New York County

New York County - Driving Statistics and Analysis

There are around 973,524 private and business automobiles registered in New York County (Manhattan Borough). This figure represents about 8% of all vehicles registered in the State of New York.

While most residents of Manhattan prefer using public transportation, approximately 6 percent of adults driving in New York County commute to and from work alone. Due to road congestion, 7 out of 10 of such daily commutes last for over half an hour.

Motor Vehicle Crashes in New York County

Between the years of 2018 and 2021, there were 74,510 crashes in New York County as stated by the New York State Department of Motor Vehicles (DMV-NY) and the Institute for Traffic Safety Management and Research (ITSMR): with 136 of these collisions being fatal. Property damage occured in 60.08% of those crashes, while personal injury was sustained in 39.72% cases.

Motorcycles in New York County accounted for an average of 308 crashes annually: with personal injury as a result in 66.16% of cases and property damage in 32.37%.

Auto Insurance Analysis

1. Over 970 thousand automobiles registered in New York 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: Private Auto, 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 covered 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 New York County keeps going up year after year, and even though the uninsured rate of drivers across the New York metropolitan area remains at under 5 percent, the sheer proximity of a large volume of vehicles on heavily congested roads indicates 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 New York County, contact a knowledgeable Property & Casualty (P&C) insurance agent licensed in the state of New York.

New York County - Housing Statistics and Analysis

In 2022, 75% of New York County’s estimated 905,978 residences were for rent. This is entirely different to the State of New York’s average, where its residential properties are nearly evenly divided into renters and homeowners (46% to 54%). Comparing the neighboring counties, Queens County has the most owner-occupied homes, while Bronx County has the highest ratio of renters, not just in the region, but statewide as well.

Across the state of New York, the highest proportion of owner-occupied homes is found in Hamilton County, around 87 %.

In New York County, there are over 24 percent of residences that encounter housing problems, poor plumbing, overcrowding, or issues with the kitchen. In 1 out of 5 dwellings residents spend over half of their earnings just on housing.

Housing Insurance Analysis

1. Approximately 900 thousand housing units in New York 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 over 680,000 housing units in New York County for rent, 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 Manhattan: Tenants buy Renters Insurance coverage to protect their belongings from possible damage or loss while living 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 New York County will require Renters insurance as a condition of the lease.

4. New York County is located on the coast, not far from one of the main hurricane formation areas in the Atlantic Ocean. According to the National Oceanic and Atmospheric Administration (NOAA), the recent increase in temperatures creates favorable conditions for the formation of strong storms. Up to 10 of the annually projected 20 storms in the Atlantic have a chance of turning into hurricanes, bringing in primarily wind and flood damage. The highest probability of a hurricane occurrence in New York County is between early June and the end of November. Every New York area resident should be aware of the procedures and safeguards set in place by the local city, county, and State agencies. All homeowners, landlords, and renters in New York County need to maintain appropriate insurance coverage to secure their property against possible loss and damage from wind and water damage.

For consultation and advice about Homeowners, Renters, Condo, Flood, and other types of insurance in New York 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.

New York County - Health Statistics and Analysis

About 7 percent of adults living in New York County under the age of 65 do not have proper health insurance, which is below the New York state average of 8 percent, and is also the lowest among its neighbors. Among its neighbors, the highest observed uninsured adult rate is in Queens County, with The Bronx coming in second.

Statewide, Saratoga County has the lowest uninsured adult rate of 5%, while the highest rate is seen in Queens County.

16 percent of adults in New York County encounter health problems. Around 17 percent of the New York County population do not exercise regularly. Roughly 16 percent of adults living in New York County are obese (with a BMI of 30 or more), which is much lower than the state average of 26 percent. In the region, Bronx County has the highest average of adults with obesity, at around 29 percent, followed by Queens County (over 24%).

In 2022, 286,982 residents in New York County were enrolled in Medicare, with the following utilization:

In 2022, there were 12 health insurers in New York County, providing 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 over 77 thousand adults residing in New York County lack this necessity.

2. Even though New York is among the states that do not allow the sale of various types of alternative health insurance options, 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 for Manhattan residents, 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 insurance can help cover the lost income in case if a disability takes the insured out of the workforce.

3. Low-income health insurance: If health insurance is not being acquired due to unaffordability, low-income residents of New York County are usually 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 New York 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.

New York County - End of Life Statistics and Analysis

Residents of New York County have average life expectancies of around 85.2 years old, which is higher than the New York state average of 81.4 years. Among the neighboring counties, Bronx County’s average is the lowest of the group, while New York County has the highest.

The lowest average life expectancy in the state of New York is found in Chemung County, at under 77 years, while the longest life span is in New York County.

In 2022 there were an estimated 272,136 seniors (65 and older) residing in New York 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. The younger you are when you get it, the more you save in premiums over the period of the policy.

3. 12% of the adults in New York County smoke, and this life choice will likely affect the life insurance costs of those 164,000 adults by up to 4 times 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.

New York County - Funeral Expenses Statistics and Analysis

A funeral in New York County has an average price of around $7,200, which is above the New York state average ($6,500). In the area, the most expensive funerals are found in Kings County, averaging $7,500, while the most cost-effective average is in Bronx County, about $6,400. Statewide, Erie County is observed to have the most affordable funerals (under $5,000), while the highest average price for a funeral in the state of New York is in Suffolk County, with an average of $10,500.

Life Insurance Analysis

1. With 46% of Americans dying with savings of less than $10,000, over 120,000 seniors residing in New York County could be placing the unneeded and frequently unmanageable financial burden on family and friends. While grieving their loss, not only does the family need to plan the funeral, but quite frequently it also needs to pay for it too.

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

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

3. 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).

4. 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.

5. 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 New York County, speak with a knowledgeable state-licensed and experienced life insurance professional who has access to multiple insurers and plan types for comparison.

New York County - Business

There are an estimated 99,000 business establishments in New York County that have different commercial insurance needs. The largest job-creating sectors are in:

• Professional, Scientific, and Technical Services

• Finance & Insurance

• Health Care & Social Assistance.

Commercial Insurance Analysis

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

   • Health insurance,

   • Life insurance,

   • Disability insurance,

   • Workers’ Compensation insurance, and

   • Unemployment insurance.

2. Over 157,000 professionals providing services and consulting services in the county can benefit from professional liability insurance, also known as Errors and Omissions insurance (E&O insurance), that protects them and their clients in case the professional advice they give causes damages or losses.

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

To evaluate your business insurance needs in New York 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 financing options. Always try to compare at least 2 or 3 options before deciding on the coverage.