Deciding which company offers the cheapest auto insurance rates for used cars involves a little more sweat in order to find the best price. Every insurance company has a unique approach for determining rates, so let's examine the most affordable auto insurance companies in Newark.
It's important that you understand Newark auto insurance rates are impacted by many factors that can increase the cost of coverage. Getting older, marrying your spouse, or having an at-fault accident can produce rate changes that can now make some companies more affordable than others.
Find the Cheapest Auto Insurance for Used Cars
21st Century generally has some of the best car insurance rates in Newark at around $1,078 each year. This is $774 less than the average premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also qualify as some of the cheapest Newark, NJ car insurance companies.
As the example above demonstrates, if you are currently insured with Travelers and switched to 21st Century, you could earn an annual savings of approximately $113. Policyholders with New Jersey Manufacturers could save as much as $193 a year, and Penn National customers might reduce prices by as much as $301 a year.
To find out how much you can save, click here to get a free quote or visit any of the companies below.
These prices are averages across all drivers and vehicles and are not factoring in a specific location for used cars. So the car insurance company that is best suited for you may not even be in the list above. That's why you need to get rate quotes using your own personalized driver profile and vehicle information.
The type of vehicle driven is one of the largest considerations when shopping around for cheaper coverage for used cars. Vehicles with lots of speed or power, a lack of safety features, or a history of substantial liability claims will cost much more to insure than more modest models.
The data below shows insurance costs for the most economical automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,750|
|Honda Accord LX 4-Dr Sedan||$1,917|
|Ford Explorer Eddie Bauer 2WD||$1,962|
|Ford Escape XLS 2WD||$1,974|
|Ford F-150 XL Regular Cab 2WD||$1,977|
|Ford Focus S 4-Dr Sedan||$2,034|
|Honda Odyssey EX W/Rear Entertainment||$2,043|
|Toyota RAV4 Limited 2WD||$2,073|
|GMC Sierra SLE Regular Cab 2WD||$2,082|
|Ford Edge SE 2WD||$2,102|
|Chevrolet Silverado LS Crew Cab 4WD||$2,225|
|GMC Sierra 3500HD SLE Crew Cab 2WD||$2,266|
|Dodge Grand Caravan Hero||$2,272|
|Chevrolet Equinox LT AWD||$2,282|
|Compare Rates Now Go|
Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Rate quotes do not factor in vehicle garaging location which can lower or raise coverage rates substantially.
Looking at the numbers, makes and models like the Honda CR-V, Honda Accord, Toyota Prius, Ford Explorer, and Ford Escape are most likely to be some of the most economical vehicles to insure for pre-owned vehicles.
How to get discounts on Newark insurance
Insurance companies that provide coverage for used cars may also give you policy discounts that can reduce rates by 25% or more if you meet eligibility requirements. Companies and a selection of discounts are shown below.
- State Farm discounts include safe vehicle, multiple autos, defensive driving training, Drive Safe & Save, anti-theft, multiple policy, and good student.
- Farmers Insurance offers discounts for multi-car, early shopping, switch companies, bundle discounts, electronic funds transfer, pay in full, and alternative fuel.
- Progressive offers discounts including online quote discount, online signing, multi-vehicle, continuous coverage, homeowner, and multi-policy.
- GEICO may have discounts that include air bags, seat belt use, military active duty, five-year accident-free, and good student.
- Auto-Owners Insurance offers premium reductions for teen driver, safe driver, company car, group or association, and student away at school.
- The Hartford policyholders can earn discounts including air bag, driver training, anti-theft, vehicle fuel type, defensive driver, and good student.
- Farm Bureau may include discounts for good student, youthful driver, renewal discount, safe driver, multi-vehicle, and multi-policy.
- USAA has savings for safe driver, loyalty savings, vehicle storage, good student, and new vehicle.
The illustration below shows the comparison of insurance premiums with and without discounts applied. The data assumes a female driver, no accidents or driving violations, New Jersey state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with claim-free, safe-driver, multiple policy, passive restraint, marriage, and defensive driving course discounts applied. When drivers qualify for the discounts, the average savings per year on auto insurance for used cars is 28% or $661.
Bad driving habits will cost you more
The obvious way to score affordable auto insurance rates in Newark for pre-owned vehicles is to drive safely and avoid accidents and violations. The diagram below illustrates how traffic citations and accident claims can affect yearly insurance costs for different ages of insureds. The premiums assume a single female driver, comp and collision included, $250 deductibles, and no additional discounts are factored in.
In the previous example, the average cost of car insurance in Newark per year with no accidents and a clean driving record is $2,390. Factor in two speeding tickets and the average cost surges to $3,208, an increase of $818 each year. Then add in one accident along with the two speeding tickets and the annual cost of auto insurance for used cars jumps again to an average of $4,025. That's an increase of $1,635, or $136 per month, just for not being attentive to the road!
The illustration below highlights how deductible choice can increase or decrease premium costs when trying to find cheap insurance for used cars. The premiums assume a single female driver, full coverage, and no discounts are applied.
A 30-year-old driver could cut expenses by $436 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $658 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old example, have the ability to save $966 every year just by choosing larger deductibles. If you do decide to increase your deductibles, it is essential to have additional funds in a savings account to allow you to pay the extra out-of-pocket expense associated with higher deductibles.
The agents listed below can answer your questions and help you decide which auto insurance policy fits you best, as lots of drivers aren't clear which coverage they need and would like to get some professional advice when comparing insurance rates for used cars. It can be complicated to do it yourself, so agents can give you satisfaction knowing you have enough coverage when you need it.
To find a Newark insurance agency near you, click the button after the list.
Newark Cheaper Auto Insurance
11 Mulberry St - Newark, NJ 07102 - (206) 337-9544
Farmers Insurance - Anthony Pugliese
41 Wilson Ave - Newark, NJ 07105 - (973) 732-2105
Halsey Street Agency Inc
199 Halsey St - Newark, NJ 07102 - (973) 621-0955