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Auto insurance In New Jersey Among Most Expensive In Country

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(Gloucestercitynews.net)-(July 25, 2019)--Insuring your car isn’t cheap, especially if you live in New Jersey. According to a recent report by consumer finance site WalletHub, New Jersey has the third most expensive car insurance rates in the United States (out of the 47 states surveyed). Nearby states Connecticut and Pennsylvania have the 10th and 7th most expensive rates, respectively, while New York takes the top spot as the state with the costliest plans.

Why Is Car Insurance In New Jersey So Expensive? 

Nearly 70 percent of New Jersey’s nine million people are licensed drivers, which is a lot more than most states have. According to WalletHub, states with more heavily populated urban areas are more likely to have higher insurance rates. These rates are also linked to income levels, as many packages also cover lost income from injuries. Highly populated, affluent areas also have more people making more trips, driving up prices.

According to a study conducted by Quadrant Information Studies for U.S. News, the average rate in New Jersey is around $1,667. Though Gloucester City wasn’t covered in the study, neighboring Camden City has an average rate of $2,275, making it much higher than the state average. Protection against potential loss and car damage can’t be stressed enough, which is why it’s worth investing some time to find affordable options. Some of the most affordable plans in New Jersey can cost just a little over $1,000, depending on the driver profile.

How To Get Cheap Car Insurance

To get good insurance rates anywhere, you’ll need to have a good driving record and good credit. If you happen to live in a county that receives fewer claims than others, that’s even better. Your credit score can make a huge difference in how much you’ll have to pay to insure your car. Compared to someone with good credit, someone with a poor credit score will have to pay almost double the price for car insurance.

And naturally, your driving record will also be taken into account. A New Jersey driver with a clean record has an average insurance rate of $1,667, while someone with a single speeding violation has to pay $2,050 for similar policies. A driver with one accident on record will have to spend $2,780, while someone with one DUI will have to pay out an average of $3,160.

If you want to spend less to protect your vehicle, ensure that you’re not paying for coverage you don’t need. You can also lower your premiums by paying higher deductibles. Don’t forget to ask your insurance provider about any discounts that could apply to you. And of course, do a little bit of research and look for the company that offers the most affordable rates for your specific needs.