What Auto Insurance is Cheapest for a Hyundai Elantra in Newark?

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Hyundai Elantra insurance
Hyundai Elantra insurance image courtesy of QuoteInspector.com

Finding competitive car insurance for a Hyundai Elantra relies on an enormous amount of rating factors such as whether you are male or female, if you have prior claims, and any driving offenses on your record. Drivers will pay around $1,314 each year to insure their Elantra, but that is an estimation using a 50-year-old married male driver with both comprehensive and collision coverage and $100 deductibles.

This brings up the issue that more than likely you aren't exactly 50 years old or even a male, you might be single instead of married, or maybe you prefer liability limits higher than required by New Jersey state law. Having just a slight change in rating criteria or coverage limits can make a large difference in the cost of insurance for a Hyundai Elantra.

Not everyone needs the same coverages, so the only real way to find the cheapest coverage for your Hyundai is to do the rate comparisons yourself.

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The specific model of Elantra will most likely have an effect on the cost of coverage, so the price you will be charged to insure a Elantra GLS Touring Station Wagon will be $152 lower than the cost to insure the more well-appointed Elantra SE Touring Station Wagon version, as shown in the chart below.

Hyundai Elantra Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Elantra GLS Touring Station Wagon $282 $522 $392 $24 $118 $1,338 $112
Elantra Blue 4-Dr Sedan $282 $748 $462 $28 $138 $1,658 $138
Elantra GLS 4-Dr Sedan $322 $748 $462 $28 $138 $1,698 $142
Elantra SE 4-Dr Sedan $322 $748 $462 $28 $138 $1,698 $142
Elantra SE Touring Station Wagon $322 $634 $392 $24 $118 $1,490 $124
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Prices based on married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Rate information does not factor in vehicle garaging location which can increase or decrease coverage prices greatly.

Insuring your vehicle with a high-quality car insurance company can be challenging considering how many choices you have in New Jersey. The ranking data shown next may help you decide which car insurance providers to look at when trying find the best insurance for a Hyundai Elantra. The ratings below include the largest companies in the United States, so companies with more of a regional focus will not be included in this list.

Newark, NJ Auto Insurance Company Rankings
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

Price comparison of only insuring for liability

Saving on auto insurance is probably important to the majority of people, and one of the quickest ways to find cheap insurance for a Hyundai Elantra is to not buy comprehensive and collision coverage. The information below illustrates the comparison of car insurance rates with full coverage and liability only. The price estimates are based on no claims or violations, $500 deductibles, drivers are not married, and no other discounts are factored in.

As an average for all age groups, full coverage on your policy costs an additional $2,838 per year over having just liability coverage. A very common question is if paying for full coverage is worth it. There is no written rule for excluding physical damage coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.

The example below illustrates how choosing a deductible can raise or lower yearly insurance costs when getting quotes for cheap insurance for a Hyundai Elantra. The data is based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.

A 50-year-old driver could pocket $438 a year by increasing from a $100 deductible up to a $500 deductible, or save $658 by switching to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, can cut as much as $1,480 every year by choosing larger deductibles on their policy. If you make the decision to raise deductibles, it will be important to have enough funds in savings to allow you to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.

Why you should be shopping around

Newark, NJ auto insurance rates are influenced by many factors that control the cost of your policy. Turning one year older, buying a different home, or getting into an accident may cause policy rate changes that can cause some rates to be cheaper than others.

And not only may your rating factors change, but car insurance companies amend premium rates as often as every quarter to reflect underwriting profits or losses. Higher than usual claims may result in high rates, while less frequent claims may produce more affordable Elantra insurance rates.

For instance, the bar chart below shows a variety of companies that have the cheapest car insurance in Newark, NJ for a 45-year-old male driver with no accidents or violations, and solid credit. Based on his personal risk profile, 21st Century has the cheapest car insurance rates in Newark at $1,640 a year. This is $212 less than the average price paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades are also included in the top five cheapest Newark, NJ auto insurance companies.

Now we will pretend the driver from the first rate comparison a claim or two, slightly worse credit, and a blemish on his driving record. Since each auto insurance company has their own process to determining premium rates, comparing insurance quotes may now present a different list of the cheapest companies as shown below.

California Casualty now has the lowest car insurance rate in Newark with Allstate, USAA, Travelers, and Mercury also being competitive. This example shows why Newark drivers need to perform an extensive rate comparison when trying to find cheap insurance rates for a Hyundai Elantra. Car insurance prices consist of many risk factors and can increase or decrease at any time, so the most economical option the last time you checked may now be quite expensive.

If you aren't sure which coverage to buy and prefer to get some professional input when trying to find lower insurance rates for a Hyundai Elantra, the insurance agencies listed below can aid you in deciding which insurance coverage you need.

To locate a Newark auto insurance agent using an interactive map, click the button following the list or click here to compare price quotes now.

Astor C Wilson Insurance Agency
88 Pacific St - Newark, NJ 07105 - (973) 491-0002

State Farm Insurance
360 Chestnut St - Newark, NJ 07105 - (800) 701-5909

326 Bloomfield Ave - Newark, NJ 07107 - (973) 481-5300

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How to find the cheapest car insurance for a Hyundai Elantra

The list below summarizes a few thrifty ideas that can help Newark drivers locate low-cost auto insurance.

That last idea is very important, as we pointed out in the prior information. Car insurance rates in Newark vary greatly, so don't hesitate to buy a different policy if a lower-cost policy is available.

Many consumers stick with the same company and that's fine, but we do not recommend it if it's costing you hundreds of dollars a year. In just a few minutes you could compare prices to find cheaper car insurance for a Hyundai Elantra.