Average Cost of Car Insurance in New Jersey : Summary
respective factors can affect the average cost of car indemnity in New Jersey. MoneyGeek examined those that have the most determine : long time, drive read, recognition score and coverage charge. Your age is the biggest gene that can affect the cost, followed by a poor recognition grudge. Click below to see how rates can change based on your singular driver ’ sulfur profile .
Average Costs of Car Insurance in New Jersey
Why Are Car Insurance Rates Moderately-Priced in New Jersey?
Compared to car indemnity rates in early states, the average rate for car insurance in New Jersey is neither brassy nor expensive. This is because the state ranks second in terms of both highway traffic density and urban share of the population countrywide, which conditions contribute to a slenderly higher monetary value in car policy. It makes sense : densely populated urban areas with many people on the road can lead to more congestion and accidents. What prevents car insurance costs from skyrocketing is New Jersey ’ s rate of uninsured drivers and vehicle larceny. The submit has the lowest rate of uninsured drivers across the nation at 3 %, and it besides ranks in the bottomland ten for vehicle larceny.
Average Cost of Car Insurance in New Jersey : Full Coverage vs. Minimum Coverage
The average monetary value of full moon coverage car indemnity in New Jersey is $ 1,674 per year, with 100/300/100 in liability limits. That means $ 100,000 for bodily injury per person, $ 300,000 for bodily injury per accident, and $ 100,000 for property price. The price of that type of coverage is approximately $ 656 more per year than a policy that provides state-mandated minimal coverage only. Keep in judgment that New Jersey car policy rates vary based on your level of coverage. If you want to increase your limits or get extra coverage, expect to pay more .
Average Cost of Car Insurance in New Jersey by Coverage Level
Minimum vs. Full Coverage Car Insurance Costs in New Jersey – By Company
The indemnity provider you chose contributes to the monetary value of your car policy policy, as some insurers charge more than others. Case in point : The cheapest liability-only car indemnity policy that follows state minimums is $ 499 per class from GEICO, while Mercury offers a much higher rate at $ 1,407 per year. If you ’ ra looking for low-cost full coverage indemnity in New Jersey, GEICO has the lowest volunteer in the state of matter at about $ 1,035 per year. On the other hired hand, Esurance offers the most expensive wide coverage policy at $ 2,302 per class on average .
Average Annual Costs of Car Insurance in New Jersey – By Company
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- company minimum coverage Full coverage
- GEICO
$499
$1,035
-
New Jersey Manufacturers
$769
$1,362
- MetLife
$1,022
$1,404
- Allstate
$828
$1,490
- Progressive
$879
$1,505
-
Amica Mutual
$877
$1,610
- Travelers
$1,220
$1,824
- State Farm
$1,362
$2,071
- Mercury
$1,407
$2,137
- Esurance
$1,322
$2,302
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How Much Is Car Insurance in New Jersey by Age
A driver ’ randomness old age is one of the major factors that determine the cost of car indemnity. Younger drivers are viewed as inexperienced and have a higher risk of getting into accidents, which can increase their premiums significantly. Getting added to a parent ’ mho policy can make adolescent car indemnity more low-cost. The average annual price of a policy for a 16-year-old is $ 4,172, in contrast to $ 1,674 for a 40-year-old driver holding the lapp policy. In New Jersey, car insurance rates for first-time drivers are exchangeable to those of adolescent drivers as both groups are viewed as bad .
Average Costs of Full Coverage Car Insurance in New Jersey – By Age
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- historic period annual agio
- 16
$4,172
- 17
$3,926
- 18
$3,635
- 19
$3,538
- 20
$3,149
- 21
$2,544
- 22
$2,393
- 23
$2,141
- 24
$2,003
- 25
$1,734
- 30
$1,557
-
40
$1,674
- 50
$1,461
How Does Driving History Affect Car Insurance Costs in New Jersey ?
Having an accident or traffic misdemeanor on your commemorate increases your level of hazard in the eyes of New Jersey insurance providers, which can raise your premiums. How much your premiums will go up depends on the asperity of the rape, but it ’ s still possible to find bum car indemnity with a bad repel commemorate. With a clean drive record, drivers in New Jersey can expect to pay an average of $ 1,674 per class for car indemnity. Just one speeding slate can increase this by a much as $ 585 per year, while getting into an accident and being at-fault can raise your annually premium by approximately $ 1,092 .
Average Costs of Full Coverage Car Insurance in New Jersey – By Driving History
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- Driving irreverence annual bounty
-
Safe Driver
$1,674
-
Speeding Ticket
$2,259
-
At-Fault Accident
$2,766
-
DUI
$3,320
Credit Scores and the Cost of Car Insurance in New Jersey
One factor that some insurers use to determine car policy premiums is your credit score — the higher it is, the less you pay, because you ’ re seen as financially responsible. For exercise, drivers in New Jersey with excellent credit pay about $ 349 per annum less than those with good accredit. On the other hand, a hapless accredit rat can lead to a jump in premiums. Auto policy for poor credit holders costs an average of $ 1,752 more per year than drivers with thoroughly credit. It would help to shop around, though, because some insurers do not weigh your credit heavy when determining premiums .
Average Costs of Full Coverage Car Insurance in New Jersey – By Credit Score
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- credit score annual premium
-
Excellent
$1,312
-
Good
$1,661
-
Fair
$2,151
-
Below Fair
$2,742
-
Poor
$3,413
How Much Is Car Insurance in Your City?
The cost of cable car policy not only depends on which state you live in but besides which city. Different areas within New Jersey have varying degrees of risk. For exemplify, densely populate cities have a higher prospect of accidents, which affects premiums. In New Jersey, the cheapest city to insure a car in is Jersey City, where the average cost stands at $ 1,573 per year. In contrast, Newark has the most expensive car policy costs at $ 1,775, approximately 6 % higher than the state average of $ 1,674 .
Average Costs of Full Coverage Car Insurance in New Jersey – By City
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- City annual bounty
- Jersey City
$1,573
- Newark
$1,775
Frequently Asked Questions About New Jersey Car Insurance Rates
To understand New Jersey car insurance rates better, MoneyGeek answered a few frequently asked questions .
The average cable car indemnity cost in New Jersey for a full coverage policy is $ 1,674 per year. Policies that follow the submit minimal cost an average of $ 1,018 per annum .
New Jersey ’ s car insurance rates are moderate when compared to those nationally. This is primarily because the state of matter has the lowest rate of uninsured drivers in the area at 3 % and besides ranks low for vehicle larceny .
How much you should pay depends on your driver profile, as premiums are determined based on a issue of factors unique to you. To find cheap rates, see what the modal is for drivers with similar characteristics, then compare quotes from different insurers.
Methodology
MoneyGeek worked in collaboration with Quadrant Information Services to collect cable car indemnity quotes across New Jersey policy providers. A profile of a 40-year-old male driver with a safe drive record was used to get quotes for wide coverage and other policies. We considered varying coverage levels in accession to senesce, driving violations and credit scores. Note that a fully coverage policy as defined by MoneyGeek has 100/300/100 in liability limits and comprehensive and collision insurance. Data was besides collected from the come sources :
- The Federal Highway Administration, for highway traffic density data from 2019.
- Insurance Research Council, for 2019 data on uninsured motorists.
- U.S. Census Bureau, for the latest data on the urban share of the population.
- FBI Crime in the United States Report for 2019, for data on motor vehicle theft rates.
About the generator
Mark Fitzpatrick is a aged subject coach with MoneyGeek specializing in policy. Mark has years of know analyzing the insurance market and creating master research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a dominate of Arts .