[Full disclosure: NYCM Insurance is one of our insurance carriers. As such, the Horan agency receives commissions for policies NYCM underwrites for our clients. That relationship does not influence our opinions or evaluations of the carrier. What follows is an objective review of a company we chose to work with for many of the reasons you’ll read below.]
Insurance policies often come loaded with complex terminology that leaves you uncertain about what coverage you actually have. When considering insurance options for your Central New York home or vehicle, you need straightforward information about an insurer's background, financial reliability, and coverage options to make informed decisions that address your specific requirements.
You've probably heard little or nothing about NYCM Insurance (or New York Central Mutual), even though they've been around for over 100 years. Unlike national carriers whose advertisements appear everywhere, NYCM concentrates its efforts on a regional footprint, focusing exclusively on residents of New York State.
The Horan insurance agency works with numerous insurance carriers, including companies like NYCM, giving us insights and perspectives others may lack. Our experience with diverse insurance providers allows us to evaluate carriers based on their performance and suitability for different situations.
This review will shed light on what the company is and what it does. We'll examine NYCM's history, coverage offerings, financial standing, and suitability for different insurance situations in Central New York. After reading this review, you'll be able to decide if they're a good fit for your insurance needs.
How NYCM Insurance Started
NYCM Insurance was launched in 1899 in a small rural town called Edmeston, located in an agricultural region of Central New York. After a farmer lost his life’s work in a devastating fire, twenty-seven Edmeston residents and business professionals pooled resources to protect other farmers.
They formed New York Central Mutual Fire Insurance Company with founder Van Ness D. Robinson. The insurer started operations in an opera house in Edmeston’s city center, writing premiums amounting to $2,912 in its first year with no losses on the books. And there were just two employees: Van Ness D. Robinson and his wife, Grace, who clerked part-time.
The company more than doubled to five employees by 1917 when it moved operations to a bank building in town. NYCM added homeowners policies in 1956 and auto in 1974. Since 1962, NYCM has occupied a building on the edge of Edmeston that bears its founding year in its address: 1899 Central Plaza East.
The Robinson family has directed NYCM for more than 120 years. Today, the company has New York offices in Edmeston, Buffalo, Sherburne, and Amsterdam. New York Central Mutual rebranded as NYCM Insurance in 2009 and currently employs 800 Central New Yorkers who serve around 500,000 policyholders.
Insurance Policies Offered by NYCM
NYCM offers a wide range of policies in the property and casualty space, including home, auto, umbrella, business, and other insurance products. We’ll explore a few of those policies below, starting with:
Auto Coverage
The usual coverage comes standard with an auto policy from NYCM, as with most insurers. You can explore those coverages in detail by reading our auto insurance overview.
In addition to standard coverage, NYCM now offers three optional enhancements:
- New Car Replacement: If your new vehicle is totaled within the first 12 months, this coverage provides 100% of the vehicle's value plus an additional 20% to help bridge the gap between the car's actual cash value and what you may still owe on your loan.
- OEM Parts Coverage: This ensures your vehicle is repaired with original equipment manufacturer parts, maintaining its quality, performance, and value.
- Personal Articles Coverage: Protect personal belongings inside your vehicle, such as electronics or sporting equipment, without needing to file a separate home insurance claim.
NYCM offers Roadside Assistance through Agero, a company specializing in accident management and digital dispatch solutions. Roadside assistance comes in three package levels:
- Basic, which tows you 25 miles
- Choice, which tows you 50 miles and adds roadside winching
- Choice Plus, which tows you 100 miles and adds roadside winching and complimentary fuel
And according to NYCM, “all packages include flat tire change or inflation, battery jump-start, emergency fuel/fluid delivery, and lockout/locksmith services (keys excluded).”
Policyholders can join NYCM’s Advantage Repair Program, which offers “fast, professional service” from more than 100 Advantage Repair Shops in New York.
Should you suffer an auto accident, once you file a claim (more on that below) and go through the auto repair process, NYCM encourages policyholders to use approved repair shops through the program rather than local body shops as the experience may be more beneficial.
In addition to auto, NYCM offers coverage for classic cars, motorcycles, motorhomes, campers, trailers, and custom vans.
Homeowners Insurance
NYCM’s base homeowners policy comes with the usual coverage:
– Dwelling (also called hazard insurance) pertaining to the main house structure
– Other Structures coverage for detached garages, sheds, and other outbuildings
– Personal Property for certain belongings inside the home
– Loss of Use or additional living expenses in the event your home is rendered uninhabitable during repair or rebuilding efforts
– Personal Liability Protection, in case a guest is injured on your property
– Medical Payments to help pay for medical expenses if a guest is injured on your property
NYCM takes it a step further with its homeowners insurance by offering 150 percent in replacement cost coverage. Also called Extended Replacement Cost, NYCM’s 150 percent policy expands your current dwelling coverage beyond the Coverage A limit listed on your homeowners declaration page.
If you suffer a total loss, NYCM’s 150 percent replacement cost coverage helps buffer extra expenses that may result during the rebuilding phase.
As another option, if you have $300,000 in replacement cost coverage—and meet certain requirements—NYCM also offers what it calls Premier High-Value Protection Coverage, which can provide additional coverage during rebuilding for those willing to pay the fee.
For the personal property portion, while the base is $1,500 on a standard policy, NYCM will go up to $5,000 for loss of jewelry and furs ($5,000 per item and a combined total of $10,000 for the year).
Policyholders with NYCM’s premier coverage also enjoy $10,000 in per item loss of jewelry and furs—barring the need to schedule those items separately in most cases. Loss of firearms and related equipment also goes up to $10,000 per item from a base of $2,500 on a standard policy.
NYCM allows policyholders to add a personal injury endorsement to their homeowners insurance. Some might confuse personal injury with personal liability, but personal injury is more akin to personal offenses you inflict on others.
Personal injury coverage helps protect you in cases of:
- Libel and slander
- Invasion of privacy
- Falsely detaining or arresting someone
- Malicious prosecution
- Wrongful eviction
- And associated legal costs
Pet injury insurance is offered through a homeowners policy up to $1,000.
One Deductible for the Same Loss
A unique feature of NYCM is a bundling perk. If you have a home and auto policy with them, and both your home and vehicle are damaged in a covered claim—say you’re backing out of your garage and forget the door is lowered—in such cases, NYCM typically charges only the homeowners deductible (such as $1,000 or your selected amount) and may waive the collision deductible on the auto, though specific claim handling may vary.
What is the Claims Process Like for NYCM Insurance?
Based on our experience, NYCM has generally handled claims efficiently. Their staff has been responsive and helpful throughout the claims process for many of our clients.
If you encounter an auto accident, you can report it through NYCM Insurance or by contacting your independent agent, who already knows the claims process. Once the claim is initiated, an NYCM claims department representative will contact you and take it from there.
If you are part of the Advantage Repair Program, NYCM will send your information to the Advantage Repair Shop you choose. They will prioritize your vehicle repair when you arrive, and NYCM will issue payment to the shop directly.
Be it an auto, home, or another claim, NYCM strives to make the post-accident or covered peril experience as hassle-free as possible for its policyholders.
NYCM’s Awards and Other Highlights
The marketing information services firm JD Power—specializing in consumer surveys and customer satisfaction research—indicated that NYCM received high ratings for pricing among New York insurers in 2022. JD Power's study ranked NYCM as the number one auto insurer for customer satisfaction in New York in 2022. And in 2023, NYCM was ranked number one for the second year in a row.
NYCM won a 2022 Gold Stevie Award for achieving customer service excellence in the financial services sector. It was the sole insurance company to win among a number of investment firms.
AM Best, a US rating agency that provides ratings and financial data on insurers and other financial institutions, recently affirmed NYCM's rating of A (Excellent) for financial strength with a stable outlook as of July 2024. AM Best also affirmed NYCM's long-term issuer credit rating as a+ (Excellent) with a stable outlook.
Charitable Efforts
Underwriting team member Jodi Hawes founded an in-house program called Helping Hands in 1999. Jodi and her team spent the next two decades giving to more than 250 families in need throughout Chenango, Oneida, Herkimer, Madison, and Otsego counties.
To maximize the giving, NYCM partnered with the Otsego County Department of Social Services, Edmeston’s West Hill Terrace (affordable housing), Edmeston Rotary, West Winfield Rotary, UV Central School, Brookfield Central School, Harding Nursing Home, Chase Nursing Home, Upstate Cerebral Palsy, and the non-profit Integrated Community Alternatives Network (ICAN).
In light of NYCM’s awards and charitable giving, and considering its various policy offerings, one still has to ask:
Is NYCM Insurance Right for Me?
Good Fits
NYCM may be worth considering for New Yorkers looking for an insurer dedicated to providing superior customer service. NYCM indicates that customer service representatives are available via phone 24 hours a day, 7 days a week throughout the year.
For Central New Yorkers who desire low deductibles on their homeowners policy, NYCM goes as low as $100, well below competing carriers.
And if discounts interest you, NYCM offers numerous discount options, such as:
- Claim-Free Discount
- Gated Community Discount
- Good Student Discount
- Green Discount
- Low Mileage Discount
- Home Buyer Discount
- Multi-Policy Discount
- New Car Discount
- Renovation Discount
- Retirement Discount
- Work from Home Discount
We could list more, but we’ve run out of space!
Not-so-Good Fits
That leads us to reasons why a New Yorker might not find NYCM suitable. For starters, whatever you’re insuring must be located in the state of New York. Otherwise, you cannot purchase insurance from the carrier.
Do you have a pit bull or a pit bull mix? NYCM will cap your personal liability coverage at $100,000, which restricts purchasing a personal umbrella policy. That might not work for owners of these dog breeds.
If you’ve had a DUI conviction in the previous seven years, NYCM may not be a good fit for you.
If you use your vehicle to deliver food for companies such as Grubhub and Doordash, NYCM won’t meet your insurance requirements.
Have you had more than one home claim in the last five years? You’re likely going to have to look elsewhere for homeowners insurance.
If you’re thinking of buying direct from NYCM, they won’t suit your needs because the carrier sells policies exclusively through its network of independent agents.
That said, NYCM Insurance has been a reliable insurer for over 100 years, and the company doesn’t plan to slow down. The Horan agency chose to work with NYCM because we believe they're a carrier that can address many of our clients' needs. After reading this review, you may decide they're appropriate for your situation.
Consider NYCM Insurance for Your Central New York Coverage
Selecting insurance involves balancing coverage levels, cost, and carrier reliability. You need information about available options from someone familiar with local insurance considerations and carriers like NYCM Insurance.
NYCM has established itself as a reliable insurer for over 100 years with a strong focus on serving New York residents. Their award-winning customer service, flexible policy options, and financial stability make them worth considering for many Central New Yorkers seeking auto, home, or specialty coverage.
Their extensive discount programs, low homeowners deductible options, and regional focus offer advantages for many insurance situations. However, they might not be suitable for everyone, particularly those with certain risk factors or specialized needs as outlined above.
Our Central New York insurance agents can help you learn about NYCM's offerings and how they might relate to your specific situation.
Click the Get a Quote button below to connect with our team about insurance solutions from carriers like NYCM that can help address your insurance requirements and Central New York's unique insurance considerations.
If you’d like to read more Horan Reviews on carriers that serve the Central New York region, click the links below. We’ll add more review links as they become available.
- Dryden Mutual Insurance Review
- Erie Insurance Review
- Foremost Insurance Review
- Main Street America Insurance Review
- Oswego County Mutual Review
- Plymouth Rock Assurance Review
- Progressive Insurance Review
- Sterling Insurance Review
- Travelers Insurance Review
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