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Albany County

Albany County - Driving Statistics and Analysis

An estimated 183,297 private and commercial automobiles are registered in Albany County. This number accounts for approximately 1.5% of all vehicles listed in the entire state of New York.

About 75% of adult drivers in Albany County commute to work by themselves, and over 21% of those commutes last for over 30 minutes.

Motor Vehicle Crashes in Albany County

According to the New York State Department of Motor Vehicles (DMV-NY) and the Institute for Traffic Safety Management and Research (ITSMR), between 2018 and 2021, there were 35,640 crashes in Albany County: with 65 of them fatal. Property damage occured in 78.02% of those crashes, while personal injury was sustained in 21.79% cases.

Motorcycles in Albany County accounted for an average of 109 crashes annually: with personal injury as a result in 76.05% of cases and property damage in 79.46%

Auto Insurance Analysis

  1. Over 183 thousand vehicles registered in Albany County need insurance coverage: No-Fault Personal Injury Protection (PIP) coverage, and Property Damage and Bodily Injury Liability are required for all vehicles on the road. Depending on the type of vehicle and its use (commercial or private), the additional required insurance may be: Collision Coverage, Commercial Auto, Comprehensive Coverage, Non-owners car insurance, Commercial Transportation, Inland Marine, Gap, Ride-sharing, Temporary car insurance, and so on.

  2. Since New York is a no-fault state, the bodily injuries you sustain in an accident are paid by your own insurance - regardless of fault. If the bills for the treatment exceed your coverage limits, you can get the overage from the guilty party. Meanwhile, property damage is paid by the at-fault party.

  3. The amount of vehicles on the roads of Albany County keeps going up year after year, and even though the uninsured rate of drivers across the state of New York remains at under 5 percent, the sheer volume of automobiles utilizing heavily congested roads increases the need for Uninsured Motorist coverage. You simply never know how much coverage the car next to you will have.

To discuss your auto insurance needs and to find affordable car insurance in Albany County, contact a knowledgeable Property & Casualty (P&C) insurance agent licensed in the state of New York.

Albany County - Housing Statistics and Analysis

Albany County 56% 44%
Schenectady County 66% 34%
Saratoga County 72% 28%
Rensselaer County 63% 37%
Columbia County 74% 26%
Greene County 75% 25%
Schoharie County 76% 24%

Like the majority of New York state, where the residential marketplace is split almost evenly between homeowners and renters (54% vs. 46%), over 44% of Albany County’s estimated 144,460 dwellings in 2022 were rentals. Comparing the neighbors, Albany County has the least proportion of homeowners, while Schoharie County has the most, followed by Greene County.

Statewide, Hamilton County has the highest homeownership rate, with just 13% of its homes being rentals, while the Bronx is the state leader with the highest percentage of its real estate for rent (≈80%).

Over 15% of housing units in Albany County experience housing problems, overcrowding, poor plumbing, or issues with the kitchen. In 1 out of 7 homes, residents spend more than 50% of their income on housing.

Housing Insurance Analysis

  1. Over 144 thousand housing units in Albany County need insurance coverage. At a minimum, all owners of these properties should have Homeowners, Condo insurance, and/or Business property insurance (for apartment complexes), to protect the underlying financial investment from possible loss or damage.

  2. With nearly 64,000 housing units in Albany County as rentals, landlords obtain Landlord Insurance, which covers the property itself and from the possible liability claims arising from the tenants and their guests.

  3. Renters insurance Albany: Tenants buy Renters Insurance coverage to protect their belongings from possible damage or loss while residing in a rented space. Average renters’ insurance is inexpensive and usually covers the tenant's property from theft and damages caused by fire, smoke, water, and vandalism. Most landlords in Albany County will require Renters insurance as a condition of the lease.

For consultation and to get a quote on Homeowners, Renters, Condo, Flood, and other types of insurance in Albany County, contact a Property & Casualty (P&C) insurance agent licensed by the state of New York.

A New York P&C insurance agent:

  • analyzes your needs and restrictions,

  • reviews your current policy, to make sure that the coverages are reflective of the current needs and housing market - helps to update, if needed,

  • researches the locally available plans that fit your needs and is usually able to find a better deal than a consumer can find on their own,

  • checks for available savings and bundling discounts,

  • provides you with the available options of coverage,

  • explains how the differences between the options affect you once you start using each insurance product,

  • assists you with the application process.

Albany County - Health Statistics and Analysis

Albany County 5%
Schenectady County 6%
Saratoga County 5%
Rensselaer County 5%
Columbia County 7%
Greene County 6%
Schoharie County 6%

In Albany County, around 5% of adult residents under the age of 65 lack proper health insurance coverage, which is lower than the state average (≈8%), and tied with Saratoga County, and Rensselaer County as the lowest in the region. The highest adult uninsured rate among these neighbors is in Columbia County with 7%.

The highest uninsured adult rate in the state of New York is in Queens County (12%), while the lowest rate is observed in Saratoga County, at under 5% of the adult residents.

Around 14% of adults in Albany County report problems with health. This is partially due to the fact that 20% of the Albany County population do not participate in physical exercise activities. Around 28% of the Albany County adult residents are considered obese (with a BMI of 30 or more), which is higher than the New York state average of over 26%. Among the neighboring counties, the highest adult obesity rate is recorded in Schoharie County at around 36%, and the lowest is in Columbia County at 27%.

In 2022, 63,212 Albany County residents were enrolled in Medicare, with the following utilization:

Original Medicare 48%
Medicare Advantage 52%
Original Medicare Part A and Part B 38%
Medicare Advantage and Other Health Plan Part A and Part B Beneficiaries 52%
Medicare Part D 32%
Medicare Advantage Prescription Drug Plan 49%

In 2022, there were 12 health insurers in Albany County, offering affordable and frequently subsidized ACA health insurance on the New York State of Health marketplace.

Health Insurance Analysis

  1. Health insurance is the most important insurance coverage, and nearly 10 thousand adult Albany County residents lack this necessity.

  2. Even though New York is among the states that do not allow the sale of multiple types of alternative health insurance options, Albany residents can shop for the choice of their plans on a state-run health care exchange. While Group or Individual Marketplace ACA health insurance are the staples of coverage, supplementary options can also be purchased. For example, Hospital Indemnity insurance and Accident & Health insurance can help cover the out of pocket expenses such as deductibles, copay, and coinsurance, in case of emergency. Disability income coverage helps out if the disability affects the insured’s ability to work and earn a living.

  3. Low-income health insurance: If health insurance is not being purchased due to unaffordability, low-income residents of Albany County are generally advised to apply for government health insurance subsidies, which can substantially lower the health insurance cost.

Discuss your health insurance needs with a knowledgeable state-licensed New York health insurance professional with access to a variety of health insurance plans available to Albany County residents. Offerings of health insurance coverage and its pricing may differ between zip codes.

A New York health insurance agent: analyzes your health needs and restrictions, researches the locally available plans that fit your needs, provides you with the available options of coverage, and explains how the differences between the options affect you once you start using each insurance product. The agent researches the available discounts and bundling options, assists you with the application process, and at any time you need to make a change to the policy, or shop for replacement coverage.

Albany County - End of Life Statistics and Analysis

NEIGHBORING COUNTIES Average Life Expectancy
Albany County 79.9
Schenectady County 79.1
Saratoga County 81.3
Rensselaer County 79.2
Columbia County 79.9
Greene County 78.4
Schoharie County 80.8

Average life expectancy for the residents of Albany County is around 80 years old, which is shorter than the state average in New York (81.4), however, this is not the shortest in the region. By far the shortest lifespan is seen in Greene County, followed by Schenectady County. The longest is recorded in Saratoga County.

While New York County has the highest average life expectancy (85.2), the lowest life span in New York state is seen in Chemung County, at under 77 years old.

In 2022 there were approximately 52,701 seniors (65 and older) residing in Albany County.

Life Insurance Facts

  1. In 2022, 47% of Americans did not have an active life insurance policy of any type.

  2. Life insurance premiums are based on the age of the insured when the policy begins, among other factors. That is why young adults are advised to acquire a life insurance policy while they are still young and healthy to save money in premiums over the course of the policy.

  3. Nearly 17% of the adults in Albany County smoke, and this habit will likely affect the life insurance costs of over 42,000 adults, who may have to pay up to 4 times more compared to non-smokers. A smoker’s life expectancy is deemed shorter, making them more of a risk than people who do not smoke.

  4. Besides the death benefit, Cash Value life insurance can be used for Living Benefits by the insured while they are still alive, to borrow against it, or even used as a source of tax-free retirement income.

Albany County - Funeral Expenses Statistics and Analysis

Funeral expenses in and around Albany County differ substantially. The average price of a funeral in Albany County is around $5,300, which is lower than the New York state average (of $6,500) and this is also the lowest average funeral cost in the region. The most expensive funeral cost among the nearby neighbors is in Columbia County at $7,900, followed by Schoharie County at $7,800.

Suffolk County tends to have the most expensive funerals in New York, (≈ $10,500), while Erie County is the least expensive (under $5,000).

Life Insurance Analysis

  1. With 46% of Americans dying with savings of less than $10,000, over 24 thousand Albany County senior residents could be placing the unnecessary and frequently unbearable financial burden on family and friends. Instead of grieving their loss, the family now must concentrate on finding a way to settle the costs.

(Note: If using life insurance as payment for the funeral services, most funeral homes require the policy to be “assignable”)

  1. Besides the burial costs, the deceased frequently leave taxes and other debt behind for the family to take care of. Discuss your senior life insurance options with a licensed New York life insurance professional.

  2. The most frequently used life insurance policies to cover “final expenses” up to $50,000 are: Term Life Insurance and Final Expense (also known as Burial insurance).

  3. The most commonly used life insurance policies to leave money to the family are the variations of: Term Life insurance and Cash Value insurance, such as Whole Life insurance, Final Expense (FE), and multiple Universal Life insurance policies.

  4. The most commonly used life insurance for tax-free retirement funding is Indexed Universal Life (IUL) insurance.

To find out more about life insurance options and to get life insurance quotes in Albany County, speak with a knowledgeable state-licensed and experienced life insurance professional who has access to multiple insurers and plan types for comparison.

Albany County - Business

Commercial insurance needs vary between each of the over 9 thousand business establishments in Albany County. The largest job-creating sectors are:

  • Health Care & Social Assistance

  • Public Administration

  • Educational Services.

Commercial Insurance Analysis

  1. Every business in Albany County needs some type of insurance, based on what it does, what it owns, and the amount of people it employs. The coverage mostly falls into: Commercial Property, Business Liability, and Employee Protection and Benefits, such as:

    • Health insurance,

    • Life insurance,

    • Disability insurance,

    • Workers’ Compensation insurance, and

    • Unemployment insurance.

  2. Health care professionals can benefit from Medical malpractice coverage, which protects both the patients and the insured medical professionals.

To assess your business insurance needs in Albany County and to get a commercial insurance quote, speak with a knowledgeable New York-licensed commercial insurance agent with access to multiple insurers and premium finance options. Always try to compare at least 2 or 3 options before deciding on the coverage.