Finding reliable, budget insurance is confusing at best, and figuring out which insurers offer the cheapest insurance rates for drivers over age 60 will involve even more work. Each company has their own unique process for establishing rates, so let’s take a look at the most competitive insurance companies in Jersey City, NJ.
It’s important to understand that Jersey City insurance rates are determined by lots of factors that control the price of coverage. Price variation is why it is critical to perform a complete rate comparison when trying to get cheap insurance quotes for drivers over age 60. Rates are made up of many things and can change without notice, so the best company six months ago may now be quite expensive.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | 21st Century | $1,078 |
| 2 | Travelers | $1,180 |
| 3 | New Jersey Manufacturers | $1,258 |
| 4 | Penn National | $1,338 |
| 5 | Palisades | $1,382 |
| 6 | California Casualty | $1,495 |
| 7 | The Hartford | $1,536 |
| 8 | Allstate | $1,538 |
| 9 | USAA | $1,585 |
| 10 | Mercury | $1,603 |
| 11 | Amica | $1,813 |
| 12 | Esurance | $1,856 |
| 13 | Progressive | $1,881 |
| 14 | MetLife | $1,932 |
| 15 | State Farm | $2,160 |
| 16 | GEICO | $2,196 |
| 17 | Encompass | $2,397 |
| 18 | Liberty Mutual | $2,890 |
| 19 | Hanover | $3,987 |
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21st Century offers some of the best car insurance rates in Jersey City at around $1,078 per year. This is $774 less than the average premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades would also be considered some of the cheaper Jersey City, NJ insurance companies.
In this example, if you currently have a policy with New Jersey Manufacturers and switched to 21st Century, you could earn an annual savings of in the neighborhood of $180. Drivers with Penn National might save as much as $260 a year, and Palisades policyholders might see rate reductions of $304 a year.
Remember that these rates are averages across all drivers and vehicles in New Jersey and and are not calculated with a vehicle location for drivers over age 60. So the auto insurance company that fits your age and vehicle best may not even be in the list above. That is why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
For older drivers, one of the largest considerations that determine the price you pay for insurance is where you live in Jersey City. Regions with more people or even just more weather-related claims will most likely have higher rates, whereas more rural areas tend to receive slightly lower rates.
The next table ranks the most costly cities in New Jersey for drivers over age 60 to purchase car insurance in. Jersey City is ranked #11 costing $2,253 for car insurance, which is approximately $188 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Newark | $2,572 |
| 2 | East Orange | $2,521 |
| 3 | West New York | $2,456 |
| 4 | Elizabeth | $2,446 |
| 5 | Paterson | $2,400 |
| 6 | Passaic | $2,395 |
| 7 | Union City | $2,354 |
| 8 | Hoboken | $2,353 |
| 9 | Clifton | $2,299 |
| 10 | Kearny | $2,289 |
| 11 | Jersey City | $2,253 |
| 12 | Camden | $2,221 |
| 13 | Bayonne | $2,184 |
| 14 | Atlantic City | $2,106 |
| 15 | Linden | $2,099 |
| 16 | Perth Amboy | $2,081 |
| 17 | Fort Lee | $2,060 |
| 18 | Hackensack | $1,921 |
| 19 | New Brunswick | $1,913 |
| 20 | Plainfield | $1,898 |
| 21 | Trenton | $1,896 |
| 22 | Sayreville | $1,882 |
| 23 | Vineland | $1,842 |
| 24 | Lakewood | $1,800 |
| 25 | Toms River | $1,691 |
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Rate quotes are approximated as specific Jersey City garaging address can influence premium rates significantly.
Impact of careless driving on insurance rates
The common sense way to earn the most affordable insurance rates in New Jersey for older drivers is to drive attentively and not have accidents or get tickets. The diagram below illustrates how speeding tickets and at-fault claims increase annual premium costs for different age groups of insureds. Data assumes a single male driver, full physical damage coverage, $500 deductibles, and no other discounts are factored in.
The data charted above shows the average cost of a car insurance policy in Jersey City per year with no violations or accidents is $3,060. Add in two speeding tickets and the average cost swells to $4,051, an increase of $991 each year. Now add in one accident along with the two speeding tickets and the 12-month cost of insurance for drivers over age 60 jumps again to an average of $5,053. That’s an increase of $1,992, or $166 per month, just for not driving responsibly!
The example below demonstrates how deductible levels can change premium costs when trying to find cheap insurance for drivers over age 60. The data assumes a single female driver, comp and collision included, and no discounts are applied.
The chart above illustrates that a 40-year-old driver could lower their policy premium by $382 a year by increasing from a $100 deductible up to a $500 deductible, or save $576 by using a $1,000 deductible. Younger drivers, like the Age 20 category, could roll back prices as much as $966 or more by using higher deductibles when buying full coverage. When raising deductibles, it is a good idea to have enough in a savings account to offset the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Cost difference between full coverage and liability
Paying a lower price for insurance is important to the majority of drivers, and a good way to save on the cost of insurance for drivers over age 60 is to not buy full coverage. The illustration below illustrates the comparison of auto insurance rates with full physical damage coverage compared to only buying liability only. The data assumes no driving violations, no at-fault accidents, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
If averaged for all ages, physical damage coverage costs $2,782 per year over and above liability coverage. That is a big expense that brings up the question if it’s worth it to buy full coverage. There is no exact formula to stop paying for physical damage insurance, but there is a general guideline. If the yearly cost of comp and collision coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.
There are some cases where buying only liability insurance is not in your best interest. If you still have a loan on your vehicle, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage.