The type of vehicle requiring coverage is one of the largest considerations in finding low-cost car insurance for 20 year old guys. Vehicles with more horsepower, poor safety ratings, or a track record of large liability claims will cost more to insure than safer models.
The next list estimates auto insurance rates for a selection of the most economical vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$3,696|
|Ford Escape XLS 2WD||$3,705|
|Honda CR-V EX-L 2WD||$3,750|
|Volkswagen Jetta S 2.5 Station Wagon||$4,024|
|Dodge Grand Caravan SE||$4,111|
|Ford Explorer XLT 4WD||$4,119|
|Ford Edge Limited 2WD||$4,331|
|Toyota Camry LE||$4,385|
|Jeep Grand Cherokee Laredo 2WD||$4,393|
|Toyota RAV4 2WD||$4,385|
|Chevrolet Impala LT||$4,393|
|Chevrolet Malibu LT||$4,442|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$4,451|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$4,442|
|Hyundai Elantra Blue 4-Dr Sedan||$4,606|
|Honda Civic LX-S 4-Dr Sedan||$4,613|
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Above prices assume single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, and claim-free. Rates do not factor in vehicle garaging location which can affect price quotes substantially.
By looking at the data, we can conclude that models like the Honda Accord, Ford Escape, and Honda CR-V are likely to be some of the most budget-friendly vehicles to insure for young men. The price for car insurance will tend to be higher because of the fact that there is more exposure for 20 year old guys, but in general those particular models will most likely have the lowest insurance rates that you'll find.
For young men, one of the more important criteria that are used to help calculate the amount you pay each year for auto insurance is the neighborhood you call home. Areas with more people or higher crime rates tend to have more expensive auto insurance rates, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The next table rates the priciest cities in New Jersey for 20 year old guys to purchase car insurance in. Jersey City is ranked at #8 with the annual price of $2,345 for coverage, which is approximately $195 monthly.
|3||West New York||$2,456|
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Premium costs are approximated as zip code location can modify insurance rates noticeably.
Buying affordable car insurance is challenging, and figuring out which companies have the lowest-priced insurance rates for 20 year old guys will take even more work. Every auto insurer has a unique approach to set their prices, so first we will examine the insurance companies that tend to be cheaper in New Jersey.
It's a good idea to know that Jersey City, NJ insurance rates are influenced by many factors that can increase the policy premium. Things like having a birthday, having a claim, or having an accident can trigger rate changes that may make certain companies cheaper than competitors.
Cheapest Insurance Rates for Men Age 20
|Rank||Company||Cost Per Year|
|3||New Jersey Manufacturers||$1,271|
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21st Century offers some of the cheapest car insurance rates in Jersey City at around $1,078 each year. This is $774 less than the average policy premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also make the cut as some of the more affordable Jersey City, NJ car insurance companies.
As shown above, if you are insured with New Jersey Manufacturers and switched to 21st Century, you may realize savings of approximately $193. New Jersey drivers with Penn National may save as much as $247 a year, and Palisades insureds might see rate reductions of $276 a year.
These policy prices are averages across all types of drivers and the different vehicles they drive and and are not figured with an exact zip code location for 20 year old guys. So the car insurance company that can offer you the best rate may not even be in the top 19 companies in the list above. That point stresses why you need to compare rates from as many companies as possible using your own individual information.
Full coverage rates vs. liability-only in Jersey City
Buying cheaper insurance should be important to most drivers, and one good way to buy cheap insurance for 20 year old guys is to buy only liability coverage. The chart below visualizes the comparison of car insurance rates with full physical damage coverage compared to only buying liability only. The costs are based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
Averaged out for all age groups, physical damage insurance costs an extra $2,176 per year over liability only. Many people question if full coverage is worth the money. There isn't a written rule to delete comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is about 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
There are some scenarios where dropping physical damage coverage is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.
Impact of careless driving on insurance rates
In a perfect world, the best way to maintain the most affordable insurance premiums in New Jersey for young men is to drive safely and have a clean driving record. The diagram below highlights how traffic violations and at-fault fender-benders can affect insurance prices for each different age group. Data assumes a married male driver, full coverage, $500 deductibles, and no discounts are taken into consideration.
In the previous chart, the average cost of car insurance per year with no violations or accidents is $1,923. Factor in two speeding tickets and the average cost hikes up to $2,648, an increase of $725 each year. Now throw in one accident along with the two speeding tickets and the yearly cost of insurance for 20 year old guys jumps again to an average of $3,376. That's an increase of $1,453, or $121 per month, just for not driving carefully!
How to find the cheapest car insurance for 20 year old guys
The list below details some of the better penny-pinching ideas that can help Jersey City drivers quote lower-cost coverage.
- Save money by insuring older vehicles for liability only
- Improve your credit rating
- Claim-free drivers earn discounts
- Increase the comprehensive and collision deductibles on your policy
- Safer vehicles generally have cheaper insurance rates
- Buying home and auto insurance together can earn discounts
- Shop around for lower rates once a year
That final tip is especially crucial, as we discussed in the article above. Coverage rates in Jersey City adjust frequently, so don't be unwilling to buy a different policy if you find a better deal.
Sticking with a specific company is fine, but we do not recommend it if that devotion results in you overpaying a lot of money every month. If you have a few minutes, shop around to find cheaper insurance for 20 year old guys.
The insurance agencies listed below are willing to help you make a decision which policy is best, as some drivers have questions and prefer to get some help when shopping around for cheaper insurance for young men. It's not always easy to find the cheapest rate yourself, so professional agents can give comfort knowing you have adequate coverage if you have an accident or claim.
To locate a Jersey City insurance agent using an interactive map, click the button after the list.
GG Insurance - Independent Insurance Agent
270 Marin Boulevard, Metropolis Towers Suite #14D - Jersey City, NJ 07302 - (800) 801-0394
Exodus Insurance Services
758 Ocean Ave - Jersey City, NJ 07304 - (201) 433-1015
243 Central Ave # 1 - Jersey City, NJ 07307 - (201) 721-6081
Cheap Car Insurance Quotes Auto Newark NJ
268 W KINNEY ST - Newark, NJ 07103 - (888) 290-0635