The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, specifically when searching for the best car insurance for seniors. Let’s familiarize you with a few of the things that determine car insurance premiums, and see if we can help you reduce the price of your next policy.
Buying cost effective insurance is confusing at best, and finding out which company offers the most affordable insurance rates for seniors will involve more quotes for comparison. Each insurer has their own process for determining rates in each state, so let’s begin by taking a look at the insurance companies with the overall best prices in Newark.
Cheapest Insurance Rates for Mature Drivers
|Rank||Company||Cost Per Year|
|3||New Jersey Manufacturers||$1,297|
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21st Century normally has some of the best car insurance rates in Newark at around $1,111 annually. Travelers, New Jersey Manufacturers, Penn National, and Palisades also qualify as some of the best Newark, NJ car insurance companies.
As shown in the table above, if you currently have coverage with New Jersey Manufacturers and switched to 21st Century, you could see an annual premium reduction of roughly $186. Policyholders with Penn National might save as much as $227 a year, and Palisades policyholders might lower prices by up to $271 a year.
It’s important to note that these policy rates are averages across all ages of drivers and types of vehicles and and are not figured with an exact zip code location for seniors. So the insurer that has the cheapest rates for you may not even be in the list above. That underscores the importance of why you need to quote rates from many companies using your own personal information and vehicle type.
For senior citizens, one of the largest factors that determine insurance cost is where you keep your vehicle in Newark. Areas with a lot of weather claims or more people likely pay more, whereas areas with less congestion have the enjoyment of a little cheaper coverage.
The illustration below rates the highest-priced areas in New Jersey for seniors to buy auto insurance in. Newark is ranked #1 costing $2,598 for coverage, which is about $217 each month.
|Rank||City||Premium Per Year|
|3||West New York||$2,531|
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Rate information is approximated as the specific zip code location can modify coverage rates significantly.
The vehicle model requiring insurance is a large factor that determines whether or not you can buy cheap auto insurance for seniors. Vehicles with high performance, poor passenger safety features, or an increased likelihood of liability claims will cost more to insure than more modest models. The data below ranks auto insurance premiums for a number of the most economical vehicles to insure in New Jersey.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,464|
|Honda CR-V EX-L 2WD||$1,497|
|Honda Accord EX-L 4-Dr Sedan||$1,586|
|Ford Explorer XLT 4WD||$1,637|
|Dodge Grand Caravan CV||$1,643|
|Chevrolet Impala LS||$1,694|
|Ford Focus SE 4-Dr Sedan||$1,699|
|Honda Odyssey EX||$1,694|
|Toyota RAV4 Sport 4WD||$1,727|
|Jeep Grand Cherokee Laredo 2WD||$1,732|
|Ford F-150 FX4 4WD||$1,759|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,769|
|Chevrolet Malibu LT||$1,759|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,783|
|Honda Civic LX-S 4-Dr Sedan||$1,786|
|Ford Edge Limited AWD||$1,819|
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Prices based on married male driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Rate quotes do not factor in specific garaging location which can influence premium rates substantially.
By looking at the data, cars like the Ford Escape, Honda CR-V, Honda Accord, Toyota Prius, and Ford Explorer are most likely going to be the most economical vehicles to insure for senior citizens.
Discounts on Newark auto insurance rates
Car insurance companies that offer quotes for seniors may have premium discounts that could reduce prices by as much as 40% or more if you meet specific eligibility requirements. A few of the larger companies and some of the discounts are outlined below.
- GEICO discounts include membership and employees, multi-vehicle, anti-lock brakes, five-year accident-free, daytime running lights, military active duty, and anti-theft.
- MetLife may have discounts that include claim-free, accident-free, defensive driver, multi-policy, good student, and good driver.
- Progressive has savings for online signing, multi-policy, good student, online quote discount, and continuous coverage.
- Travelers policyholders can earn discounts including continuous insurance, driver training, student away at school, IntelliDrive, and save driver.
- SAFECO has discounts for anti-theft, teen safe driver, multi-car, homeowner, drive less, and bundle discounts.
- AAA offers premium reductions for AAA membership discount, education and occupation, pay-in-full, multi-car, multi-policy, good student, and good driver.
The illustration below visualizes the comparison of auto insurance costs with and without discounts applied to the premium. The price estimates are based on a male driver, no driving violations, no at-fault accidents, New Jersey state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with defensive driving course, vehicle safety, marriage, claim-free, accident-free, and homeowner discounts applied. When drivers qualify for the discounts, theaverage amount saved on insurance for seniors is 30% or $746.
The diagram below demonstrates how deductibles can impact insurance costs when researching cheap insurance for seniors. The rate quotes are based on a married male driver, full coverage, and no policy discounts are applied.
In the chart above, a 50-year-old driver could pocket $452 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $680 by switching to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, can cut up to $1,520 or even more just by choosing higher deductibles.
When raising deductibles, it will be important to have enough savings set aside to be able to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Insuring your vehicle with the best company is difficult considering how many different companies there are to choose from in Newark. The company information in the lists below can help you pick which companies to look at putting your business with.
The rankings below are for companies with a national presence, so companies with more of a regional focus will not be included in this list. To compare rates from these top-rated insurers and more, just click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies