general consensus around NYCM was skewed positive, with multiple policyholders citing the company’s strong customer service as a main reason for staying. But, some customers claimed that steep renewals made them look at other options.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
New York Central Mutual company details
- Customer service phone number: 1-800-234-6926
- Customer service email: customerservice@nycm.com
- Sales: Contact a local agent
- Payments and billing email: accountstatus@nycm.com
- Claims phone number: 1-800-234-6926 24/7 or
- Claims email: myclaim@nycm.com
State availability
New York Central Mutual’s car and home insurance policies are only available in New York.
New York Central Mutual tools and benefits
- Condo insurance: If you own a condo, you can purchase coverage for personal liability, the interior structure of the condo and personal property under a covered loss.
- Mobile home insurance: You can purchase four types of coverage for your mobile home including coverage for the mobile home itself, other structures, contents and loss of use as long as the mobile home is less than 10 years old.
- Home insurance safety tips: NYCM wants to help homeowners stay safe and prevent potential damage. To do so, the company provides a list of safety tips on its website, broken down by season, so you can be proactive in mitigating risk.
- Business insurance: NYCM writes business insurance for over 200 classes of businesses, so you can get property damage coverage and loss of business coverage. The company writes policies for offices, restaurants, services, retail and residential or building owners.
- Valued possession coverage: If you own valuables like furs, jewelry, camera equipment, instruments, boats, snowmobiles or sports equipment, you can purchase additional coverage.
Frequently asked questions about New York Central Mutual Insurance
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region.
Auto
Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.
The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket, single at-fault accident and single DUI conviction.
Credit-based insurance scores: Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.
Homeowners
Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores
Our Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
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Cost & ratings 50%
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Coverage & savings 30%
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Support 20%
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
What policyholders are saying about New York Central Mutual
New York Central Mutual has 24 reviews
Dive into community reviews below and see what others think about New York Central Mutual.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
recommend this insurer
In May 2024, Bankrate collaborated with market research firm SliceMR to survey over 1,500 insurance customers nationwide, asking policyholders to rate their insurer’s cost, coverage, customer support and overall experience on a five-point scale. Bankrate and SliceMR collected and analyzed these customer ratings, along with website analytics and responses to three open-ended questions regarding customer experience. Responses are based on individual policyholders’ policy details and personal experience, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. All ratings are unedited and have not been reviewed or approved by insurance carriers. User-generated ratings are separate from carrier Bankrate Scores — which are calculated based on our proprietary methodology — and may not match.