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Car Insurance Zip Code Comparison – Rachel graduated from Bodine College with a BA in English. Since then, he has worked as a copywriter for an insurance company and developed an in-depth knowledge of local and national insurance laws and rates. His research and writing focuses on helping readers understand how to find their insurance and savings. She has featured expert advice and coverage on sites like PhotoInforced, All…
Eric Stauffer is an insurance broker and banker. His priority is to educate individuals and families about the different types of insurance. He is passionate about helping clients find the best coverage for their budget and individual needs. Eric is the CEO of C Street Media, a full-service marketing agency and sponsor of ProperCents.com, spearheading financial…
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When you think of New Jersey, you may think of an urban area with freeways and shopping malls rather than flowers, fruits or vegetables. Hence, its nickname, “The Garden State”, contradicts its famous image. However, New Jersey auto insurance has grown like a tree.
There are many factors that affect the cost of car insurance in New Jersey. If you’re confused about New Jersey car insurance, you’re not alone, but we can help.
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Continue reading to learn about car insurance companies in New Jersey and car insurance dollars per day in Paterson, NJ in other cities. (For more information, read “Dollar-a-Day Insurance”).
If you have these questions and more, we have many answers. Below, we’ll cover New Jersey’s minimum auto insurance requirements, average premiums, and some interesting facts to help you make the right choice.
If you’re ready to start comparing New Jersey car insurance now, enter your zip code into our free comparison tool!
How much insurance do you need for your car? New Jersey state auto insurance laws require drivers there to have the minimum coverage required by the state. Basic coverage costs less than a standard plan, but coverage is limited.
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Remember that liability insurance focuses on covering others in accidents where you are at fault. Without liability insurance, if you cause a car accident and injure the driver or other passengers, you must cover the injuries and property damage of others. You could be sued and face other penalties and garnishment of your wages from the state.
If you need coverage for your property damage, you must purchase comprehensive coverage and a policy. Liability insurance covers accidents only, but cars are subject to other hazards such as animals and falling trees. Some people also choose to purchase a higher PIP limit to cover their injuries.
According to the Insurance Information Center for the State of New Jersey, New Jersey is a “no-fault” auto insurance state. If you buy a standard plan, you choose whether you want “limited rights to claim” or “unlimited rights to claim”. This is a very important option, but many people do not understand it.
If you choose an unlimited liability claim, you can sue the other driver who caused the accident for pain and suffering, no matter how big or small your injuries are.
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If you choose limited liability, you won’t be allowed to sue the other driver for injuries including:
The State of New Jersey specifically cautions that you are solely responsible for your own choices in this matter. If you are denied the right to sue because you did not choose to, you cannot sue insurance producers or book companies. This option cannot be changed after an accident regardless of the cause.
At checkpoints, checkpoints, traffic stops or accidents in New Jersey, you must provide proof of coverage in paper or electronic form. You can watch the digital version on any mobile device.
The name, address and code of the insurance company (or the name and address of the issuer) must appear on the front of the card. It also includes the insured’s name and address, policy number, effective and expiration dates, vehicle description (make, model and VIN) and a “State of New Jersey Insurance Identification Card”. The other side should contain the address of the insurer, which is arranged to include the initial notification of medical treatment.
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In recent years, the state of New Jersey has decided that cell phones, tablets and computers can be used to create electronic proof of insurance. The average rate also drops if you don’t go to school. Therefore, it is of some importance to drivers trying to reduce their insurance costs.
In 2014, New Jerseyans had an average annual after-tax bill of $49,983, while annual insurance costs were $1,379.20. That means the average New Jersey driver spends about three percent of their income on car insurance. It does not distinguish between state minimum rates and comprehensive coverage plans.
Nationally, from 2012 to 2014, New York and Delaware residents had similar annual deductibles and car insurance premiums. Pennsylvanians, however, paid about $950.00 for their annual car insurance premiums with low net worth (about $42,000).
The average New Jersey driver paid about $400.00 more for their car insurance each year than the average American over those three years.
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Of course, prices can vary between New Jersey cities. If you have a clean driving record, it makes a lot of difference. Accident rates, claim rates and many other factors determine individual rates for auto insurance quotes. The best way to find out how much you should pay is to get an online quote from several companies. All you have to do to get started is enter your zip code and answer a few questions.
Adding additional coverage like comprehensive may not increase your monthly car insurance premiums as much as you think. Check the car insurance rates below:
Below are annual insurance premiums in New Jersey with data from the National Association of Insurance Commissioners.
As shown, the national average cost of comprehensive insurance is $1,009.38. New Jersey residents pay $370 more than the national average. State parks rank second in the nation in total insurance coverage.
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Not to be outdone, New Jersey ranks first for the highest annual liability insurance at over $300.00 above the national average.
You should buy liability insurance because if you are responsible for the accident and have to pay, there is a higher risk that the insurer will pay out a larger amount. So, this insurance premium is very high.
Contracts and comprehensive insurance are not mandatory and, as you can see, they cost about the same as the national average. Contract insurance pays you damages if you hit something, and it covers “acts of God or nature” like fire, vandalism or theft. (For more information, read our What is ‘God’s work’ and when is it covered?”).
Although not required, it is a good idea to purchase additional and personal injury insurance to protect you from costly injuries and losses. Although they are not required to be purchased, they provide peace of mind in case something goes wrong.
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Get the cheapest car insurance quote now by entering your zip code into the free comparison tool below!
The loss ratio is how much the company spends on claims and how much it earns on debt. A 60 percent loss rate indicates that the company spends $60 of every $100 paid out on claims.
If the ratio is close to 100 then he has paid more than the charge and lost. If it’s less than 100, the company spends money on charges, but it also gets money on premiums.
As the table above shows, insurance companies in New Jersey maintain their loss limits for PIP, MedPay and uninsured/underinsured motorist coverage well.
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The state of New Jersey requires drivers to purchase PIP to cover medical expenses, lost wages and rehabilitation.
Another coverage option is MedPay or medical payment coverage. It pays medical and funeral expenses for you and passengers who are in an accident, whether you are a pedestrian or in another vehicle.
If you buy PIP insurance, it makes sense to buy extra,
