Best Cheap Auto Insurance Quotes for Young Drivers in New Jersey

Performance level and cost of the vehicle you are buying coverage for is one of the primary factors when trying to find the most economical insurance for young drivers. Vehicles with higher performance characteristics, poor crash test ratings, or an increased likelihood of liability claims will cost much more to insure than more economical and safe models. The lists below ranks coverage prices for the most economical vehicles to insure.

Table data assumes single male driver age 17, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium costs do not factor in vehicle location which can revise insurance rates substantially.

Table data represents single male driver age 17, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, and claim-free. Prices do not factor in vehicle location which can revise prices considerably.

Price data assumes single male driver age 17, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in vehicle location which can lower or raise price quotes noticeably.

Establishing which company quotes the best auto insurance rates for young drivers will take a tad more effort in order to find coverage that fits your buget. Each insurer uses their own formula to set premium rates, so let’s take a look at the auto insurance companies with the most affordable rates in New Jersey.

It’s important to understand that New Jersey auto insurance rates are calculated based on many things which can substantially change the policy price. Simply getting older, moving to a different location, or getting a speeding ticket may prompt premium changes resulting in some rates now being more affordable than others.

Best Car Insurance Prices for Teens

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21st Century generally has some of the lowest car insurance rates in New Jersey at around $1,067 a year. Travelers, New Jersey Manufacturers, Penn National, and Palisades also rank well as some of the best New Jersey car insurance companies.

As illustrated above, if you currently have coverage with Penn National and switched to Travelers, you might achieve annual savings of approxmiately $169. New Jersey drivers with Palisades might save as much as $185 a year, and Allstate policyholders might see rate reductions of $322 a year.

Remember that these premiums are averages across all types of insureds and vehicles and and are not calculated with a price surcharge for young drivers. So the company that can offer you the best rate may not even be featured in the above list. That helps illustrate why you need to get quotes using your own driver and vehicle profiles.

The chart below highlights how deductible choice can change insurance prices when quoting cheap insurance for young drivers. The costs are based on a single male driver, full physical damage coverage, and no policy discounts are applied.

A 50-year-old driver could lower rates by $396 a year by changing from a $100 deductible up to a $500 deductible, or save $594 by changing to a $1,000 deductible. Younger drivers, like the 20-year-old example, could possibly save $1,296 or even more by using higher deductibles when buying full coverage.

If you do raise deductibles, it is necessary to have enough savings to be able to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Best rates: Geico, State Farm, Allstate, or Progressive

If you’re looking for the cheapest car insurance for youthful drivers in New Jersey, the companies with the most market share are Geico, State Farm, Allstate, and Progressive. If you add them together, they insure about 50% of the entire U.S. market share. The next table breaks down some of the different features .

How to find more affordable auto insurance for young drivers

The list below details many penny-pinching suggestions that can help New Jersey drivers locate the cheapest car insurance.

• Drive vehicles with five-star safety ratings
• Accidents can significantly increase rates
• Higher credit scores can equal lower rates
• Do not pay for full coverage if not needed
• Save money by insuring your home and auto with the same company
• Comparison shop frequently

That last tip is especially necessary, as was emphasized in the article above. Rates fluctuate constantly, so don’t hesitate to change insurance companies if a lower-cost policy is available.

Being loyal to a particular company is commendable, but it’s not a great idea if that devotedness results in you overpaying lots of hard earned cash every month. Now is a great time to compare prices to find cheaper insurance for young drivers.