Saratoga County

Saratoga County - Driving Statistics and Analysis

Saratoga County is home to around 139,873 private and business automobiles. This amount represents an estimated 1.20% of all vehicles registered in the entire New York State.

Over 83% of adults in Saratoga County drive to work alone, and roughly 37% of those commutes last for over half an hour.

Motor Vehicle Crashes in Saratoga County

Between 2018 and 2021 the New York State Department of Motor Vehicles (DMV-NY) and the Institute for Traffic Safety Management and Research (ITSMR) reported 21,514 crashes in Saratoga County: with at least 54 of them fatal. Property damage occured in 82.97% of those crashes, while personal injury was sustained in 16.76% cases.

Motorcycles in Saratoga County accounted for an average of 79 crashes annually: with personal injury as a result in 75.11% of cases and property damage in 20.81%.

Auto Insurance Analysis

1. Approximately 140 thousand vehicles registered in Saratoga County need insurance coverage: No-Fault Personal Injury Protection (PIP) coverage, and Property Damage and Bodily Injury Liability are required for all automobiles on the road. Depending on the type of vehicle and its use (commercial or private), the additional required insurance may be: Comprehensive auto, Commercial Auto, Collision coverage, Non-owners car insurance, Commercial Transportation, Inland Marine, Gap coverage, Ride-sharing, Short-term car insurance, and so on.

2. Since New York is a no-fault state, the bodily injuries you undergo 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 covered by the at-fault party.

3. The number of motor vehicles on the roads of Saratoga County keeps going up year after year, and even though the uninsured rate of drivers across the state of New York stays at under 5 percent, the fact that there is always a high volume of vehicles occupying the road raises the need for Uninsured Motorist coverage. You simply never know how much coverage the car next to you will have.

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

Saratoga County - Housing Statistics and Analysis

Contrary to the majority of New York state, where the residential market is divided almost evenly between homeowners and renters (54% to 46%), around 28% of Saratoga County’s estimated 111,281 households in 2022 were rentals. Compared with the neighbors, Hamilton County has the most homeowners, while Albany County has the least (around 56%).

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

An estimated 11% of households in Saratoga County experience housing problems, overcrowding, poor plumbing, or issues with the kitchen. In 1 out of 10 homes, residents spend more than 50% of their earnings on housing.

Housing Insurance Analysis

1. Over 111 thousand dwellings in Saratoga 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 31 thousand housing units in Saratoga County for rent, landlords acquire Landlord Insurance, which covers the property itself and from the possible liability claims arising from the tenants and their guests.

3. Renters insurance Saratoga Springs: Tenants purchase Renters Insurance coverage to protect their belongings from possible damage or loss while living in a rented space. Average renters’ insurance is affordable and usually covers the tenant's property from theft and damages caused by fire, smoke, water, and vandalism. Most landlords in Saratoga 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 Saratoga 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.

Saratoga County - Health Statistics and Analysis

In Saratoga County, an estimated 5% of adult residents under the age of 65 lack proper health insurance coverage, which is lower than the New York state average (≈8%), and is also one of the lowest among the neighboring counties. The highest uninsured rate in the area is in Hamilton County.

The highest uninsured adult rate in the state of New York is in Queens County, around 12%, while the lowest rate in the state is found in Saratoga County.

13% of adults living in Saratoga County experience health problems. Over 18% of Saratoga County's population do not participate in physical exercise activities. An estimated 28% of the adults living in Saratoga County are considered obese (with a BMI of 30 or more), which is higher than the New York state average of over 26% but the lowest in the area. Looking at the neighboring counties, all of their figures are also above the state average, with the highest seen in Fulton County, where over 36% of adults may be considered obese, and Albany County (around 28%) having the second-lowest next to Saratoga County.

In 2022, 52,289 Saratoga County residents were registered in Medicare, with the following utilization:

In 2022, there were 12 health insurers in Saratoga County, providing inexpensive and often 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 around 7 thousand adults living in Saratoga 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, Saratoga County 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 Saratoga Springs residents, supplementary options can also be acquired. For example, Hospital Indemnity insurance and Accident & Health insurance can help pay 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 obtained due to unaffordability, low-income residents of Saratoga County are generally advised to apply for government health insurance subsidies, which can substantially lessen 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 Saratoga County residents. Offerings of health insurance coverage and its pricing may vary 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.

Saratoga County - End of Life Statistics and Analysis

Residents of Saratoga County have an average life expectancy of around 81 years old, which is close to the state average in New York (81.4). Among the neighboring counties, Saratoga County shows longer life spans, followed by Albany County, while Montgomery County’s average is the lowest of the group.

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

In 2022 there were approximately 43,376 seniors (65 and older) living in Saratoga 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. Approximately 18% of the adults in Saratoga County smoke, and this practice will likely affect the life insurance costs of more than 33 thousand adults, who would need to pay up to 4 times more for coverage, compared to non-smokers. A smoker’s life expectancy is considered 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.

Saratoga County - Funeral Expenses Statistics and Analysis

The average price of a funeral in Saratoga County is around $6,000, which is lower than the $6,500 New York state average. In the nearby area, the most affordable funerals are found in Albany County ($5,300), while the highest average cost for a burial in the area is in Warren County, closer to $7,400. Suffolk County tends to have the most expensive funerals in New York, (≈ $10,500), while Erie County has the most affordable (under $5,000).

Life Insurance Analysis

1. With 46% of Americans dying with savings of less than $10,000, nearly 20 thousand senior residents in Saratoga County could be placing the unnecessary and frequently unmanageable financial burden on family and friends.

(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 payables behind for the family to take care of. Discuss your senior life insurance plans 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 Saratoga County, speak with a knowledgeable state-licensed and experienced life insurance professional who has access to various insurers and plan types for comparison.

Saratoga County - Business

Commercial insurance needs differ between each of the over 5 thousand business establishments in Saratoga County. The largest job-creating sectors are:

• Health Care & Social Assistance

• Educational services

• Retail Trade.

Commercial Insurance Analysis

1. Every business in Saratoga 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, 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.

3. At a minimum, Saratoga County retail establishments typically get Property insurance, Business liability, Business income, and Workers’ compensation insurance.

To evaluate your business insurance needs in Saratoga 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 plans before deciding on the coverage.