There are a variety of factors that can affect your car insurance rates, such as age, credit rating, driving record and the type of vehicle you drive. To get an accurate idea of how much coverage you should receive from different insurers, MoneyGeek has created an auto insurance calculator which gives an estimate for what those in New Jersey could potentially pay.
Clean Driver Discounts
Good drivers should be able to save on car insurance costs. A clean driving record usually results in premiums being reduced by 50% or more compared to drivers with accidents, speeding tickets and other recent violations on their records.
A good driving record may also translate to discounts on your policy, such as the safe driver discount. Most insurers offer these incentives and can help you reduce expenses in the long run.
You can save even more by adding optional coverages to your policy. These features provide protection in case of an accident or theft, such as collision and comprehensive insurance which pays for car repair costs or replacement if stolen.
Selecting the Appropriate Level of Coverage
In New Jersey, all licensed drivers must carry both liability insurance and PIP (personal injury protection). In case you’re involved in an accident, PIP will cover your medical expenses while liability will cover any damages or injuries suffered by the other party.
When it comes to car insurance, most states require you to carry a certain amount of liability coverage in case an accident occurs. This amount varies by state, so make sure the limit matches up with your individual finances so that you get the coverage that works best for you.
Selecting the Appropriate Liability Limits for Your Budget
Are you looking to save money on auto insurance, consider carrying higher liability limits than what is legally required. You might be pleasantly surprised to see how these extra coverages add up to substantial savings over time.
Buying Additional Insurance to Expand Your Coverage
New Jersey car insurance companies provide optional coverages that can better protect your vehicles and other assets in the event of an accident or theft. Some common options include collision and comprehensive coverage, which covers vehicle damage; uninsured/underinsured motorist coverage; as well as roadside assistance services.
Other optional coverages such as rental reimbursement and gap insurance can help you save money, usually available for a nominal premium. These features typically cover the cost of renting a car or other expenses if your vehicle needs repair due to damage or defects.
You should also consider uninsured motorist coverage and collision and comprehensive insurance, which will protect you in case of an accident or theft if you’re driving in a high-risk area.