Finding out which company has the lowest-priced insurance rates for nurses takes a tad more effort in order to find coverage that fits your budget. Each auto insurance company uses their own method for setting rates, so we’ll go over the overall cheapest insurance companies in New Jersey.
It’s important that you understand Jersey City, NJ insurance rates are influenced by many factors that control the cost of a policy. Simply getting older, buying higher coverage limits, or having a fender bender can produce rate changes that can now make some companies cheaper in comparison to the competition.
Find Cheaper Car Insurance for Health Occupations
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | 21st Century | $1,067 |
| 2 | Travelers | $1,156 |
| 3 | New Jersey Manufacturers | $1,297 |
| 4 | Penn National | $1,366 |
| 5 | Palisades | $1,382 |
| 6 | California Casualty | $1,451 |
| 7 | The Hartford | $1,491 |
| 8 | Allstate | $1,538 |
| 9 | USAA | $1,585 |
| 10 | Mercury | $1,635 |
| 11 | Esurance | $1,838 |
| 12 | Progressive | $1,862 |
| 13 | Amica | $1,869 |
| 14 | MetLife | $2,010 |
| 15 | State Farm | $2,160 |
| 16 | GEICO | $2,240 |
| 17 | Encompass | $2,374 |
| 18 | Liberty Mutual | $2,920 |
| 19 | Hanover | $3,909 |
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21st Century has some of the most affordable car insurance rates in Jersey City at around $1,067 a year. This is $785 less than the average rate paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades are also some of the lowest-priced Jersey City, NJ car insurance companies.
As the example above demonstrates, if you are a customer of Penn National and switched to Travelers, you might see a yearly price reduction of about $210. Customers with Palisades may save as much as $226 a year, and California Casualty insureds might see rate reductions of $295 a year.
Be aware that those rates are averages across all types of drivers and the different vehicles they drive and and are not calculated with a vehicle location for nurses. So the insurer that fits your age and vehicle best may not even be in the list above. That’s why you need to get rate quotes using your own personal information and vehicle type.
One of the many things that are used to help calculate the cost of insurance is where you keep your vehicle in Jersey City. Cities with larger populations tend to pay more, whereas more rural areas receive better rates.
The next table sorts the priciest cities in New Jersey for nurses to buy an auto insurance policy in. Jersey City ranks #8 with a yearly cost of $2,345 for the average policyholder, which is around $195 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | East Orange | $2,597 |
| 2 | Newark | $2,496 |
| 3 | West New York | $2,456 |
| 4 | Union City | $2,426 |
| 5 | Paterson | $2,400 |
| 6 | Elizabeth | $2,374 |
| 7 | Passaic | $2,371 |
| 8 | Jersey City | $2,345 |
| 9 | Hoboken | $2,307 |
| 10 | Kearny | $2,289 |
| 11 | Clifton | $2,276 |
| 12 | Bayonne | $2,251 |
| 13 | Linden | $2,163 |
| 14 | Camden | $2,133 |
| 15 | Perth Amboy | $2,102 |
| 16 | Fort Lee | $2,081 |
| 17 | Atlantic City | $2,044 |
| 18 | Hackensack | $1,999 |
| 19 | Trenton | $1,974 |
| 20 | New Brunswick | $1,913 |
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Annual rates are estimated as the specific zip code location can impact coverage rates noticeably.
The illustration below illustrates how your deductible choice can increase or decrease insurance premiums when trying to find cheap insurance for nurses. The data assumes a married male driver, comprehensive and collision coverage, and no policy discounts are applied.
In the chart above, a 40-year-old driver could lower their policy premium by $336 a year by changing from a $100 deductible to a $500 deductible, or save $508 by switching to a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could lower their rates as much as $1,114 or even more by choosing a higher deductible. When using a larger deductible, it will be important to have additional funds squirreled away to pay the extra out-of-pocket expense that is associated with using high deductibles.
Liability only or full coverage
Buying cheaper insurance should be important to the majority of vehicle owners, and one good way to pay lower rates for insurance for nurses is to not buy comprehensive and collision coverage. The diagram below shows the comparison of car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in New Jersey. The data is based on no claims, a clean driving record, $100 deductibles, drivers are not married, and no additional discounts are factored in.
As an average for all age groups, full coverage on your policy costs $3,744 per year over liability only. That brings up the question if buying full coverage is worth the expense. There is no definitive formula to stop paying for full coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is about 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s assume your vehicle’s settlement value is $10,500 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $9,500 after the policy deductible has been paid. If you are paying over $950 a year for full coverage, then it’s probably a good time to buy liability coverage only.
How to get discounts on Jersey City insurance
Insurers that offer coverage for nurses could also offer discounts that may potentially lower prices by 30% or more if you meet eligibility requirements. A few popular companies and some of their more popular discounts can be read below.
- American Family offers premium reductions for Steer into Savings, early bird, air bags, accident-free, and good student.
- Nationwide offers discounts for good student, accident-free, defensive driving, business or organization, anti-theft, and Farm Bureau membership.
- MetLife may have discounts that include good driver, multi-policy, good student, accident-free, claim-free, defensive driver
- 21st Century includes discounts for teen driver, automatic seat belts, student driver, air bags, and driver training.
- Farmers Insurance has discounts for switch companies, bundle discounts, homeowner, early shopping, alternative fuel, electronic funds transfer, and business and professional.
- Allstate has savings for teenSMART discount, eSmart discount, senior citizen, FullPay discount, defensive driver, and 55 and retired.
The chart below shows the difference between insurance costs with and without discounts applied to the policy rates. The price estimates are based on a male driver, no accidents or driving violations, New Jersey state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The second bar shows the rates with multiple vehicle, homeowner, defensive driving course, multiple policy, safe-driver, and marriage discounts applied. When taking advantage of discounts, the average amount saved each year on insurance for nurses is 28% or $562.
Comparing rates can save you money
New Jersey insurance rates are calculated based on many things that may substantially change the price of coverage. Getting older, having a teenage driver, or getting a ticket for running a stop sign can trigger changes in premium resulting in some companies being cheaper than before. Additionally, companies change their prices at least once a year in order to remain profitable. Higher than normal claims may cause rate increases, while a lower level of claims may cause lower-cost Jersey City car insurance rates.
The chart below shows which companies have the cheapest car insurance in Jersey City, NJ for a 40-year-old male driver with no prior accidents, a clean driving record, and a good credit rating. When comparing rates based on his current situation, 21st Century may offer the lowest car insurance rates in Jersey City at $1,423 each year. This is $429 less than the average price paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades are also on the list of the best Jersey City, NJ auto insurance companies.
Now let’s give the driver from above a chargeable accident, a little lower credit rating, and a speeding ticket. Due to the fact that each insurance company has their own guidelines to determine rates, comparing prices could now result in a substantially altered list of the cheapest Jersey City car insurance companies as shown below.
The Hartford now has the best price on car insurance in Jersey City, NJ with Allstate, USAA, Mercury, and Travelers now rounding out the top five. This illustrates why New Jersey drivers need to compare rates when trying to get cheap car insurance rates for nurses. Car insurance prices consist of many different factors and change dramatically, so the most economical option the last time you checked may now be an over-priced policy.