What Auto Insurance is Cheapest for Drivers Over Age 60 in Newark?

The words “cheap” and “auto insurance” really should not be used together, in particular when trying to find the best insurance rates for drivers over age 60. In an attempt to save some money, let’s introduce you to some of the things that have an effect on insurance premiums, and come up with some ways to shave a little off the next policy you buy.

For older drivers, one of the big factors that aid in calculating the annual cost of car insurance is the neighborhood you call home in Newark. Regions with more people or even just more weather-related claims tend to pay slightly more, whereas more rural areas have the gratification of cheaper auto insurance rates.

The table below rates the most costly cities in New Jersey for drivers over age 60 to buy auto insurance in. Newark is ranked at #2 with an annual cost of $2,496 for car insurance, which is approximately $208 per month.

How much does car insurance cost in Newark, NJ?
Rank City Premium Per Year
1 East Orange $2,597
2 Newark $2,496
3 Union City $2,450
4 West New York $2,431
5 Elizabeth $2,398
6 Paterson $2,376
7 Clifton $2,345
8 Passaic $2,325
9 Hoboken $2,283
10 Kearny $2,266
11 Jersey City $2,253
12 Bayonne $2,251
13 Camden $2,221
14 Linden $2,185
15 Atlantic City $2,106
16 Perth Amboy $2,102
17 Fort Lee $2,060
18 Sayreville $1,939
19 Hackensack $1,921
20 Plainfield $1,898
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Rate quotes are estimated as the garaging address in Newark can raise or lower coverage prices substantially.

The type of vehicle requiring coverage is one of the main factors when trying to find the best car insurance for drivers over age 60. Vehicles with higher performance, poor passenger safety features, or a track record of large liability claims will cost significantly more to insure than safer models.

The next table showcases car insurance premiums for a handful of the most budget-friendly vehicles to buy insurance for.

Cheapest Vehicles to Insure in Newark, NJ
Make and Model Estimated Cost for Full Coverage
Ford Escape XLS 4WD $1,569
Honda CR-V EX-L 4WD $1,604
Ford Edge SE 2WD $1,729
Toyota Prius $1,737
Ford F-150 XLT Super Cab 2WD $1,763
Ford Explorer Eddie Bauer 2WD $1,769
Toyota Tacoma 4WD $1,763
Ford Focus S 4-Dr Sedan $1,827
Nissan Altima 2.5 4-Dr Sedan $1,862
Chevrolet Impala LT $1,870
Dodge Grand Caravan Hero $1,862
Toyota RAV4 2WD $1,867
Chevrolet Malibu LS $1,862
Jeep Grand Cherokee Laredo 2WD $1,867
Honda Civic EX 4-Dr Sedan $1,926
Jeep Wrangler Unlimited Sport 4WD 4-Dr $1,928
Toyota Camry XLE $1,960
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Table data assumes single female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Price information does not factor in specific Newark, NJ garaging location which can lower or raise rates considerably.

Based on these rates, you can see that cars like the Ford Escape, Honda CR-V, Ford Edge, Toyota Prius, and Ford F-150 are most likely to be a few of the most budget-friendly vehicles to insure for older drivers.

Ending up with the top insurance company can be rather challenging considering how many different insurance companies sell coverage in New Jersey. The ranking data shown below may help you choose which auto insurance companies to look at when shopping around. The rankings below are for the largest companies in America, so companies without a large exposure are not taken into consideration for the list.

Best Car Insurance Companies for Drivers Over Age 60 in New Jersey
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Mercury Insurance 87 96 100 87% A+ 93.4
The Hartford 88 96 91 93% A+ 92.6
Progressive 84 94 99 90% A+ 92.4
Travelers 84 93 100 87% A++ 92.3
State Farm 84 93 95 87% A++ 91
Farmers Insurance 87 92 90 85% A 90.6
Safeco Insurance 85 91 87 86% A 88.4
USAA 71 93 98 87% A++ 88
GEICO 73 93 95 85% A++ 87.1
21st Century 85 85 91 89% A 86.9
Liberty Mutual 72 91 97 83% A 86.4
AAA Insurance 85 85 88 86% A 85.8
Nationwide 71 90 93 83% A+ 84.9
Allstate 69 92 92 83% A+ 84.4
American Family 77 96 80 85% A 83.8
Esurance 70 80 89 77% A+ 79.2
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Data Source: Insure.com Best Car Insurance Companies

Cost difference between full coverage and liability

Lowering the price of car insurance is the goal of most drivers, and a great way to pay lower rates for insurance for drivers over age 60 is to buy liability only. The chart below compares insurance costs with full physical damage coverage compared to only buying liability only. The premiums are based on no violations or accidents, $250 deductibles, drivers are single, and no policy discounts are applied.

If the expense is averaged for all age categories, physical damage coverage costs an additional $2,515 per year more than buying just liability insurance. That amount may make you wonder if full coverage is worth the money. There is no exact rule to eliminate physical damage coverage, but there is a general guideline. If the yearly cost for physical damage coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.

For example, let’s pretend your vehicle’s replacement cost is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,000 after paying your deductible. If you are paying more than $700 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.

The information below shows how different deductible levels can increase or decrease insurance costs when quoting cheap insurance for drivers over age 60. The costs are based on a single female driver, comp and collision included, and no discounts are taken into consideration.

The data above shows that a 40-year-old driver could cut expenses by $456 a year by changing from a $100 deductible up to a $500 deductible, or save $690 by switching to a $1,000 deductible. Young drivers, like the Age 20 chart data, can cut as much as $1,160 annually by selecting a higher deductible. If you do decide to increase your deductibles, it will be necessary to have plenty of savings on hand to satisfy the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.

If you like to have a professional recommendation when shopping around for cheaper insurance for drivers over age 60, the insurance agencies listed below can provide answers to your questions and help you determine which insurance coverage you need. To find an agent closest to you, click the button link following the list or click here to get price quotes now.

George H Nixon Agency
54 Grumman AveNewark, NJ 07112(973) 923-3721

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

Farmers Insurance – Anthony Pugliese
41 Wilson AveNewark, NJ 07105(973) 732-2105

View more Newark, NJ insurance agencies