Insurance Corporation of New York Car Insurance Review [2020]

Insurance Corporation of New Your car insurance was liquidated in 2010. Enter your ZIP code below to compare car insurance quotes for free.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Aug 28, 2020

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Company Details
Address: 180 Maiden Lane.
City: New York
State: NY
ZIP Code: 10038
Phone Number: (212) 341-6728
Year Founded: 1968
Company Rating 0 (0 reviews)

UPDATE: As of March 2010, the Insurance Corporation of New York has been liquidated.

The Insurance Corporation of New York was originally founded as New Reco Reinsurance Corporation of New York in 1968 as a stock insurance company. Its primary goal was to merge with the Reinsurance Corporation of New York, which it did within two months of its incorporation. The resulting company became New Reco, with Reco standing for Reinsurance Corporation of New York.

In 1996, New Reco officially became The Insurance Corporation of New York, also known as The Insurance Corporation. The Trenwick Group purchased The Insurance Corporation along with ReCor Insurance Company in 1999. By 2005, the Trenwick Group had filed for bankruptcy.

When Insurance Corporation of New York went into effect, it was licensed to write insurance policies in all states with the exception of Hawaii and Maine. It also had license in the District of Columbia and Canada.

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Currently, the Insurance Corporation of New York is no longer in existence and therefore no longer approved to write insurance policies anywhere. They went into rehabilitation in 2009 and liquidated in 2010. The company is now known as the Insurance Corporation of New York in Rehabilitation and is located in Fairfield, Connecticut.

If your car insurance company goes bankrupt like the Insurance Corporation of New York, that does not necessarily mean that your insurance policy is voided and your premiums are wasted.

Insurance companies have a guaranty backing similar to the FDIC that federally insures financial institutions. This means that in the event of bankruptcy, your policy is usually left intact and will merely be sold to a different car insurance company that is financially stable.

If you need to source a new policy use our free online car insurance rate quote tool; just enter your zip to start comparing free quotes for car insurance online!

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