Buying the best cheap insurance for a Ford Explorer in New Jersey hinges on many rating factors such as how many miles you drive each year, the size of your vehicle, and your motor vehicle report. Drivers pay on average $1,815 per year for Explorer insurance, but that price is based upon a 40-year-old single male driver with both comprehensive and collision coverage and $100 deductibles.
But there is a good chance that you are not 40 and maybe not even a male, possibly married instead of single, or maybe you want different physical damage deductibles. Each driver’s needs are different, and that demonstrates why the only way to find cheap insurance prices for your Ford is to put in the effort to do a thorough rate comparison. In just a few minutes you can get rates from some of the best companies in New Jersey.
The trim level of your Explorer tends to have a direct impact on the cost of coverage, so the rate you will pay to insure a Explorer XLT 2WD trim level will be $206 cheaper than the price to insure the higher-end Explorer Limited AWD trim level, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Explorer XLT 2WD||$406||$706||$582||$34||$174||$1,902||$159|
|Explorer Eddie Bauer 2WD||$406||$706||$582||$34||$174||$1,902||$159|
|Explorer XLT 4WD||$406||$706||$582||$34||$174||$1,902||$159|
|Explorer XLT AWD||$406||$706||$582||$34||$174||$1,902||$159|
|Explorer Eddie Bauer 4WD||$458||$860||$582||$34||$174||$2,108||$176|
|Explorer Eddie Bauer AWD||$458||$860||$582||$34||$174||$2,108||$176|
|Explorer Limited 2WD||$458||$860||$582||$34||$174||$2,108||$176|
|Explorer Limited 4WD||$458||$860||$582||$34||$174||$2,108||$176|
|Explorer Limited AWD||$458||$860||$582||$34||$174||$2,108||$176|
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Premium 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 safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Price estimates do not factor in the specific area where the vehicle is garaged which can alter premiums noticeably.
Ending up with the best insurance provider can be challenging considering how many different insurance companies sell coverage in New Jersey. The company ratings in the lists below could help you select which auto insurance companies you want to consider when comparing auto insurance rates for a Ford Explorer. The rankings below are for companies with a nationwide focus, so companies that have a smaller presence are not taken into consideration for the list.
Top 10 Major Auto Insurance Providers in Newark Ranked by Customer Satisfaction
- The Hartford – 93%
- Progressive – 90%
- 21st Century – 89%
- USAA – 87%
- Mercury Insurance – 87%
- State Farm – 87%
- Travelers – 87%
- Safeco Insurance – 86%
- AAA Insurance – 86%
- American Family – 85%
How to get discounts on Newark auto insurance
Car insurance companies that offer quotes for a Ford Explorer may also give you policy discounts that may potentially lower prices by as much as 35% if you qualify for them. A few of the larger companies and their offered discounts include:
- Farm Bureau has discounts for youthful driver, good student, multi-vehicle, driver training, 55 and retired, and renewal discount.
- Liberty Mutual policyholders can earn discounts including new graduate, newly retired, preferred payment discount, new vehicle discount, safety features, and good student.
- State Farm offers discounts including driver’s education, Steer Clear safe driver discount, defensive driving training, multiple autos, Drive Safe & Save, and accident-free.
- Auto-Owners Insurance may have discounts that include safe driver, safe vehicle, teen driver, group or association, and paperless.
- GEICO offers premium reductions for emergency military deployment, membership and employees, five-year accident-free, anti-theft, and good student.
- SAFECO may offer discounts for homeowner, teen safety rewards, anti-lock brakes, teen safe driver, and drive less.
The illustration below visualizes the comparison of auto insurance costs with and without policy discounts. The information is based on a male driver, no violations or claims, New Jersey state minimum liability limits, comprehensive and collision coverage, 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 safe-driver, marriage, multiple vehicle, multiple policy, homeowner, and claim-free discounts applied. In this example, theaverage yearly reduction on insurance for a Ford Explorer is 28% or $756.
Does it make sense to buy full coverage?
Reducing the cost of insurance is important to the majority of people, and one of the best ways to buy cheap insurance for a Ford Explorer is to only buy liability insurance. The diagram below shows the comparison of annual premium costs when comparing full coverage to liability only. The premium estimates are based on no claims or driving citations, $250 deductibles, single marital status, and no discounts are applied to the premium.
If we average the cost for ages 20 through 70, full coverage on your policy costs an extra $2,775 per year more than just insuring for liability. That touches on the question when is it a good idea to stop buying full coverage. There isn’t a written rule of when to exclude full coverage, but there is a guideline you can consider. 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 you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s replacement value is $6,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $5,500 after the policy deductible has been paid. If you are paying more than $550 a year for full coverage, then you might want to think about dropping full coverage.
The diagram below highlights how deductible selection can impact yearly insurance costs when trying to find cheap insurance for a Ford Explorer. The rate quotes are based on a married male driver, comp and collision included, and no additional discounts are factored in.
As shown above, a 40-year-old driver could reduce rates by $350 a year by increasing from a $100 deductible up to a $500 deductible, or save $530 by selecting a $1,000 deductible. Even younger drivers, such as the Age 20 example, could lower their rates as much as $1,154 annually by using higher deductibles when buying full coverage. When choosing a higher deductible, it will now be necessary to have plenty of discretionary funds to be able to cover the extra out-of-pocket expense that comes with higher deductibles.