Wish you could get out of an overpriced car insurance policy? Don't sweat it because you are not the only one feeling buyer's remorse.
It's hard to fathom, but most consumers kept buying from the same company for at least the last four years, and 38% of drivers have never even compared rates from other companies. New Jersey drivers could save nearly $716 each year, but they assume it's a waste of time to compare rate quotes.
Many insurers compete to insure your vehicles, and because of this it can be hard to compare car insurance companies and get the definite lowest rate possible on Audi A8 insurance in Jersey City.
Consumers need to price shop coverage once or twice a year since insurance prices are usually higher with each renewal. Even if you got the lowest rate on Audi A8 insurance in Jersey City a couple years back you will most likely find a better premium rate today. Forget anything you know (or think you know) about car insurance because I'm going to teach you the things you must know in order to lower your annual insurance bill.
If you are paying for car insurance now, you will surely be able to buy cheaper car insurance using the tips covered below. Locating the most cost-effective car insurance policy in Jersey City can be much easier if you know how to start. But New Jersey vehicle owners can benefit by having an understanding of how the larger insurance companies price insurance differently.
Insurance Premium Influencing Factors
Smart consumers have a good feel for the different types of things that play a part in calculating your premiums. If you have some idea of what influences your rates, this allows you to make educated decisions that can earn you better car insurance rates. Many factors are taken into consideration when you quote your car insurance policy. Some factors are common sense such as traffic violations, but other criteria are not as apparent such as your credit history or your financial responsibility.
The factors shown below are most of the major factors used by companies to determine your prices.
Drive fewer miles and save - The more miles you rack up on your Audi each year the more you will pay for car insurance. Almost all companies charge to insure your cars based upon how the vehicle is primarily used. Cars and trucks that sit idle most of the time get more affordable rates than vehicles that are driven to work every day. Make sure your policy correctly shows annual mileage, because it can save money. Incorrect rating for your A8 is just wasting money.
Companies want multiple policies - Many insurance companies allow better rates to buyers who consolidate policies with them, otherwise known as a multi-policy discount. Discounts can be as much as ten percent or more Even if you already get this discount, consumers should still compare other Jersey City A8 insurance rates to guarantee you are still saving the most.
Maintain car insurance coverage - Not maintaining insurance is against the law and car insurance companies will penalize you for letting your coverage lapse. Not only will rates go up, failure to provide proof of insurance could result in a fine, jail time, or a revoked license.
Liability coverage - A critical coverage on your policy, liability insurance provides coverage when a jury decides you are liable for damages caused by your negligence. Your policy's liability insurance provides legal defense which can be incredibly expensive. This coverage is relatively inexpensive as compared to coverage for physical damage, so insureds should have plenty of protection for their assets.
High credit scores equal low premiums - Having a good credit rating is likely to be a major factor in determining what you pay for car insurance. Consumers who have high credit ratings tend to file fewer claims and have better driving records as compared to drivers with poor credit. If your credit history can be improved, you may save money insuring your Audi A8 if you improve your credit rating.
Audi A8 insurance loss statistics - Companies analyze past claim statistics when they set coverage costs for each model. Vehicles that the statistics show to have a trend towards higher claims will have increased rates.
The table below demonstrates the historical loss data for Audi A8 vehicles. For each type of coverage, the statistical loss for all vehicles, as an average, is set at 100. Values below 100 imply a favorable loss record, while percentage numbers above 100 show a trend for more claims or statistically larger losses.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Audi A8 4dr 4WD||289||108||261|
|Audi A8L 4dr 4WD||300||88||279||62|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Statistics and details
The table displayed next showcases detailed analysis of rate quotes for Audi A8 models. Learning a little about how insurance premiums are formulated can assist in making smart choices when comparing insurance rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|A8 4.2 Quattro 4-Dr Sedan||$396||$674||$630||$38||$188||$1,926||$161|
|A8 4.2L Quattro 4-Dr Sedan||$430||$744||$630||$38||$188||$2,030||$169|
|Get Your Own Custom Quote Go|
Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Rates do not factor in garaging location in Jersey City which can impact price quotes considerably.
Difference between liability only and full coverage rates
The chart below shows the comparison of Audi A8 insurance prices with and without full coverage. The premiums assume a clean driving record, no at-fault accidents, $500 deductibles, drivers are single, and no other discounts are factored in.
When to buy liability coverage only
There is no written rule to delete comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of having full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.
For example, let's pretend your Audi A8 book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after the deductible is paid. If it's costing in excess of $700 annually for full coverage, then you might want to consider buying only liability coverage.
There are some scenarios where only buying liability is not financially feasible. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage as part of the loan requirements. Also, if you can't afford to buy a different vehicle if your current one is in an accident, you should not opt for liability only.
Audi A8 insurance discounts in Jersey City
Insurance can cost an arm and a leg, but you might already qualify for some discounts that you may not even be aware of. Many discounts should be triggered at the time you complete a quote, but some discounts are required to be asked about in order for you to get them.
- Policy Bundle Discount - If you insure your home and vehicles and insure them with the same company you could get a discount of up to 20% off your total A8 insurance premium.
- Student Discount for Driver Training - It's a good idea to have your young drivers successfully complete driver's ed class in school.
- Responsible Driver Discount - Drivers who avoid accidents can get discounts for up to 45% lower rates than less cautious drivers.
- Waiver for an Accident - Not a discount per se, but a handful of insurance companies will turn a blind eye to one accident before raising your premiums as long as you don't have any claims prior to being involved in the accident.
- Safety Restraint Discount - Drivers who always wear seat belts and also require passengers to buckle their seat belts could save 15% on the medical payments or PIP coverage costs.
Please keep in mind that some of the credits will not apply to all coverage premiums. Most only apply to specific coverage prices like physical damage coverage or medical payments. So even though they make it sound like you would end up receiving a 100% discount, you aren't that lucky.
The example below shows the difference between Audi A8 car insurance costs with and without discounts. The data is based on a female driver, no claims or violations, New Jersey state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, safe-driver, claim-free, multi-car, and homeowner discounts applied.
To view insurers with discount auto insurance rates in Jersey City, click here.
Affordable auto insurance premiums are out there
Some insurance providers may not offer internet price quotes and many times these smaller companies only sell through independent insurance agencies. Affordable Audi A8 insurance in Jersey City can be bought on the web and from local insurance agents, and you need to price shop both in order to have the best chance of saving money.
As you quote Jersey City car insurance, you should never skimp on critical coverages to save a buck or two. There have been many cases where an insured dropped liability coverage limits only to regret they didn't have enough coverage. Your strategy should be to buy a smart amount of coverage at the lowest possible cost, not the least amount of coverage.
Steps to finding low-cost Audi A8 insurance in Jersey City
Truthfully, the best way to find better pricing on car insurance rates in Jersey City is to start doing an annual price comparison from insurance carriers in New Jersey. Price quotes can be compared by following these steps.
- Step 1: Spend some time learning about how your policy works and the modifications you can make to keep rates low. Many factors that drive up the price such as accidents, traffic tickets, and a not-so-good credit rating can be eliminated by making lifestyle changes or driving safer.
- Step 2: Obtain price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from a single company like Progressive and State Farm, while agents who are independent can quote rates from multiple insurance companies. View insurance agents
- Step 3: Compare the price quotes to the price on your current policy to determine if switching companies saves money. If you find a lower rate quote, make sure coverage does not lapse between policies.
- Step 4: Tell your current agent or company of your decision to cancel the current policy. Submit payment and a completed application to your new carrier. Immediately upon receiving it, put the certificate of insurance somewhere easily accessible.
A key point to remember is that you'll want to make sure you compare identical coverages on each price quote and and to get prices from as many auto insurance providers as possible. Doing this guarantees an accurate price comparison and a complete rate analysis.
To read more, take a look at the following helpful articles:
- Choosing a Car for Your Teen (State Farm)
- Who Has Affordable Jersey City Car Insurance Rates for Business Use? (FAQ)
- What Auto Insurance is Cheapest After a Speeding Ticket in Jersey City? (FAQ)
- Who Has the Cheapest Jersey City Car Insurance for Drivers with Accidents? (FAQ)
- Who Has Affordable Jersey City Auto Insurance for 16 Year Olds? (FAQ)
- What Car Insurance is Cheapest for a Ford Edge in Jersey City? (FAQ)
- What Insurance is Cheapest for 18 Year Olds in Jersey City? (FAQ)
- Who Has the Cheapest Jersey City Car Insurance Rates for Active Military? (FAQ)
- Should I Buy a New or Used Car? (Allstate)
- If I File a Claim will My Insurance Go Up? (Insurance Information Institute)