How Much are Insurance Quotes for Electric Cars in New Jersey?

The vehicle you are trying to insure is a significant factor that determines whether or not you find the most affordable coverage for electric cars. Vehicles with economical engines, good crash test ratings, or a positive history of liability claims will cost quite a bit less to insure than higher performance models.

The data below illustrates coverage costs for a number of the cheapest automobiles to insure in New Jersey.

Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Price information does not factor in the specific area where the vehicle is garaged which can decrease or increase premium rates noticeably.

Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Price information does not factor in the specific area where the vehicle is garaged which can lower or raise coverage prices substantially.

Prices based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Prices do not factor in the specific area where the vehicle is garaged which can decrease or increase premium rates greatly.

Establishing which company quotes the cheapest car insurance rates for electric cars calls for a little more sweat than just comparing a company or two. Every insurance company uses their own formula for determining rates in each state, so we will examine the overall cheapest car insurance companies in New Jersey.

It’s important to know that New Jersey car insurance rates are calculated based on many things which can substantially decrease or increase your annual premium. Simply improving your credit, buying another vehicle, or getting a ticket for running a stop sign may cause policy rate changes resulting in some rates now being cheaper than competitors.

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21st Century quotes some of the lowest car insurance rates in New Jersey at around $1,067 per year. Travelers, New Jersey Manufacturers, Penn National, and Palisades also make the cut as some of the more affordable New Jersey auto insurance companies.

As shown in the table above, if you currently buy coverage from Palisades and switched to Travelers, you could realize yearly savings of in the neighborhood of $196. New Jersey drivers with California Casualty may save as much as $292 a year, and The Hartford insureds might cut rates by $391 a year.

Be aware that those estimates are averaged for all insureds and vehicles and do not factor in a rate discount for electric cars. So the insurer that fits you best may not even be in the list above. That is why you need to get car insurance quotes using your own driver data and vehicle information.

One of the more important things that play a part in determining the amount you pay each year for auto insurance is where you live in New Jersey. Larger areas like Newark, Elizabeth, and West New York tend to have more expensive car insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates generally pay less for insurance.

The information below lists the most expensive places in New Jersey for electric cars in which to purchase auto insurance.

Price information shown is comparative as the vehicle garaging location can affect premium rates considerably.

Full coverage rates compared to liability only

Finding cheap insurance for electric cars in New Jersey is important to the majority of people, and one common way to reduce the cost of insurance is to not pay for full coverage. The diagram below shows the comparison of auto insurance rates with and without full coverage. The premiums are based on no tickets, no at-fault accidents, $100 deductibles, single status, and no other discounts are factored in.

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As an overall average, comp and collision coverage costs $2,745 per year more than just buying liability only. At some point, almost every driver questions if buying full coverage is worth the money. There isn’t a written rule of when to phase out full coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.

For example, let’s assume your vehicle’s settlement value is $6,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $5,500 after paying your policy deductible. If it’s costing you more than $550 a year for full coverage, then you might want to consider buying only liability coverage.

Discounts on cheap insurance for electric cars in New Jersey

Auto insurance companies that offer cheap quotes for electric cars may additionally offer special discounts that can reduce rates by 30% or more if you meet the requirements. A list of car insurance companies and the discounts they provide include:

The example below compares annual premium costs with and without discounts applied to the policy premium. The data assumes a female driver, no claims or violations, New Jersey state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with accident-free, defensive driving course, multiple vehicle, vehicle safety, anti-theft, and safe-driver discounts applied. When discounts are factored in, the the amount saved on car insurance for electric cars is % or $.

google.charts.setOnLoadCallback(drawDiscqcibChart);function drawDiscqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Female Driver No Discounts’, ‘Female Driver with Discounts’],[‘Age 20’, 3527,2539],[‘Age 30’, 2433,1767],[‘Age 40’, 2261,1639],[‘Age 50’, 1979,1435],[‘Age 60’, 1909,1385],[‘Age 70’, 2229,1609]]);var options = {title: ‘Effect of Discounts on Insurance Price for Electric Cars’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’:{left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#c096ca’, ‘#e1b7ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdisc’));chart.draw(data, options);}

State Farm, Allstate, Geico, or Progressive: Who is cheapest?

If you’re looking for the cheapest car insurance for eco-friendly vehicles in New Jersey, the most popular companies are State Farm, Allstate, Geico, and Progressive. Between them, they insure over 45% of all car insurance policies in America. All of them offer liability and physical damage protection, but each on has somewhat different options that may influence which company you choose. The next table points out some of the different options offered by each company.