Average Car Insurance Price New Jersey
Saturday, March 11, 2023
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Average Car Insurance Price in New Jersey
Overview
The cost of car insurance in New Jersey can vary significantly based on a variety of factors, including age, driving record, type of vehicle, and more. On average, drivers in the Garden State can expect to pay around $1,420 a year for their car insurance. That figure is slightly higher than the national average of $1,311.
In New Jersey, car insurance is regulated by the state’s Department of Banking and Insurance. Drivers are required to purchase a minimum of $15,000 of liability coverage per person, $30,000 of liability coverage per accident, and $5,000 of property damage coverage. This coverage is known as 15/30/5 coverage.
Factors Affecting Car Insurance Costs
The cost of car insurance in New Jersey can vary greatly depending on a variety of factors. Some of the most important are:
Age
Age is one of the most important factors when it comes to the cost of car insurance in New Jersey. Drivers under the age of 25 can expect to pay significantly more than older drivers.
Driving Record
Driving record can also have a significant impact on car insurance costs. Drivers with a clean record can expect to pay lower rates than those with tickets or accidents on their record.
Type of Vehicle
The type of vehicle can also have a big impact on the cost of car insurance. Generally, larger and more expensive vehicles will cost more to insure.
Location
Location can also affect car insurance costs. Drivers in urban areas tend to pay more than those in rural areas.
Discounts
In addition to the factors mentioned above, there are also a number of discounts available that can help lower car insurance costs. These include discounts for good students, safe drivers, and multi-car households.
Conclusion
The cost of car insurance in New Jersey can vary greatly based on a variety of factors, including age, driving record, type of vehicle, and more. On average, drivers in the Garden State can expect to pay around $1,420 a year for their car insurance. That figure is slightly higher than the national average of $1,311.
In addition to the factors mentioned above, there are also a number of discounts available that can help lower car insurance costs. By taking advantage of these discounts, drivers in New Jersey can save money on their car insurance premiums.
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