How Much is Auto Insurance for a Honda CR-V in Newark?

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Honda CR-V insurance
Honda CR-V insurance image courtesy of QuoteInspector.com

Buying cheaper coverage for a Honda CR-V in New Jersey is dependent upon a lot of rating factors such as how safe your vehicle is, where your vehicle is garaged, and blemishes on your driving record. New Jersey drivers will pay on average $1,507 a year to insure their CR-V, but that cost is an estimation calculated based on a 40-year-old single male driver with full comprehensive and collision coverage and $100 deductibles.

There is a good probability you may not be 40 years old (or even male), you might be married instead of single, or maybe you are just looking for cheap liability insurance. Having what appears to be a very minor change in policy rating criteria or coverages can make a big difference in the amount insurance costs for a Honda CR-V.

There is no perfect policy for every driver, so the only way to find the most affordable coverage for your Honda is to compare rates from as many companies as possible. Quotes are always free and you will get price quotes from top-rated companies available.

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Your Honda's trim level will influence the annual cost of coverage, so the price you will be charged to insure a CR-V LX 2WD will cost $52 less than the cost to insure the more expensive CR-V EX-L 4WD trim level, as shown in the table below.

Honda CR-V Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $354 $706 $494 $30 $148 $1,732 $144
CR-V EX 2WD $354 $706 $494 $30 $148 $1,732 $144
CR-V LX 4WD $354 $706 $494 $30 $148 $1,732 $144
CR-V EX 4WD $406 $706 $494 $30 $148 $1,784 $149
CR-V EX-L 2WD $406 $706 $494 $30 $148 $1,784 $149
CR-V EX-L 4WD $406 $706 $494 $30 $148 $1,784 $149
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Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, safe-driver, and multi-vehicle. Estimates do not factor in specific Newark garaging location which can increase or decrease price quotes considerably.

Auto insurance companies ranked

Selecting the top auto insurance company can be difficult considering how many different companies there are to choose from in New Jersey. The ranking information below can help you pick which auto insurance companies you want to consider when shopping insurance around for a Honda CR-V.

The rankings below include companies that insure vehicles nationwide, so companies without a large exposure will not be included in this list. To get price quotes from these and other companies in New Jersey, simply click here.

Top 10 Large Auto Insurance Companies in Newark Ranked by Claims Service

  1. Progressive
  2. USAA
  3. Liberty Mutual
  4. GEICO
  5. State Farm
  6. Nationwide
  7. Allstate
  8. 21st Century
  9. The Hartford
  10. Farmers Insurance

Top 10 Large Auto Insurance Companies in Newark Ranked by Customer Satisfaction

  1. The Hartford - 93%
  2. Progressive - 90%
  3. 21st Century - 89%
  4. USAA - 87%
  5. Mercury Insurance - 87%
  6. State Farm - 87%
  7. Travelers - 87%
  8. Safeco Insurance - 86%
  9. AAA Insurance - 86%
  10. American Family - 85%

Full coverage versus liability-only

Buying cheaper auto insurance is probably important to the majority of drivers, and one good way to find cheaper insurance for a Honda CR-V is to buy only liability coverage. The information below visualizes the comparison of annual premium costs with liability coverage only compared to full coverage. The premium estimates are based on no violations or accidents, $100 deductibles, drivers are single, and no policy discounts are applied.

As an overall average, full coverage on your policy costs an extra $2,811 per year over liability only. That is a large expense and it proposes the question if physical damage coverage is worth the money. There isn't a steadfast formula for dropping physical damage coverage, but there is a general school of thought. If the annual cost of having full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

For example, let's assume your vehicle's claim settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after the policy deductible has been paid. If you are paying over $400 a year for full coverage, then it might be time to consider dropping full coverage.

There are a few cases where buying only liability insurance is not a good plan. If you have an outstanding loan on your vehicle, you are required to maintain full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not opt for liability only.

Discount Newark insurance rates

Cheaper Newark, NJ auto insurance for a CR-VCar insurance companies that provide policies for a Honda CR-V may also offer discounts that may potentially lower prices by as much as 35% or more if you are eligible to receive them. Large auto insurance companies and a partial list of their discounts are:

The example below shows the difference between yearly insurance costs with and without discounts applied to the rates. The data is based on a male driver, no tickets, no at-fault accidents, New Jersey state minimum liability limits, comp and collision included, and $500 deductibles.

The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with accident-free, safe-driver, passive restraint, claim-free, vehicle safety, and homeowner discounts applied. When these discounts are applied to the policy premium, theamount saved on auto insurance for a Honda CR-V is 28% or $628.

The chart below highlights how deductible choice can increase or decrease yearly insurance costs when researching cheap insurance for a Honda CR-V. The rate quotes are based on a single male driver, full coverage, and no discounts are applied to the premium.

The chart above illustrates that a 30-year-old driver could cut expenses by $464 a year by switching from a $100 deductible up to a $500 deductible, or save $700 by choosing a $1,000 deductible. Even younger insureds, like the age 20 example, could possibly save as much as $1,334 every year just by choosing higher deductibles.

When insureds make the decision to increase the deductibles on their policy, it will be necessary to have enough savings to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

The agents below can help you determine which insurance coverage will be best for you, since lots of people like to have a professional recommendation when comparing insurance rates for a Honda CR-V. It's not always simple to find the best rates on your own, so a professional agent can provide you peace of mind knowing your coverage gives you sufficient coverage at claim time.

To find an auto insurance agency close to where you live, click the button below the list or click here to get price quotes now.

Ed Young Agency
942 S Orange Ave - Newark, NJ 07106 - (973) 375-0003

Goker and Associates Insurance Agency
121 Elizabeth Ave #101 - Newark, NJ 07108 - (908) 344-7577

AMC Insurance Inc
Newark, NJ 07106 - Newark, NJ 07106 - (973) 373-3300

Halsey Street Agency Inc
199 Halsey St - Newark, NJ 07102 - (973) 621-0955

View map of Newark, NJ insurance agents