One of the more important things that aid in calculating insurance cost is where you choose to live in Newark. Regions with more people or even just more weather-related claims will most likely pay more, whereas areas with less crime or weather claims tend to receive slightly lower rates.
The illustration below ranks the most expensive areas in New Jersey for immigrants to buy an auto insurance policy in. Newark ranks #1 having an annual price of $2,598 for car insurance, which is approximately $217 each month.
|3||West New York||$2,456|
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Annual rates are estimated as the garaging address in Newark can decrease or increase coverage prices considerably.
Finding good, budget auto insurance is tough enough, and finding out which company has the lowest-priced auto insurance rates for immigrants may require even more perseverance. Each auto insurance company has a unique approach for determining rates in each state, so we'll go over the auto insurance companies with the overall best prices in Newark.
It's important that readers know that New Jersey auto insurance rates are influenced by many factors which can significantly increase or decrease the policy premium. This is why it is critical to compare many different companies to find the lowest insurance rates for immigrants. Rates are influenced by many factors and can decrease or increase without notice, so the cheapest rate six months ago may now be one of the higher cost companies.
Best Cheap Insurance Rates for Migrants
21st Century normally has some of the best car insurance rates in Newark at around $1,067 annually. This is $785 less than the average policy premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades are also some of the cheaper Newark, NJ insurance companies.
As shown in the table above, if you are insured with Penn National and switched to 21st Century, you might achieve a yearly savings of approximately $271. Insureds with Palisades could save as much as $287 a year, and California Casualty insureds might reduce prices by as much as $428 a year.
It's important to note that these policy prices are averaged for all drivers and vehicles and and are not calculated with a specific vehicle garaging location for immigrants. So the car insurance company that has the lowest price for you may not even be in the list above. That is why you need to compare prices as often as possible using your own specific driver information and vehicle.
Should you buy full coverage?
Finding the cheapest auto insurance is important to the majority of vehicle owners, and a good way to save on the cost of insurance for immigrants is to not pay for full coverage. The diagram below compares insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no tickets, no at-fault accidents, $500 deductibles, single status, and no discounts are taken into consideration.
As an average for all age groups, physical damage coverage costs an extra $2,257 per year more than carrying just liability coverage. Many people question if paying for full coverage is worth it. There is no written rule to stop paying for physical damage insurance, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
For example, let's pretend your vehicle's book value is $11,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, you would only receive $10,000 after paying your deductible. If it's costing you more than $1,000 a year to have full coverage, then you may want to consider only buying liability coverage.
There are some circumstances where dropping physical damage coverage is not a good plan. If you still have a lienholder on your title, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
Discounts on Newark auto insurance
Insurers that provide coverage for immigrants may provide rate discounts that can reduce rates by 40% or more if you meet certain criteria. A few of the larger companies and a selection of discounts are:
- GEICO discounts include military active duty, anti-lock brakes, five-year accident-free, seat belt use, and good student.
- MetLife includes discounts for claim-free, multi-policy, good student, accident-free, defensive driver, and good driver.
- Progressive has discounts for multi-vehicle, online signing, homeowner, multi-policy, and continuous coverage.
- Travelers has savings for multi-policy, early quote, multi-car, payment discounts, home ownership, and driver training.
- SAFECO may offer discounts for teen safe driver, teen safety rewards, safe driver, anti-theft, and homeowner.
- AAA offers premium reductions for AAA membership discount, pay-in-full, multi-car, multi-policy, and good driver.
The illustration below shows the difference between insurance costs with and without discounts applied to the premium. Data assumes a female driver, no claims or violations, New Jersey state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with accident-free, anti-theft, marriage, claim-free, multiple policy, and vehicle safety discounts applied. In this example, the average amount saved each year on auto insurance for immigrants is 28% or $902.
The chart below demonstrates how deductible levels can raise or lower insurance prices when getting quotes for cheap insurance for immigrants. Data assumes a single female driver, comprehensive and collision coverage, and no discounts are applied to the premium.
The data above shows that a 40-year-old driver could save $516 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $774 by choosing a $1,000 deductible. Younger drivers, like the age 20 example, could roll back prices $1,322 every year by choosing larger deductibles on their policy. If you do raise deductibles, it will be necessary to have plenty of money set aside to allow you to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
How to find cheaper insurance for immigrants
Below you'll find some of the better thrifty ideas that can help New Jersey drivers find cheaper auto insurance.
- Lower rates by purchasing a safer vehicle
- Maintain a safe distance and avoid accidents
- Bundle home or renters insurance to earn a discount on car insurance
- Full coverage may not be needed on older vehicles
- Improve your credit score
- Compare rates and switch if you can find a better deal
That last tip is extremely vital, as was discussed in this article. Car insurance prices adjust frequently, so don't hesitate to switch carriers if you can save money.
Staying with the same company for years is fine, but is isn't recommended if that faithfulness ends up costing you lots of hard earned cash every month. Spend a few minutes and shop around and find cheaper auto insurance for immigrants in Newark.
If you prefer to have some advice when shopping for the best coverage for foreigners, the insurance agencies below can aid you in deciding which coverages you need.
To find an agent close to you, click the link at the bottom or click here to compare price quotes now.
Allstate Insurance: Celia Caro
66 Wilson Ave - Newark, NJ 07105 - (973) 690-6400
Rosa, Michael Rosa Agency INC
360 Lafayette St - Newark, NJ 07105 - (973) 589-7550
Abbott/Milano Insurance Agency
9 Frank E Rodgers Blvd S - Harrison, NJ 07029 - (973) 350-9999
Farmers Insurance: Anthony Pugliese
217 Chestnut St - Newark, NJ 07105 - (973) 536-2060