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There are many ways to get vehicle insurance estimates in New Jersey, but some may take longer than others. MoneyGeek's auto insurance calculator may help you get a quick car insurance estimate in New Jersey.
MoneyGeek researched several car insurance providers in New Jersey to help you determine the various factors influencing auto insurance rates.
New Jersey Car Insurance Calculator: How it Gets You an Instant, Free Estimate
To get an accurate car insurance rate estimate, you will need to provide some personal information. It typically takes 10–15 minutes to get insurance quotes for New Jersey.
Using MoneyGeek's New Jersey car insurance cost calculator, you can receive an estimate of how much your auto insurance costs in New Jersey, depending on your age, driving record, vehicle type and coverage levels.
Your credit rating, age and whether or not you add a young driver to your policy are important factors affecting your insurance rates in New Jersey.
A variety of factors determine which auto insurance company in New Jersey is the most affordable for you. Our calculator can offer you a close estimate. The cheapest generally-accessible company, GEICO, costs our model driver $548 per year for car insurance.
In addition to looking at premiums, you should seek a company that delivers outstanding customer service and the coverages you need.
If you want to know how much your premiums will likely be, you can use our auto insurance calculator or browse our list of New Jersey sample drivers with the cheapest rates.
MoneyGeek researched the average cost of car insurance in New Jersey to see how it compares to other states.
MoneyGeek has also rated the best car insurance providers in New Jersey, based on those that provide a good balance of cost and service quality.
How Car Insurance Premiums are Calculated in New Jersey
Car insurance companies in New Jersey compute insurance prices based on several factors. These factors include your age, credit score, driving record, coverage levels and your car’s make and model.
According to MoneyGeek's research, the essential elements to consider when estimating how much auto insurance you need in New Jersey are your credit scores, age and whether or not you’ll add a teen driver to your policy.
Adding a teen driver to your coverage might increase the cost of your New Jersey car insurance by up to three times.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in New Jersey
Customers who add a teen driver to their insurance policies will pay a higher rate. Insurance companies consider teenagers to be high risk. Teen drivers are inexperienced and are more likely to be involved in a crash.
In New Jersey, adding a teen driver to your policy may increase your rates by as much as three times.
How Much Credit Score Matters in Calculating Car Insurance in New Jersey
Having good credit is helpful if you want to find affordable car insurance in New Jersey. With a good credit score and no accidents, you are more likely to qualify for lower rates.
Drivers with good credit scores save money on car insurance, while those with poor credit pay more. In New Jersey, poor credit can increase auto insurance rates by 2.6 times.
How Much Age of Driver Matters in Calculating Car Insurance in New Jersey
Your age is also a factor in determining how much auto insurance costs in New Jersey. Typically, young drivers pay more. Seniors also pay extra. Your insurance prices might increase by up to 2.6 times, depending on your age.
The cheapest car insurance in New Jersey is for 40-year-olds. A 19- to 20-year-old motorist has the state's most expensive car insurance.
How Much Driving Record Matters in Calculating Car Insurance in New Jersey
You may have to pay higher car insurance rates if your driving record includes tickets or a DUI or if you have been involved in a crash. Insurance companies consider those with a poor driving record to be high-risk drivers.
If you have a poor driving record, your auto insurance may cost twice as much. For example, in New Jersey, a motorist with a DUI will pay an average of $3,320 a year for car insurance, compared to $1,674 for someone with a clean record.
How Much Car Value Matters in Calculating Car Insurance in New Jersey
New Jersey auto insurance premiums are also influenced by the make and model of the vehicle you're driving. Insurance premiums are higher for some models. Insurance rates may be higher for drivers of high-priced cars that need costly parts and repairs.
The most expensive car to insure is a high-end sports car. On the other hand, Compact SUVs have the cheapest car insurance premiums. Expensive cars might cost up to twice as much to insure.
How to Calculate How Much Car Insurance You Need in New Jersey
Calculating how much car insurance you need in New Jersey can help you find the ideal coverage that combines cost and protection.
New Jersey requires specific levels of property damage liability and personal injury protection insurance. Depending on your circumstances, you might want to consider adding extra liability insurance as well as comprehensive and collision insurance.
Adding a teen driver is one of the most significant factors determining car insurance premiums in New Jersey.
Understand New Jersey Car Insurance Requirements
Understanding New Jersey's minimum car insurance requirements may help determine how much auto insurance you need.
The state minimum coverage requirements will only protect you for $5,000 in property damage liability per accident and $15,000 in bodily injury protection per person, with a maximum of $30,000 per incident.
If you want additional financial protection, you may want to increase your coverage levels. Comprehensive and collision insurance, which covers property and vehicle damage, is not required in New Jersey.
Consider Purchasing Additional Liability Insurance
Drivers who wish to protect themselves financially in case of a serious collision may need higher liability insurance than the statutory minimum in New Jersey.
A policy covering you for $300,000 in bodily injury liability per incident in New Jersey costs an average of $1,304 a year, compared to $1,018 for the state's minimum liability insurance.
Decide Whether or Not To Buy Comprehensive and Collision Insurance
You should decide whether you need a full-coverage policy that includes comprehensive and collision insurance. New Jersey doesn’t require you to carry full coverage insurance, but if you're leasing or financing your car, your lender might insist you keep full coverage insurance.
Comprehensive and collision coverage in New Jersey with a deductible at $1,000 costs an average of $387 per year. To avoid spending hundreds of dollars a year to insure a car worth a few thousand dollars, you may want to consider opting out of full coverage.
Consider Buying Additional Protection Besides The Core Coverages
New Jersey law doesn’t require you to carry uninsured/underinsured motorist coverage. In the United States, New Jersey is one of the top 10 states with the lowest percentage of uninsured motorists, at a rate of 3.1%.
If you want to protect yourself in case of a collision involving an uninsured or underinsured driver, you may want to consider getting uninsured/underinsured motorist coverage.
New Jersey law does not require personal injury protection. Insurance carriers offer medical payments coverage in New Jersey as an alternative to PIP, which pays for medical expenses related to a car accident.
Frequently Asked Questions About How Car Insurance is Calculated in New Jersey
MoneyGeek answers some of the frequently asked questions to help you better understand how to calculate insurance premiums in New Jersey.
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across New Jersey. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick