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Before you read my long answer, consider this point, “No one company provides the best nj auto insurance for everyone. It’s a fact. The only way to find the right fit for you is to get quotes and compare their prices and coverages. I know it sounds like a lot of legwork, but it doesn’t have to be. I found almost $500 in savings and thanks to a little bit of preparation, it took less than 30 minutes.” Source: Best Car Insurance in New Jersey – The Simple Dollar
Several factors determine how much car insurance will cost, and it’s also determined by how much insurance you need. Comparison shopping makes sense. Buying the bar minimum coverage will cost less money but can leave you with inadequate coverage. Coverages such as collision and comprehensive are optional, but useful. Common financial wisdom dictates dropping collision coverage if your car is a late model vehicle. This is true because is your car that’s worth $1,800 is in a minor collision, it will actually cost more than the car is worth the repair it, so your collision coverage will pay you for the vehicle’s value (minus your deductible), and this won’t fix your car.
Cheap nj auto insurance Option #1
When buying coverage, buy what you need. You do want enough coverage so that if you do cause property damage, for example, your insurance in adequate to cover it. The $5000 property damage coverage minimum could be inadequate, and you could be held responsible. If you have fewer assets, having more coverage is less important. That’s why in the article linked below, average insurance rates quoted for younger drivers in their 20s actually comes out lower.
A quick search turned up this article which answers this question depending on various factors, age, driving record, amount of miles driven, etc.
Best Cheap nj auto insurance for 2018 – NerdWallet
The three companies that come to the top are: NJM (New Jersey Manufacturer’s Insurance), Geico, and Travelers. But honestly, everyone has a different opinion. Years ago, NJM was top rated by Consumer Reports, and other insurance companies are worth considering. Other mentions: Esurance (Special mention for lowest premiums), State Farm, Progressive. Source: Best Car Insurance in New Jersey
Another option worth mentioning in CURE Auto Insurance because this company is does not use credit scores, education level, or home ownership to determine auto insurance rates. So if these are factors working against you, getting a quote from them is an idea. More info: CURE Auto Insurance Reviews & Ratings 2018 | Clearsurance
NJM is an excellent company to have insurance with but this company “serves only people (and their families) employed by the state of New Jersey or one of its counties, municipalities or townships, the federal government, a New Jersey public school, or an organization in the New Jersey Business & Industry Association, or who have some other eligibility factor.” I’m not sure that’s completely true, but people in this group qualify for “preferred policies.” I consider myself fortunate to have one of these policies.
Insurance is not just about cost, but about how you’ll be treated when you do have an incident requiring that you file a claim. I’ve had the unfortunate experience with having my parked vehicle hit (3 times). When the other driver had NJM, there was no problem using genuine Toyota parts. When the other party had another company, they balked at the extra $50 to replace my bumper with a genuine Toyota part. I paid the difference. NJM also has an unofficial “accident forgiveness” policy (based on my experience). The one accident I had did not increase my rates. I also think it helps when you stick with one insurance company for a long time, so that when something happens, the company knows your track record.
Cheap nj auto insurance Option #2
Another option for drivers who do not drive a lot is Metromile. Compare Car Insurance Rates: Fast, Free, Simple | The Zebra This article also ranks car insurers by cost and quality. Another mention for cost is 21st Century. Another mention for cost/quality: Allstate. Source: Best Car Insurance Rates in New Jersey (lists cheapest insurance companies by city).
Where you live also factors into car insurance cost. It costs more to insure a car in Newark than Toms River, NJ, for example.
With all of these factors at play, shopping around and a bit of research is your best bet.
It might help to look for companies that offer monthly payments.
Also, for individuals with limited income and eligible for Medicaid, New Jersey offers a dollar a day insurance program. Special Automobile Insurance Policy
Other factors that impact insurance rates: Your credit score, your zip code, type of car you drive. If you’re purchasing a car, research how much it will cost to insure it. This article makes this point. Best Car Insurance in New Jersey – The Simple Dollar This article suggests comparison shopping auto insurance rates every two years. Depending on your situation, this makes sense. (With my NJM policy, I’d rather stay put and since I’ve been with them over 20 years, I sense it helps when the occasional claim occurs).
Bundling your homeowners or rental insurance policy should lower your rates. BTW, everyone should have renters insurance, I can’t emphasize that enough. I was “thinking about it” when lightning struck and fire destroyed my apartment.
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