Trying to find cost effective insurance is hard enough, and finding out which insurers offer the lowest-priced insurance rates for college students involves more quotes for comparison.
Each auto insurance company has a different process to determine rates, so let’s begin by examining the most affordable insurance companies in New Jersey. It’s important to know that Jersey City, NJ insurance rates are based on many factors that can increase the price of your policy. This price fluctuation is why it is important to shop around to get the cheapest car insurance rates for college students. Auto insurance prices are calculated by many factors and can change substantially, so the most economical option the last time you shopped around may now be quite expensive.
Best Insurance Companies for College Students
|Rank||Company||Cost Per Year|
|3||New Jersey Manufacturers||$1,271|
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21st Century has some of the cheapest car insurance rates in Jersey City at around $1,100 annually. This is $752 less than the average policy premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also qualify as some of the cheapest Jersey City, NJ car insurance companies.
As shown in the table above, if you buy coverage from Penn National and switched to 21st Century, you could see a yearly savings of roughly $225. New Jersey drivers with Palisades may save as much as $282 a year, and California Casualty policyholders might reduce prices by as much as $351 a year.
To find cheaper insurance rates for your vehicle, click here to start a quote or click through to the companies below.
Remember that these estimates are averages for all drivers and vehicles in New Jersey and and are not figured with a specific vehicle garaging location for college students. So the insurer that has the cheapest rates for you may not even be in the top 19 companies shown above. That emphasizes why you need to get quotes using your own specific driver and vehicle information.
The vehicle model you are trying to insure is one of the largest factors when looking for affordable car insurance for college students. Vehicles with economical engines, modern passenger safety features, or a low likelihood of having liability claims will cost significantly less to insure than high performance models. The table below ranks auto insurance costs for the most cost-effective vehicles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$2,916|
|Ford Escape Limited 2WD||$2,961|
|Hyundai Elantra SE Touring Station Wagon||$3,146|
|Ford Edge SE 2WD||$3,227|
|Jeep Wrangler Rubicon 4WD 2-Dr||$3,272|
|Dodge Grand Caravan SE||$3,280|
|Toyota RAV4 Limited 4WD||$3,457|
|Toyota Tacoma Double Cab 4WD||$3,466|
|Chevrolet Equinox LS AWD||$3,457|
|Ford Explorer Eddie Bauer 4WD||$3,502|
|Honda Civic LX 4-Dr Sedan||$3,601|
|Toyota Camry SE||$3,645|
|Chevrolet Impala LTZ||$3,654|
|Toyota Corolla XLE||$3,645|
|Honda Odyssey EX-L W/Navigation||$3,654|
|Volkswagen Jetta SEL 4-Dr Sedan||$3,690|
|GMC Sierra SLT Extended Cab 2WD||$3,695|
|Nissan Altima 3.5 SR 4-Dr Sedan||$3,690|
|Jeep Grand Cherokee SRT-8 4WD||$3,696|
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Data based on single female 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. Price information does not factor in garaging location in Jersey City, NJ which can impact price quotes substantially.
Based upon these rates, vehicles like the Honda CR-V, Ford Escape, Hyundai Elantra, and Toyota Prius will definitely be the cheaper vehicles to insure for students in college. Auto insurance rates will be more costly because there is more liability exposure for college students, but overall those particular vehicles will have the best insurance prices that you are likely to find.
For students in college, one of the big components that are looked at to help calculate the amount you pay for auto insurance is where you choose to live in Jersey City. Regions with larger populations or more claims are more likely to have higher rates, whereas more rural areas benefit from lower prices.
The following table sorts the highest-priced areas in New Jersey for college students to purchase car insurance in. Jersey City is ranked at #9 with the yearly price of $2,345 for the average insured, which is approximately $195 each month.
|2||West New York||$2,531|
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Rates are comparative as the garaging address in Jersey City can impact price quotes considerably.
Insurance company ratings
Selecting a highly-rated car insurance company is difficult considering how many choices you have in New Jersey. The ranking data shown next can help you analyze which car insurance providers to look at when shopping insurance around for college students.
The rankings below are only made up of the largest companies in America, so smaller companies that only insure vehicles in New Jersey are not factored into the list. To check prices and find the cheapest rates for college students, just click here.
Top 10 Major Auto Insurance Companies Overall in Jersey City
- Mercury Insurance
- The Hartford
- State Farm
- Farmers Insurance
- Safeco Insurance
- 21st Century
Top 10 Major Auto Insurance Companies in Jersey City Ranked by Customer Service
- Mercury Insurance
- The Hartford
- American Family
- State Farm
- Farmers Insurance
The diagram below shows how choosing a deductible can impact insurance prices when quoting cheap insurance for college students. The rates are based on a married male driver, full physical damage coverage, and no additional discounts are factored in.
The chart above illustrates that a 40-year-old driver could lower rates by $400 a year by increasing from a $100 deductible to a $500 deductible, or save $604 by choosing a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could potentially save as much as $1,336 or more just by choosing higher deductibles when buying full coverage.
When increasing deductibles, it is necessary to have spare funds to enable you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Here’s why you should compare rates often
New Jersey insurance rates are influenced by many factors which can substantially decrease or increase the price of coverage. Simply having another birthday, buying higher coverage limits, or getting a DUI can trigger changes in premium resulting in some companies being cheaper than before. In addition, auto insurance companies change the rates they charge in New Jersey multiple times each year in order to maintain liquidity for claims. Significantly higher losses can cause high rates, while better underwriting may result in cheaper Jersey City car insurance rates.
For example, the graph below shows rates for the cheapest car insurance in Jersey City, NJ for a 40-year-old male driver with no accidents, a clean driving record, and a good credit rating. If we estimate prices based on his current risk factors, 21st Century might offer the lowest car insurance rates in Jersey City at $1,451 annually. This is $401 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 top five cheapest Jersey City, NJ auto insurance companies.
Let’s now give the driver from above a couple of claims, poor credit, and a traffic ticket or two. Due to the fact that every auto insurer uses their own formula for determining rates, comparing rates may result in a completely different list of cheap Jersey City auto insurance companies as shown below.
The Hartford now has the best price in Jersey City with Allstate, USAA, Mercury, and Travelers now rounding out the top five. This example shows why consumers need to compare many different companies when trying to find the best insurance rates for college students. Prices are made up of many factors and can change substantially, so the best option two years ago may now be an over-priced policy.
How to find budget-friendly insurance for college students
The list below summarizes some of the better thrifty suggestions that can help drivers find cheap coverage.
- Drive attentively and avoid accidents
- Good credit scores may make rates cheaper
- You will pay more if you get tickets or have at-fault accidents
- Drive safe vehicles
- Raise physical damage deductibles
- Shop around for cheaper prices often
That last piece of advice is very critical, as was pointed out in the article above. Rates change constantly, so don’t be afraid to change insurance companies if a more affordable rate is found. Many drivers tend to have loyalty to a certain company, but it’s not a great idea if that inflexibility results in costing you thousands of dollars over several years. In just a couple of minutes you could compare prices to find cheaper insurance for college students in Jersey City.
If you wish to get some professional input when shopping for cheaper insurance for students in college, the agents below are willing to help you determine which coverages are best.
To find an auto insurance agency in your neighborhood, click the button below the list.
All Insurance Services Inc
574 Newark Ave – Jersey City, NJ 07306 – (201) 963-8888
GG Insurance – Independent Insurance Agent
270 Marin Boulevard, Metropolis Towers Suite #14D – Jersey City, NJ 07302 – (800) 801-0394
07305, 701 NJ-440 – Jersey City, NJ 07304 – (201) 515-3499