The words "affordable" and "insurance" really should not be used together, specifically when trying to find the best car insurance for low income drivers. Let's start off by going over some of the things that influence auto insurance prices, and find some ways to take a little off your next policy.
Figuring out which companies offer the lowest-priced insurance rates for low income drivers will take a bit more effort in order to find the best policy. Every insurance company has their own guidelines to set premium rates, so let's take a look at the insurance companies with the most affordable rates in New Jersey.
Find Cheaper Car Insurance in New Jersey
|Rank||Company||Cost Per Year|
|3||New Jersey Manufacturers||$1,310|
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21st Century generally has some of the lowest car insurance rates in Jersey City at around $1,100 per year. Travelers, New Jersey Manufacturers, Penn National, and Palisades would also be considered some of the cheapest Jersey City, NJ insurance companies.
As the rates illustrate above, if you currently have coverage with Travelers and switched to 21st Century, you might see an annual premium reduction of upwards of $56. Drivers with New Jersey Manufacturers might save as much as $210 a year, and Penn National customers might lower prices by $279 a year.
To find the cheapest coverage for you, click here to start your free quote or click several companies below for low rates.
It's important to note that these policy prices are averaged across all drivers and vehicles and are not factoring in a specific vehicle garaging location for low income drivers. So the car insurance company that fits you best may not even be in the top 19 companies shown above. That underscores the importance of why you need to compare prices as often as possible using your own specific driver and vehicle information.
For poor drivers, one of the largest components that are looked at to help calculate the price you pay for insurance is where you normally keep your vehicle. Areas with more people or even just a higher incidence of claims tend to pay more, whereas areas with less crime or weather claims benefit from having to pay less for coverage.
The next table lists the priciest cities in New Jersey for low income drivers to buy auto insurance in. Jersey City ranks #10 having an annual price of $2,276 for the average insurance policy, which is approximately $190 per month.
|5||West New York||$2,431|
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Annual rates are approximated as the vehicle garaging location can modify auto insurance rates noticeably.
The make and model of vehicle to be insured is one of the main factors that determines whether or not you can buy low-cost auto insurance for low income drivers. Vehicles with high performance engines, a lack of advanced safety features, or high incidents of liability claims will cost substantially more to insure than more modest models.
The next list presents auto insurance premiums for a number of the most budget-friendly vehicles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Chevrolet Silverado LS Regular Cab 4WD||$1,639|
|Ford Explorer XLT AWD||$1,672|
|Jeep Wrangler Rubicon 4WD 2-Dr||$1,680|
|Ford F-150 XL Crew Cab 4WD||$1,706|
|Hyundai Elantra GLS Touring Station Wagon||$1,711|
|Chevrolet Impala LS||$1,731|
|Toyota Tacoma Double Cab 4WD||$1,797|
|Honda Civic LX 4-Dr Sedan||$1,822|
|Honda Accord EX 4-Dr Sedan||$1,833|
|Ford Escape XLS 2WD||$1,839|
|Honda CR-V LX 2WD||$1,833|
|Volkswagen Jetta SE 4-Dr Sedan||$1,889|
|Toyota Corolla XRS||$1,899|
|Hyundai Sonata GLS 4-Dr Sedan||$1,897|
|Nissan Rogue S AWD||$1,903|
|Ford Focus SES 2-Dr Coupe||$1,989|
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Price information does not factor in garaging location in Jersey City, NJ which can decrease or increase premium rates significantly.
Based upon the table data, you can see that makes and models like the Chevrolet Silverado, Toyota Prius, and Ford Explorer will definitely be the most economical vehicles to insure for poor drivers.
The information below illustrates how your choice of deductibles can influence insurance rates when trying to find cheap insurance for low income drivers. The premiums assume a married female driver, full physical damage coverage, and no policy discounts are applied.
In the chart above, a 40-year-old driver could pocket $444 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $666 by changing to a $1,000 deductible. Even younger insureds, like the 20-year-old category, have the ability to save up to $1,098 or more just by choosing larger deductibles.
When raising deductibles, it will be required to have plenty of discretionary funds to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Reckless driving habits raise Jersey City insurance rates
A great way to find low insurance premiums in Jersey City for poor drivers is to drive cautiously and avoid getting tickets or having accidents. The information below shows how violations and at-fault fender-benders raise insurance costs for different age groups. The rate quotes are based on a married female driver, comp and collision included, $250 deductibles, and no discounts are taken into consideration.
In the example above, the average cost of a car insurance policy per year with no accidents or violations is $2,578. Get two speeding tickets and the average cost increases to $3,676, an increase of $1,098 each year. Then add in two accidents along with the two speeding tickets and the 12-month cost of insurance for low income drivers jumps again to an average of $7,763. That's an increase of $5,186, or $432 per month, just for a couple of infractions!
You are probably paying too much for car insurance
Jersey City, NJ insurance rates are determined by lots of factors that may substantially change the cost of coverage. Simply having a birthday, having a teenage driver, or getting into an accident may cause policy rate changes that can cause some rates to be more affordable than the competition. And not only may your rating factors change, but insurers modify pricing every year or even multiple times each year to reflect underwriting profits or losses. Significantly higher claims may result in a rate increase, while a better loss history may cause lower-cost Jersey City car insurance rates.
As an example, the chart below shows a variety of companies that have the cheapest car insurance in Jersey City, NJ for a 45-year-old female driver with no violations or accidents, and excellent credit. If we compare prices based on her current risk profile, 21st Century may have the lowest car insurance rates in Jersey City at $1,540 per year. This is $312 less than the average premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also make the list of the cheapest Jersey City, NJ auto insurance companies.
In the next rate comparison, we'll give the driver from the first example a chargeable claim, a lower credit score, and an imperfect driving record. Due to the fact that each insurance company uses their own calculation for determining prices, analyzing rate quotes may now show a completely different list of the cheapest companies as shown below.
The Hartford now has the cheapest price in Jersey City, NJ with Allstate, Mercury, USAA, and Travelers also having competitive pricing. This illustrates why it is important to shop around to get the lowest insurance quotes for low income drivers. Insurance prices are made up of many different factors and can decrease or increase without notice, so the cheapest rate the last time you shopped your coverage around may now be one of the more expensive options.
How to find economical auto insurance for low income drivers
It's not impossible to find cheaper rates, and here are a few money-saving suggestions that can help you get cheaper car insurance.
- Save money by insuring your home and auto with the same company
- Increase physical damage deductibles
- Avoid preventable accidents
- Tickets and violations raise rates
- Improve your credit
- Save money by staying claim-free
- Compare price quotes at least once a year
That last piece of advice is incredibly vital, as was noted in the prior article. Insurance prices vary greatly, so drivers shouldn't hesitate to switch to a new company if a lower price can be found. Brand loyalty is great, but it isn't a good idea if that stubbornness costs you money that could be spent on other things. It only takes a couple minutes to shop around and find cheaper insurance for low income drivers in Jersey City.
The insurance agencies below can help you decide which car insurance policy is best, since lots of drivers aren't clear which coverage they need and would like to have professional advice when shopping around for cheaper insurance for low income drivers. It can be hard to do it yourself, and insurance agents licensed in the state of New Jersey can give comfort knowing your policy gives you adequate coverage if you have an accident or claim. To locate a Jersey City car insurance agency close to where you live, click the link at the bottom or click here to get price quotes now.
All Insurance Services Inc
574 Newark Ave - Jersey City, NJ 07306 - (201) 963-8888
Farmers Insurance - Mofalc Meinga
447 Central Ave - Jersey City, NJ 07307 - (201) 435-1616
Diaz Insurance Agency
815 Bergenline Ave - Union City, NJ 07087 - (201) 348-1288
State Farm Insurance - Freddy Duran
1025 Summit Ave - Jersey City, NJ 07307 - (201) 604-3874