Determining which company offers the cheapest auto insurance rates for a company car calls for a little more effort than just quoting one company’s rates.
Every insurance provider uses their own calculation to determine rates, so let’s rank the auto insurance companies with the overall best prices in Jersey City. It’s important to know that Jersey City, NJ auto insurance rates are impacted by many factors that may substantially change the price of your policy. Simply having a birthday, moving across town, or getting caught speeding can trigger rate changes that can now make some companies more affordable than competitors.
Find the Cheapest Car Insurance in New Jersey
21st Century may have some of the most affordable car insurance rates in Jersey City at around $1,100 per year. Travelers, New Jersey Manufacturers, Penn National, and Palisades also are some of the most economical Jersey City, NJ insurance companies.
In the rate table above, if you are insured with Penn National and switched to Travelers, you could see savings of in the neighborhood of $186. Drivers with Palisades could save as much as $202 a year, and California Casualty insureds might see rate reductions of $257 a year.
To get a fast rate comparison, click here to get a free quote or click several companies below for low rates.
Bear in mind that those premium estimates are averaged across all ages of drivers and types of vehicles and and are not figured with a specific location for a company car. So the auto insurance company that can offer you the best price may not even be in the top 19 companies shown above. That affirms the importance of why you need to get rate quotes using your own specific driver and vehicle information.
The type of vehicle you are trying to insure is one of the largest factors when trying to find low-cost coverage for a company car. Vehicles with lots of speed or power, a lack of advanced safety features, or a track record of large liability claims will cost significantly more to insure than safer models.
The table below showcases auto insurance premiums for a number of the most cost-effective vehicles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$1,372|
|Ford Escape Limited 2WD||$1,404|
|Jeep Wrangler Sport 4WD 2-Dr||$1,420|
|Honda CR-V EX-L 2WD||$1,589|
|Volkswagen Jetta S 4-Dr Sedan||$1,626|
|Chevrolet Equinox LS AWD||$1,632|
|Toyota RAV4 2WD||$1,626|
|Dodge Grand Caravan Crew||$1,655|
|Ford Explorer Limited AWD||$1,664|
|Ford Edge Limited AWD||$1,713|
|Toyota Camry SE||$1,722|
|Honda Odyssey EX-L W/Navigation||$1,713|
|GMC Sierra SLT Crew Cab 2WD||$1,742|
|Ford Fusion Sport 4-Dr Sedan||$1,749|
|Dodge Ram Quad Cab TRX4 Off Road 2WD||$1,771|
|Ford F-150 FX4 Super Cab 4WD||$1,813|
|Toyota Tacoma Double Cab 4WD||$1,822|
|Chevrolet Malibu LT||$1,813|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$1,822|
|Start a Quote Go|
Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Prices do not factor in zip code location which can impact price quotes significantly.
Based on these rates, we can infer that models like the Honda Accord, Ford Escape, and Jeep Wrangler are most likely to be a few of the more affordable vehicles to insure for your employer’s vehicle.
Careless driving habits raise Jersey City auto insurance rates
In a perfect world, the ideal way to enjoy the cheapest auto insurance prices in New Jersey for your employer’s vehicle is to drive safely and avoid accidents and traffic violations. The illustration below demonstrates how traffic citations and at-fault fender-benders impact car insurance rates for different insured age categories. The rate quotes are based on a single male driver, comp and collision included, $500 deductibles, and no discounts are applied.
The data charted above shows the average cost of a car insurance policy in New Jersey per year with no accidents or violations is $2,257. Factor in two speeding tickets and the average cost increases to $2,982, an increase of $726 each year. Then add in two accidents along with the two speeding tickets and the annual cost of auto insurance for a company car goes up to an average of $5,816. That’s an increase of $3,560, or $297 per month, just for not driving carefully!
Difference between liability only and full coverage rates
Saving money on auto insurance is important to most vehicle owners, and one great way to pay less for insurance for a company car is to not insure for full coverage. The chart below compares insurance prices with liability coverage only compared to full coverage. The rate quotes are based on no violations or claims, $250 deductibles, single status, and no other discounts are factored in.
If averaged out across all ages, full coverage costs $3,421 per year more than just insuring for liability. That amount may make you wonder if buying full coverage is a good investment. There is no set rule to exclude physical damage coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
Why are you paying too much for car insurance?
Jersey City auto insurance rates are calculated based on many things that may substantially change the price you pay for coverage. Simply getting older, adding a teenager to your policy, or getting a few speeding tickets can trigger changes in premium that can cause some rates to be more affordable than before. Not only that, but auto insurance companies modify rates every year to adjust for gains or losses. A period of increased losses can cause increased policy costs, while a lower level of claims may cause lower-cost Jersey City car insurance rates.
For example, the data below shows the cheapest car insurance in Jersey City, NJ for a 40-year-old female driver with no prior accidents, a clean driving record, and solid credit. If we look at prices based on her current situation, 21st Century offers the lowest car insurance rates in Jersey City at $1,466 each year. This is $386 less than the average premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades are the rest of the top five cheapest Jersey City, NJ auto insurance companies.
The example below compares rates after we give the driver from the first example some claims, a lower credit rating, and a speeding ticket. Due to the fact that every auto insurer has a unique approach for determining rates, comparing prices may result in a different list of the cheapest Jersey City car insurance companies as shown below.
The Hartford now has the best insurance rate in Jersey City with Allstate, USAA, Mercury, and Travelers now rounding out the top five. This example demonstrates why consumers need to perform an extensive rate comparison to get the most economical insurance quotes for a company car.
Insurance prices are impacted by many factors and change dramatically, so the best price three years ago may now be wasting a lot of money.
Tips to find economical car insurance for a company car
Here are many penny-pinching solutions that can help drivers get more affordable auto insurance.
- Avoid getting citations and tickets
- Raise your physical damage coverage deductibles
- If possible, pay for small claims out-of-pocket
- Drop full coverage on older vehicles
- Accidents can significantly increase rates
- Compare prices frequently to find the best deal
The last tip is notably vital, as was discussed in this article. Prices charged by companies in Jersey City fluctuate considerably, so don’t be unwilling to buy a different policy if a better rate can be found. Many drivers prefer to stick with one company, but it isn’t a good idea if that faithfulness ends up costing you money that could be used for better things. Spend a few minutes and compare rates to find cheaper auto insurance for a company car.
If you have coverage questions and would like to have a professional recommendation when comparing insurance rates for your employer’s vehicle, the agencies below can help you make a decision which policy is best. To find an agent close to where you live, click the link after the list.
Lou Schloss Agency Inc
31 River Ct – Jersey City, NJ 07310 – (201) 626-7589
Alberto Santana – State Farm Insurance Agent
1755 John F. Kennedy Blvd – Jersey City, NJ 07305 – (201) 332-3344
Farmers Insurance – Mofalc Meinga
447 Central Ave – Jersey City, NJ 07307 – (201) 435-1616
ABL Insurance Services
910 Bergen Ave # 307 – Jersey City, NJ 07306 – (201) 222-1314
Diaz Insurance Agency
815 Bergenline Ave – Union City, NJ 07087 – (201) 348-1288