It takes a few minutes, but the best way to get discount auto insurance rates in Jersey City is to start comparing rates regularly from different companies in New Jersey.
Step 1: Get an understanding of car insurance and the steps you can take to keep rates in check. Many things that cause high rates like accidents, careless driving, and a lousy credit rating can be eliminated by making minor changes in your lifestyle.
Step 2: Request price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO or State Farm, while agents who are independent can give you price quotes from multiple companies.
Step 3: Compare the new quotes to your current policy to determine if switching companies saves money. If you find a lower rate quote and switch companies, make sure coverage does not lapse between policies.
Step 4: Give notification to your agent or company to cancel the current policy and submit payment and a signed application to the newly selected company. Immediately upon receiving it, safely store the certificate verifying coverage in an accessible location in your vehicle.
The key thing to know about shopping around is that you use the same physical damage deductibles and liability limits on each price quote and and to compare as many carriers as you can. Doing this ensures an accurate price comparison and the best price selection.
Everyone knows that auto insurance companies don’t want you to look at other companies. Drivers who shop around once a year are highly likely to switch to a new company because there is a high probability of finding a more affordable policy. Surprisingly, a recent survey revealed that drivers who shopped around every year saved an average of $3,400 over four years compared to people who never shopped around for lower prices.
If finding budget-friendly Porsche Panamera insurance in Jersey City is the reason for your visit, then having a good understanding the best way to quote and compare coverage rates can make the process more efficient.
Buying the cheapest insurance in Jersey City is actually quite simple. If you have a current insurance policy, you will definitely be able to cut your premiums using the ideas covered in this article. Consumers just need to use the most effective way to get comparison quotes using one simple form.
Six Tips to Get Cheaper Jersey City Insurance Rates
A large part of saving on insurance is knowing a few of the rating criteria that come into play when calculating the price you pay for insurance. When you understand what influences your rates, this allows you to make educated decisions that can help you get lower insurance prices.
- City traffic equals higher premiums – Living in a rural area can be a good thing when talking about insurance. People who live in big cities regularly have congested traffic and longer commute times. Less people living in that area translates into fewer accidents.
- Physical damage deductibles – Comprehensive and collision coverage deductibles define the amount the insured will be required to pay if a claim is determined to be covered. Physical damage insurance, also called comprehensive and collision insurance, protects your car from damage. Some examples of claims that would be covered are collision with another vehicle, fire damage, and having a roll-over accident. The more expense you pay before a claim is paid (deductible), the bigger discount you will receive.
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Good drivers pay better prices – Good drivers receive lower rates compared to drivers with tickets. Having a single moving violation could increase your next policy renewal forty percent or more. Drivers who have received serious tickets such as DUI or willful reckless driving may find that they have to to maintain a SR-22 with their state motor vehicle department in order to legally drive a vehicle.
The diagram below shows how speeding tickets and at-fault claims impact Porsche Panamera insurance prices for different insured age categories. The data is based on a married male driver, comp and collision included, $500 deductibles, and no discounts are factored in.
- Insure your auto and home with one company – Some insurance companies afford discounts for people that buy multiple policies. It’s known as a multi-policy discount. This can amount to ten percent or more. Even if you qualify for this discount already, it’s in your best interest to compare other company rates to help ensure you have the lowest rates.
- Liability limits on your policy – Your insurance policy’s liability coverage provides coverage in the event that you are found to be at fault for causing personal injury or damage in an accident. Your policy’s liability insurance provides legal defense to attempt to prove you were not liable. Carrying liability coverage is mandatory and cheap compared to comp and collision, so drivers should carry high limits.
- Prevent policy lapses – Having a gap between insurance policy dates is a guaranteed way to pay more for insurance. Not only will rates go up, failure to provide proof of insurance will get you a steep fine or even jail time. You may then be required to prove you have insurance by filing a SR-22 with the New Jersey motor vehicle department.
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Insurance loss data for Porsche Panamera vehicles – Companies analyze the history of losses to calculate a rate that offsets possible losses. Models that are shown to have a trend towards higher claims will have a higher cost to insure. The table shown below demonstrates the actual insurance loss data for Porsche Panamera vehicles.
For each insurance policy coverage type, the claim probability for all vehicles averaged together equals 100. Numbers under 100 suggest a positive loss record, while numbers that are greater than 100 point to more losses or an increased probability of a larger loss.
Porsche Panamera Insurance Claim Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Porsche Panamera 4dr 236 94 265 57 Porsche Panamera GTS 4dr 4WD 246 48 467 Porsche Panamera Turbo 4dr 4WD 242 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Facts and figures for Porsche Panamera insurance
The data table displayed next outlines detailed analysis of insurance rates for Porsche Panamera models. Being aware of how car insurance premiums are calculated can be useful when making smart choices when buying a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $750 | $1184 | $630 | $38 | $188 | $2,790 | $233 |
| Panamera 4S AWD 4-Dr Hatchback | $750 | $1296 | $630 | $38 | $188 | $2,902 | $242 |
| Panamera Turbo AWD 4-Dr Hatchback | $860 | $1518 | $630 | $38 | $188 | $3,234 | $270 |
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Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Price information does not factor in vehicle garaging location which can increase or decrease auto insurance rates substantially.
Choosing deductibles
One common question asked by Jersey City drivers is how high should the physical damage deductibles be. The figures shown below outline the premium difference when you choose different policy deductibles. The first data table uses a $100 physical damage deductible and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $732 | $1412 | $480 | $28 | $144 | $2,821 | $235 |
| Panamera 4S AWD 4-Dr Hatchback | $732 | $1546 | $480 | $28 | $144 | $2,955 | $246 |
| Panamera Turbo AWD 4-Dr Hatchback | $840 | $1812 | $480 | $28 | $144 | $3,329 | $277 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Panamera S 4-Dr Hatchback | $406 | $744 | $480 | $28 | $144 | $1,802 | $150 |
| Panamera 4S AWD 4-Dr Hatchback | $406 | $814 | $480 | $28 | $144 | $1,872 | $156 |
| Panamera Turbo AWD 4-Dr Hatchback | $466 | $954 | $480 | $28 | $144 | $2,072 | $173 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Premium amounts do not factor in garaging location in Jersey City which can raise or lower premium rates greatly.
Using the premium rates above, we can conclude that using a $100 deductible will cost you about $93 more each month or $1116 a year averaged for all Panamera models than quoting the higher $1,000 deductible. Since you would have to pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to average more than 10 months between claims, you would probably come out ahead if you choose a higher deductible.
Calculation for raising deductibles
| Average monthly premium for $100 deductibles: | $253 |
| Average monthly premium for $1,000 deductibles (subtract): | – $160 |
| Monthly savings from raising deductible: | $93 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $93 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 10 months |
Yearly car insurance costs for men versus women
The diagram below shows the difference between Porsche Panamera auto insurance costs for male and female drivers. The premiums are based on no accidents, no driving violations, comprehensive and collision coverage, $1,000 deductibles, drivers are single, and no other discounts are factored in.
Price comparison of only insuring for liability
The example below compares Porsche Panamera insurance costs with and without full coverage. The premiums assume no tickets, no at-fault accidents, $1,000 deductibles, single marital status, and no discounts are applied.
When to drop comprehensive and collision
There isn’t a written rule for eliminating physical damage coverage, but there is a general school of thought. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s say your Porsche Panamera replacement cost is $8,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $7,000 after paying your deductible. If premium cost is more than $700 a year for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are some conditions where dropping physical damage coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Get cheaper Porsche Panamera insurance in Jersey City with discounts
Insurance is not inexpensive, but you may be missing some discounts that could help you make your next renewal payment. Most are applied at the time of purchase, but some may not be applied and must be asked about before you will receive the discount.
- Passive Restraints – Factory air bags can qualify for discounts up to 30%.
- Life Insurance – If the company offers life insurance, you could get lower premium rates if you buy life insurance.
- Discount for New Cars – Buying a new car instead of a used Panamera may earn a small discount since newer vehicles are generally safer.
- Active Service Discounts – Being on active duty in the military may lower your insurance rates slightly.
- Membership in Organizations – Having an affiliation with a civic or occupational organization in Jersey City is a good way to get lower rates on insurance.
Drivers should understand that some of the credits will not apply to your bottom line cost. Some only reduce the price of certain insurance coverages like collision or personal injury protection. Just because it seems like it’s possible to get free car insurance, companies don’t profit that way.
The chart below compares Porsche Panamera yearly insurance costs with and without discounts applied to the policy premium. The rate quotes are based on a female driver, no accidents or driving violations, New Jersey state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, multi-car, claim-free, safe-driver, and marriage discounts applied.
Auto insurance companies that may offer these money-saving discounts include:
If you are trying to find inexpensive Jersey City auto insurance quotes, ask each company which discounts you may be entitled to. Some discounts might not be available to policyholders in your area. To find insurance companies that offer some of these discounts in Jersey City, click this link.
New Jersey car insurance companies
Selecting a highly-rated company is difficult considering how many companies are available to choose from in New Jersey. The company ratings shown next may help you analyze which car insurance companies you want to consider when comparing rates.
Top 10 Jersey City Car Insurance Companies Overall
- Mercury Insurance
- The Hartford
- Progressive
- Travelers
- State Farm
- Farmers Insurance
- Safeco Insurance
- USAA
- GEICO
- 21st Century
Persistence will pay off
Affordable Porsche Panamera insurance in Jersey City is available both online and from local agencies, and you should be comparing both so you have a total pricing picture. Some auto insurance companies may not offer rate quotes online and most of the time these smaller providers only sell through independent insurance agents.
People who switch companies do it for any number of reasons including an unsatisfactory settlement offer, unfair underwriting practices, delays in responding to claim requests or even high rates after DUI convictions. It doesn’t matter what your reason, finding a great new company can be pretty painless.
As you shop your coverage around, never reduce needed coverages to save money. In too many instances, consumers will sacrifice full coverage only to regret they didn’t have enough coverage. The goal is to buy a smart amount of coverage at the best possible price and still be able to protect your assets.
Additional information
- Teen Driver Licensing Information (iihs.org)
- Who Has the Cheapest Auto Insurance Quotes for a Dodge Ram in Jersey City? (FAQ)
- Who Has Affordable Jersey City Auto Insurance for Drivers with a Bad Driving Record? (FAQ)
- How Much is Auto Insurance for a School Permit in Jersey City? (FAQ)
- How Much is Auto Insurance for a Subaru Forester in Jersey City? (FAQ)
- Who Has the Cheapest Auto Insurance for a Ford Fusion in Jersey City? (FAQ)
- How Much are Car Insurance Rates for Low Mileage Drivers in Jersey City? (FAQ)
- Who Has Affordable Jersey City Car Insurance Quotes for Good Drivers? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for Seniors in Jersey City? (FAQ)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Get the Right Protection (InsureUonline.org)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)
- Collision Insurance Coverage (Nationwide)