Ruling Your Rates: Buffalo Insurance

You don't have to be a genius to know living in The Queen City comes with a high price, but an active nightlife, nonstop festivals, top-notch art galleries and diverse cuisine make it all worthwhile for more than 270,000 people. Needless to say, it's good to save money for the fun stuff when you can, and after your first taste of Buffalo insurance premiums you're sure to be on the hunt for more affordable coverage. There are many factors that contribute to the high cost of insurance in The Empire State, but by utilizing your resources you could see hundreds of dollars in savings on your Buffalo insurance quotes.

Protect Your Empire

Although the chances of a serious earthquake occurring in New York are only considered moderate, it's not immune to earthquake risk, according to Ellen Melchionni, president of New York Insurance Association (NYIA). A recent NYIA press release concluded that New York's risk is high because of highly populated areas and an abundance of older unreinforced building materials. A Federal Emergency Management Agency (FEMA) study ranked New York the 4th highest of the 50 states for earthquake risk. More than likely your homeowners insurance policy is already expensive. According to the Insurance Information Institute (I.I.I.), New Yorker's paid an average of $936 on their homeowners insurance in 2007. But, if your Buffalo insurance policy doesn't already cover earthquake damage, it would be wise to put a little extra money toward valuable coverage.

A Royal Subject

Yes, it's pricy to drive in The Queen City. According to the I.I.I., the average policyholder in New York spent $1,047 on car insurance in 2007 compared to the national average of $795. That's a difference $252 or 31.7 percent. One factor that contributes to Buffalo's expensive premiums is the high theft rate. According to a 2009 press release from the New York Insurance Association (NYIA), the Buffalo-Niagara Falls metropolitan area had the highest vehicle theft rate in New York State in 2008. Installing warning and tracking devices in your vehicle could keep you from being a statistic and lower your Buffalo insurance quotes. But, if you don't already have it, purchasing comprehensive coverage could be one of your most valuable assets.

Of course, your Buffalo insurance quotes will be determined by the kind of car you drive; your age, sex and marital status; your driving record, and credit history, but where and how often you drive will make a big impact, too. By carpooling or taking the Metro Rail to and from work you can save some cash on your Buffalo insurance. Plus, many insurers offer discounts to those who combine their auto and homeowners insurance policies or who have taken driver's safety courses.

Stately Concerns

Fraud and abuse are also culprits to New York's high auto insurance rates. According to Dr. Robert Hartwig, an economist and president of the Insurance Information Institute, fraud and abuse in New York's no-fault auto insurance system cost consumers and insurers nearly $230 million in 2009, constituting a "fraud tax" of $1,561, or 22 percent of every no-fault claim. Hartwig said dishonest medical providers submit inflated and sometimes bogus bills for services rendered to New York insurers. He concluded that if auto insurers are paying out more than they should in no-fault claims, their policyholders are paying out more in premiums. That being said, it's more important than ever for to explore your insurance options. Search out discounts that could be allotted to you and gather a handful of Buffalo insurance quotes. Better yet, use a free service like NetQuote to do the work for you.