In New Jersey, it is mandatory to carry car insurance. However, the type and cost of coverage can vary significantly. But is it difficult to find affordable car insurance in NJ? Let’s find out
According to the New Jersey police, there have been over 300 road accidents and fatalities in 2021. So it’s no wonder that car insurance in New Jersey costs more than the national average. New Jersey’s increasing accident fatality rates have led to the average cost of car insurance shooting up to $1,750 per year for coverage and $850 for the minimum coverage required by the state. That’s around $100 more than the national average for full coverage and $300 more for minimum coverage per year. However, there are several ways in which you could find more affordable car insurance in NJ, including shopping around and comparing rates. Let’s take a look.
How to find affordable car insurance in NJ
If you are out in the market for a new car insurance policy in New Jersey, we recommend shopping around to find the best car insurance quotes in the state. Since every insurance company has different approaches to determine your car insurance rate, you may find one insurance provider to be cheaper than another. Hence, obtaining quotes from several insurance providers may help you find the best coverage within your budget. Having trouble obtaining quotes from insurance companies? Use way.com to find the best quotes in under ten minutes by clicking on the banner below.
Apart from comparing rates, you could also ask insurance providers about the various discounts they offer. Having a clean driving record or completing a defensive driving course could make you eligible for discounts from most insurance carriers. Some companies even offer discounts for bundling your insurance policies while others may reduce your rates for having an anti-theft device in your car. So make sure to ask your insurance company for these discounts.
Who has the cheapest car insurance in New Jersey?
If you are looking for the most affordable car insurance in New Jersey, make sure you have a clean driving record and do not lapse on your car insurance renewal. After our extensive research, we found USAA, and State Farm to be some of the more affordable car insurance companies. However, USAA car insurance isn’t available for everyone as it serves only active and retired military personnel and their families. Our team of researchers obtained quotes for as low as $850 for full coverage from USAA.
Requirements for minimum car insurance in NJ
Drivers in the state of New Jersey need to carry valid car insurance at all times. In New Jersey, you could either purchase a basic car insurance policy or a standard policy. The basic policy requires $5,000 of property damage liability per accident. The standard policy liability limits are:
- $15,000 of bodily injury liability insurance per person, per accident
- $30,000 of bodily injury liability for multiple injured people per accident
- $5,000 of property damage liability per accident
However, we recommend opting for optional coverage such as collision and comprehensive car insurance to keep yourself financially protected in the event of an accident. While that may increase your car insurance rates, it will make sure you are covered for the cost of damages and repairs after an at-fault accident.