Deciphering which company offers the most affordable auto insurance rates for used cars involves a tad more effort in order to find coverage that fits your budget.
Each auto insurance company has their own unique process for determining prices, so let’s take a look at the lowest cost auto insurance companies in Jersey City, NJ. It’s important to understand that Jersey City auto insurance rates are impacted by many things which can substantially change the price you have to pay for coverage. Turning one year older, filing a claim, or getting caught speeding can trigger rate changes resulting in some rates now being more affordable than before.
Cheapest Insurance Rates for Used Cars
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | 21st Century | $1,100 |
| 2 | Travelers | $1,191 |
| 3 | New Jersey Manufacturers | $1,310 |
| 4 | Palisades | $1,354 |
| 5 | Penn National | $1,379 |
| 6 | California Casualty | $1,451 |
| 7 | Allstate | $1,478 |
| 8 | The Hartford | $1,521 |
| 9 | USAA | $1,538 |
| 10 | Mercury | $1,635 |
| 11 | Progressive | $1,862 |
| 12 | Amica | $1,887 |
| 13 | Esurance | $1,894 |
| 14 | MetLife | $2,010 |
| 15 | State Farm | $2,248 |
| 16 | GEICO | $2,262 |
| 17 | Encompass | $2,327 |
| 18 | Liberty Mutual | $2,920 |
| 19 | Hanover | $3,909 |
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21st Century may have some of the lowest car insurance rates in Jersey City at around $1,100 per year. This is $752 less than the average policy premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Palisades, and Penn National also make the cut as some of the lowest-priced Jersey City, NJ auto insurance companies.
As illustrated above, if you are insured with Palisades and switched to 21st Century, you could earn yearly savings of in the neighborhood of $254. Customers with Penn National might save as much as $279 a year, and California Casualty customers might see rate reductions of $351 a year.
These prices are averaged for all ages of drivers and types of vehicles and do not take into consideration an exact zip code location for used cars. So the car insurance company that fits your age and vehicle best may not even be in the top 19 companies in the list above. That points out the importance of why you need to compare rates from multiple companies using your own driver and vehicle profiles.
The car, truck, or SUV that needs insurance is probably the largest consideration when consumers are trying to find low-cost auto insurance for used cars. Vehicles with limited speed and performance, good safety features, or a track record of few liability claims will cost significantly less to insure than adrenaline junky models.
The table below estimates coverage rates for the most economical vehicles to insure in New Jersey.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $1,351 |
| Honda CR-V EX-L 4WD | $1,383 |
| Honda Accord EX-L 4-Dr Sedan | $1,467 |
| Ford F-150 STX Regular Cab 2WD | $1,486 |
| Toyota Prius | $1,496 |
| Ford Escape XLS 4WD | $1,549 |
| Honda Civic DX 4-Dr Sedan | $1,570 |
| Toyota Tacoma 2WD | $1,575 |
| Honda Odyssey EX W/Rear Entertainment | $1,570 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,602 |
| Toyota RAV4 4WD | $1,607 |
| Ford Explorer Limited 2WD | $1,631 |
| Ford Edge Sport AWD | $1,686 |
| GMC Sierra SLE Crew Cab 2WD | $1,715 |
| Hyundai Sonata SE 4-Dr Sedan | $1,802 |
| Ford Focus SE 2-Dr Coupe | $1,810 |
| Toyota Camry Hybrid | $1,831 |
| Nissan Altima 2.5 4-Dr Sedan | $1,834 |
| Chevrolet Malibu LS | $1,843 |
| Dodge Ram 2500 Crew Cab ST 2WD | $1,913 |
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Table data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Rate quotes do not factor in vehicle location which can impact insurance rates considerably.
Looking at the rates, we can expect cars like the Hyundai Elantra, Honda CR-V, Honda Accord, and Ford F-150 are likely to be a few of the most economical vehicles to insure for pre-owned vehicles.
The information below highlights how deductible selection can influence yearly insurance costs when trying to find cheap insurance for used cars. The rate quotes are based on a single male driver, comprehensive and collision coverage, and no other discounts are factored in.
The chart above illustrates that a 30-year-old driver could lower their policy premium by $444 a year by switching from a $100 deductible up to a $500 deductible, or save $670 by switching to a $1,000 deductible. Even younger drivers, such as the 20-year-old example, can cut up to $1,296 annually by using a higher deductible.
When increasing deductibles, it is essential to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Choosing the top company can be rather challenging considering how many choices drivers have in Jersey City. The ranking data shown next could help you pick which auto insurers you want to consider to insure your vehicles.
The ratings below are only made up of large, nationwide insurance companies, so companies that only write business in New Jersey or surrounding areas are not taken into consideration for these rankings. To compare prices from these and other top-rated companies, just click here.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Mercury Insurance | 87 | 96 | 100 | 87% | A+ | 93.4 |
| The Hartford | 88 | 96 | 91 | 93% | A+ | 92.6 |
| Progressive | 84 | 94 | 99 | 90% | A+ | 92.4 |
| Travelers | 84 | 93 | 100 | 87% | A++ | 92.3 |
| State Farm | 84 | 93 | 95 | 87% | A++ | 91 |
| Farmers Insurance | 87 | 92 | 90 | 85% | A | 90.6 |
| Safeco Insurance | 85 | 91 | 87 | 86% | A | 88.4 |
| USAA | 71 | 93 | 98 | 87% | A++ | 88 |
| GEICO | 73 | 93 | 95 | 85% | A++ | 87.1 |
| 21st Century | 85 | 85 | 91 | 89% | A | 86.9 |
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Data Source: Insure.com Best Car Insurance Companies
Poor driving habits will raise your auto insurance rates
A great way to score cheap auto insurance premiums in New Jersey for pre-owned vehicles is to be a cautious driver and avoid accidents and keep your driving record clean. The illustration below demonstrates how speeding tickets and accident claims can influence annual premium costs for different categories of driver ages. The premiums assume a single male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.
The data in the chart shows the average cost of a car insurance policy in New Jersey per year with no violations or accidents is $3,679. Add in two speeding tickets and the average cost surges to $4,891, an increase of $1,212 each year. Then include one accident along with the two speeding tickets and the annual cost of auto insurance for used cars increases to an average of $6,133. That’s an increase of $2,454, or $205 per month, just for being a less-than-perfect driver!
The benefit of shopping around
New Jersey auto insurance rates are impacted by many factors which can substantially change the cost of coverage. Simply improving your credit, buying another vehicle, or getting a ticket for running a stop sign can trigger price changes that can cause some rates to be much cheaper than others. Not only may things change on your end, but insurers change premium rates without warning as an adjustment for underwriting gains or losses. A period of higher than normal claims can cause increased rates, while profitable underwriting may produce lower-priced Jersey City car insurance rates.
To illustrate this point, the data below shows the company with the cheapest car insurance in Jersey City, NJ for a 40-year-old male driver with no prior claims, no tickets, and a good credit rating. If we look at prices based on his personal risk profile, 21st Century offers the best car insurance rates in Jersey City at $1,422 a year. This is $430 less than the average price paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades are the rest of the cheapest Jersey City, NJ auto insurance companies.
The chart below compares rates after we give the driver in the first example some claims, a lower credit score, and a speeding citation. Since every insurance provider has a unique formula for filing rates in each state, getting updated rate quotes may result in a different list of cheap Jersey City auto insurance companies as shown below.
The Hartford now has the lowest price on auto insurance in Jersey City, NJ with Allstate, USAA, Mercury, and Travelers now rounding out the top five. This example illustrates why it is so important to perform an extensive rate comparison when trying to get the most economical car insurance quotes for used cars.
Car insurance prices are impacted by many risk factors and change frequently, so the most economical company the last time you shopped your coverage around may now be one of the higher cost companies.