The words “bargain” and “insurance” really don’t belong together, in particular when trying to find the best price on coverage for good students. Let’s introduce you to a few of the factors that impact insurance premiums, and figure out some ways to reduce the cost of the next policy you buy.
One of the many components that are used to help calculate the amount you pay each year for auto insurance is where you live in Jersey City. Areas with increased crime or more people tend to have more expensive car insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims benefit from having to pay less for coverage.
The illustration below lists the most expensive areas in New Jersey for good students in which to buy car insurance. Jersey City comes in at #8 with an annual cost of $2,322 for coverage, which is around $194 each month.
|5||West New York||$2,431|
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Rate information is estimated as specific location information can lower or raise premiums considerably.
Finding reliable, affordable auto insurance is not easy, and finding out which insurers offer the cheapest auto insurance rates for good students will take even more shopping around. Every insurance provider uses a little different formula to determine rates, so we’ll take a look at the auto insurance companies with the overall cheapest rates in Jersey City, NJ.
It’s important that you understand Jersey City auto insurance rates are based on many factors that will increase or decrease the cost of your policy. Improving your financial situation, buying higher coverage limits, or getting a DUI can trigger changes in premium that can now make some companies more affordable than before.
Find the Best Cheap Insurance for Students
|Rank||Company||Cost Per Year|
|3||New Jersey Manufacturers||$1,297|
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21st Century generally has some of the cheapest car insurance rates in Jersey City at around $1,078 a year. This is $774 less than the average rate paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also are some of the more affordable Jersey City, NJ auto insurance companies.
As the rates illustrate above, if you currently have a policy with Penn National and switched to 21st Century, you could see a yearly price reduction of about $260. Drivers with Palisades may save as much as $276 a year, and The Hartford customers might reduce rates by $398 a year.
To compare your rates to other New Jersey insurance companies, click here to get quotes or click several companies below for low rates.
Remember that these premiums are averaged across all drivers and vehicles in New Jersey and are not factoring in an exact zip code location for good students. So the auto insurance company that has the cheapest price for you may not even be in the top 19 companies shown above. That emphasizes why you need to get auto insurance quotes using your own personal information and vehicle type.
The vehicle model requiring coverage is a large factor that determines whether or not you can buy affordable insurance for good students. Vehicles with lower performance, a plethora of safety features, or a low likelihood of having liability claims will cost significantly less to insure than high performance models.
The next list showcases auto insurance premiums for a handful of the most economical vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$5,515|
|Honda CR-V EX 2WD||$5,521|
|Ford Escape XLS 4WD||$5,515|
|Ford F-150 XLT Super Cab 2WD||$6,195|
|Ford Explorer Eddie Bauer 2WD||$6,205|
|Ford Focus S 4-Dr Sedan||$6,489|
|Volkswagen Jetta LE 4-Dr Sedan||$6,544|
|Toyota RAV4 Limited 2WD||$6,550|
|Chevrolet Impala LT||$6,544|
|GMC Sierra SL Extended Cab 2WD||$6,554|
|Chevrolet Equinox LS AWD||$6,544|
|Chevrolet Malibu LT||$6,597|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$6,602|
|Dodge Grand Caravan SXT||$6,597|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$6,891|
|Ford Edge Sport AWD||$6,894|
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Prices above based on single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, and claim-free. Prices do not factor in the specific area where the vehicle is garaged which can influence premiums noticeably.
By looking at the data, we can tell that models like the Hyundai Elantra, Honda CR-V, Ford Escape, Toyota Prius, and Ford F-150 are some of the most economical vehicles to insure for student drivers.
Types of discounts on Jersey City auto insurance rates
Auto insurance companies that sell policies for good students may provide price discounts that may potentially lower prices by as much as 30% if you can meet the requirements. A few of the larger companies and some of the discounts include:
- State Farm may offer discounts for good driver, anti-theft, Drive Safe & Save, multiple policy, driver’s education, and accident-free.
- Nationwide offers premium reductions for family plan, good student, business or organization, anti-theft, Farm Bureau membership, easy pay, and defensive driving.
- GEICO includes discounts for air bags, multi-vehicle, membership and employees, five-year accident-free, and anti-theft.
- AAA has discounts for AAA membership discount, education and occupation, good student, pay-in-full, multi-car, good driver, and multi-policy.
- 21st Century offers discounts including defensive driver, early bird, air bags, automatic seat belts, and homeowners.
- The Hartford may include discounts for vehicle fuel type, bundle, driver training, anti-theft, defensive driver, air bag, and good student.
The chart below shows the comparison of insurance premiums with and without discounts applied to the policy rates. The premium estimates are based on a female driver, no claims or driving violations, New Jersey state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with continuous coverage, anti-theft, passive restraint, paid-in-full, paperless filing, and good student discounts applied. When these discounts are applied to the policy premium, the average savings per year on auto insurance for good students is 28% or $754.
How violations and accidents impact rates
In a perfect world, the best way to get good auto insurance rates in Jersey City for student drivers is to drive attentively and not get tickets or have accidents. The chart below demonstrates how citations and fender-benders raise insurance prices for each age group. The costs are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no additional discounts are factored in.
The chart shows that the average cost of an auto insurance policy per year with no accidents and a clean driving record is $1,920. Get written up for one speeding ticket and the average cost surges to $2,179, an increase of $259 each year. Now add two accidents along with the one speeding ticket and the yearly cost of auto insurance for good students jumps again to an average of $4,618. That’s an increase of $2,698, or $225 per month, just for not maintaining a clean driving record!
Chances are good that you’re overpaying for Jersey City car insurance
Jersey City auto insurance rates are impacted by many things that will increase or decrease the price you pay. Simply having a birthday, becoming a homeowner, or getting into an accident can trigger rate changes that can cause some rates to be cheaper than competitors.
Not only may your risk profile change, but car insurance companies amend pricing as often as every quarter to adjust for unexpected claims or profits. Significantly higher claims can result in a rate increase, while a lower level of claims may result in cheaper Jersey City car insurance rates.
For example, the graph below compares the cheapest car insurance in Jersey City, NJ for a 30-year-old male driver with no prior accidents, a clean driving record, and excellent credit. When comparing rates based on his current situation, 21st Century might offer the lowest car insurance rates in Jersey City at $1,541 a year. This is $311 less than the average policy premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades round out the rest of the most affordable Jersey City, NJ auto insurance companies.
Now let’s give the driver from the first set of rates some claims, slightly worse credit, and a blemish on his driving record. Because every insurance company has their own unique process to determining premium rates, comparing insurance quotes most likely will result in a completely different list of affordable companies as shown below.
Allstate now has the best insurance rate in Jersey City with The Hartford, USAA, Travelers, and Mercury now being in the top five. This example proves why Jersey City drivers need to compare lots of rates when trying to find affordable auto insurance rates for good students. Insurance rates are impacted by many things and change frequently, so the best price the last time you compared rates may now not even be in the top five.
How to find the cheapest auto insurance for good students
Below you’ll find some of the better thrifty ideas that can help drivers quote lower-cost car insurance.
- Keep your driving record clean
- Avoid having at-fault accidents
- Choose a safer vehicle and pay lower rates
- Buying your home and auto policies from the same company can earn a discount
- Too many claims can make car insurance unaffordable
- Keep rates low by shopping around frequently
That final tip is extraordinarily valuable, as we noted in this write-up. Prices charged by auto insurers can be adjusted at any time, so don’t be afraid to change insurance companies if you can save money. Many drivers prefer to stick with one company, but is isn’t recommended if that loyalty ends up costing a lot of money. It takes less than five minutes to compare prices and find cheaper auto insurance for good students in Jersey City.