The car, truck, or SUV you are insuring is one of the largest considerations when looking for cheap car insurance for drivers requiring a SR22. Vehicles with lower acceleration and performance, good crash test ratings, or a low likelihood of having liability claims will cost much less to insure than high performance models. The data below illustrates insurance rates for a number of the more affordable vehicles to insure.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $5,347 |
| Hyundai Elantra GLS Touring Station Wagon | $5,509 |
| Ford Escape Limited 2WD | $5,515 |
| Volkswagen Jetta S 2.5 Station Wagon | $5,814 |
| Toyota Prius | $5,880 |
| Ford F-150 XL Super Cab 2WD | $6,091 |
| Jeep Wrangler Sahara 4WD 2-Dr | $6,237 |
| Chevrolet Silverado LS Extended Cab 4WD | $6,264 |
| Chevrolet Malibu Hybrid | $6,272 |
| Toyota RAV4 Limited 4WD | $6,264 |
| Ford Edge SE AWD | $6,391 |
| Honda Odyssey EX | $6,398 |
| Chevrolet Impala LS | $6,448 |
| Chevrolet Equinox LT AWD | $6,520 |
| Toyota Tacoma X-Runner 2WD | $6,550 |
| Dodge Grand Caravan Crew | $6,591 |
| Ford Explorer Limited 4WD | $6,598 |
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Table data represents single male driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Price information does not factor in Jersey City, NJ location which can change auto insurance rates considerably.
Based on these rates, we can assume that cars like the Honda CR-V, Hyundai Elantra, and Ford Escape will be a few of the cheapest vehicles to insure for high risk drivers. The cost of auto insurance will trend higher just due to the fact that there is more exposure for drivers requiring a SR22, but overall those makes and models will tend to have the cheapest auto insurance rates that you’ll find.
Trying to find cost effective auto insurance is not easy, and deciding which companies have the most affordable car insurance rates for drivers requiring a SR22 calls for even more work. Each company has their own guidelines to establish rates, so let’s take a look at the most budget-friendly car insurance companies in Jersey City, NJ.
Keep in mind that New Jersey car insurance rates are influenced by many factors which can substantially decrease or increase the price of your policy. This price variability is why it is critical to compare many different companies when trying to find the most economical auto insurance quotes for drivers requiring a SR22. Auto insurance prices consist of many factors and change dramatically, so the most economical company the last time you shopped your coverage around may now be one of the higher cost companies.
Best Cheap Insurance Rates for SR22 Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | 21st Century | $1,067 |
| 2 | Travelers | $1,180 |
| 3 | New Jersey Manufacturers | $1,271 |
| 4 | Penn National | $1,325 |
| 5 | Palisades | $1,382 |
| 6 | California Casualty | $1,451 |
| 7 | The Hartford | $1,536 |
| 8 | Allstate | $1,538 |
| 9 | USAA | $1,538 |
| 10 | Mercury | $1,635 |
| 11 | Amica | $1,813 |
| 12 | Esurance | $1,856 |
| 13 | Progressive | $1,919 |
| 14 | MetLife | $1,991 |
| 15 | State Farm | $2,160 |
| 16 | GEICO | $2,174 |
| 17 | Encompass | $2,397 |
| 18 | Liberty Mutual | $2,890 |
| 19 | Hanover | $3,909 |
| Find Cheaper Rates Go | ||
21st Century has some of the best car insurance rates in Jersey City at around $1,067 each year. Travelers, New Jersey Manufacturers, Penn National, and Palisades are also some of the lowest-priced Jersey City, NJ auto insurance companies.
As illustrated above, if you have coverage with Travelers and switched to 21st Century, you may realize annual savings of in the vicinity of $113. New Jersey drivers with New Jersey Manufacturers might save as much as $204 a year, and Penn National customers might reduce rates by $258 a year.
To find out how much you can save, click here or feel free to get quotes from the companies below.
Understand that those premium estimates are averaged for all types of insureds and vehicles and and are not calculated with an exact zip code location for drivers requiring a SR22. So the auto insurance company that fits your situation best may not even be in the top 19 companies shown above. That point stresses why you need to get auto insurance quotes using your own driver information and specific vehicle type.
Full coverage versus liability-only in Jersey City
Reducing the cost of car insurance is probably important to most people, and a great way to reduce the cost of insurance for drivers requiring a SR22 is to not buy comprehensive and collision coverage. The illustration below illustrates the comparison of insurance rates when comparing full coverage to liability only. The premiums are based on no claims or violations, $1,000 deductibles, single status, and no discounts are factored in.
On average, physical damage coverage on your policy costs $2,681 per year more than buying just liability insurance. That is a large expense which might make you wonder when is it safe to stop buying full coverage. There is no set rule of when to drop physical damage insurance, but there is a general convention. If the annual cost of your full coverage insurance is about 10% or more of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s book value is $11,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would receive is $10,000 after paying the physical damage deductible. If it’s costing in excess of $1,000 a year for physical damage coverage, then you may need to consider dropping full coverage.
There are some scenarios where eliminating full coverage is not a good plan. If you haven’t paid off your loan, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Buying coverage from the highest-rated insurance provider is difficult considering how many different companies sell coverage in New Jersey. The company rank data in the next section can help you select which insurers to look at shopping prices with.
The ratings below are for companies with a national presence, so smaller companies are not included in this list. To check prices from these and other companies in New Jersey, just click here.
Top 10 Large Auto Insurers in Jersey City Ranked by A.M. Best Rating
- GEICO – A++
- Travelers – A++
- State Farm – A++
- USAA – A++
- Allstate – A+
- Nationwide – A+
- Mercury Insurance – A+
- Progressive – A+
- The Hartford – A+
- Esurance – A+
Top 10 Large Auto Insurers in Jersey City Ranked by Value
- The Hartford
- Mercury Insurance
- Farmers Insurance
- Safeco Insurance
- AAA Insurance
- 21st Century
- Travelers
- State Farm
- Progressive
- American Family
The chart below demonstrates how deductibles can affect insurance costs when getting quotes for cheap insurance for drivers requiring a SR22. The premiums assume a married male driver, comprehensive and collision coverage, and no discounts are factored in.
As shown above, a 30-year-old driver could cut expenses by $444 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $672 by selecting a $1,000 deductible. Even younger insureds, like the age 20 example, could drop their prices up to $1,336 or more by choosing a higher deductible.
When increasing deductibles, it is necessary to have plenty of money set aside to enable you to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.