The words “low-cost” and “insurance” probably shouldn’t be used in the same sentence, in particular when comparison shopping for the best car insurance for a company car. Let’s familiarize you with some of the things that impact insurance prices, and see if we can help you shave a little off your next policy.
Locating cheap auto insurance is not easy, and determining which companies have the lowest-priced auto insurance rates for a company car requires more quotes for comparison.
Each insurer uses their own method to set premium rates, so to begin we’ll rank the most budget-friendly auto insurance companies in Newark. Keep in mind that Newark auto insurance rates are based on many factors which can substantially decrease or increase the price of your policy. Simply improving your credit score, filing a claim, or having a fender bender can produce rate changes resulting in some companies being higher when they were quite affordable.
Best Cheap Insurance Rates in New Jersey
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | 21st Century | $1,078 |
| 2 | Travelers | $1,156 |
| 3 | New Jersey Manufacturers | $1,310 |
| 4 | Palisades | $1,354 |
| 5 | Penn National | $1,379 |
| 6 | California Casualty | $1,481 |
| 7 | The Hartford | $1,491 |
| 8 | Allstate | $1,493 |
| 9 | USAA | $1,585 |
| 10 | Mercury | $1,603 |
| 11 | Amica | $1,832 |
| 12 | Esurance | $1,856 |
| 13 | Progressive | $1,919 |
| 14 | MetLife | $2,010 |
| 15 | State Farm | $2,160 |
| 16 | GEICO | $2,196 |
| 17 | Encompass | $2,397 |
| 18 | Liberty Mutual | $2,890 |
| 19 | Hanover | $3,909 |
| Compare Rates Now Go | ||
21st Century offers some of the cheapest car insurance rates in Newark at around $1,078 a year. This is $774 less than the average policy premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Palisades, and Penn National are also some of the most economical Newark, NJ car insurance companies.
In the above rates, if you are a customer of Travelers and switched to 21st Century, you might see an annual premium reduction of roughly $78. Customers with New Jersey Manufacturers could save as much as $232 a year, and Palisades policyholders might lower prices by $276 a year.
To compare your rates to other New Jersey insurance companies, click here to get a free quote or visit any of the companies below.
Be aware that those premiums are averages across all drivers and vehicles in New Jersey and do not take into consideration a specific vehicle garaging location for a company car. So the car insurance company that is best for you may not even be in the top 19 companies shown above. That helps illustrate why you need to get rate quotes from many companies using your own specific driver and vehicle information.
For your employer’s vehicle, one of the big considerations that are looked at to determine insurance cost is your address. Areas with more people or more claims likely pay more, whereas more rural areas benefit from lower coverage costs.
The information below lists the priciest cities in New Jersey for a company car to buy auto insurance in. Newark is listed at #3 with the annual price of $2,522 for the average policyholder, which is approximately $210 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | East Orange | $2,571 |
| 2 | West New York | $2,531 |
| 3 | Newark | $2,522 |
| 4 | Elizabeth | $2,470 |
| 5 | Union City | $2,450 |
| 6 | Paterson | $2,400 |
| 7 | Jersey City | $2,345 |
| 8 | Hoboken | $2,307 |
| 9 | Passaic | $2,301 |
| 10 | Kearny | $2,289 |
| 11 | Clifton | $2,276 |
| 12 | Bayonne | $2,184 |
| 13 | Linden | $2,163 |
| 14 | Camden | $2,133 |
| 15 | Atlantic City | $2,106 |
| 16 | Perth Amboy | $2,081 |
| 17 | Fort Lee | $2,060 |
| 18 | Plainfield | $1,976 |
| 19 | Trenton | $1,974 |
| 20 | Sayreville | $1,939 |
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Rate information is approximated as the specific zip code location can decrease or increase coverage prices noticeably.
The make and model of vehicle to be insured is one of the largest factors that determines whether or not you can buy the most economical auto insurance for a company car. Vehicles with high performance engines, poor safety ratings, or high incidents of liability claims will cost significantly more to insure than more economical and safe models.
The information below features coverage costs for a handful of the most budget-friendly vehicles to insure.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 4WD | $2,061 |
| Honda CR-V EX 2WD | $2,080 |
| Toyota Prius | $2,104 |
| Toyota Tacoma 4WD | $2,123 |
| Dodge Grand Caravan CV | $2,128 |
| Ford Edge SE AWD | $2,204 |
| Honda Odyssey EX | $2,212 |
| Chevrolet Equinox LT 2WD | $2,244 |
| Toyota RAV4 Limited 4WD | $2,253 |
| Nissan Altima 2.5 4-Dr Sedan | $2,244 |
| Ford Focus SEL 4-Dr Sedan | $2,325 |
| Hyundai Elantra Blue 4-Dr Sedan | $2,330 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $2,359 |
| Compare Rates Now Go | |
Prices 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 claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Rates do not factor in specific location information which can alter coverage prices significantly.
Looking at the numbers, you can figure that cars like the Ford Escape, Honda CR-V, and Toyota Prius should be some of the most economical vehicles to insure for your employer’s vehicle.
Best auto insurance company in Newark
Ending up with a good quality car insurance provider can be challenging considering how many different companies there are to choose from in New Jersey. The company information shown below could help you decide which providers to look at shopping prices with. The ratings below are only made up of companies that insure vehicles across America, so companies that may only write in New Jersey will not be included in this list.
Top 10 Large Auto Insurance Companies in Newark Ranked by Claims Service
- Progressive
- USAA
- Liberty Mutual
- GEICO
- State Farm
- Nationwide
- Allstate
- 21st Century
- The Hartford
- Farmers Insurance
Top 10 Large Auto Insurance Companies in Newark Ranked by Customer Service
- Mercury Insurance
- The Hartford
- American Family
- Progressive
- GEICO
- USAA
- State Farm
- Travelers
- Farmers Insurance
- Allstate
The illustration below illustrates how your choice of deductibles can change insurance costs when quoting cheap insurance for a company car. The information is based on a married male driver, full physical damage coverage, and no discounts are taken into consideration.
In the chart above, a 30-year-old driver could lower rates by $516 a year by switching from a $100 deductible to a $500 deductible, or save $778 by changing to a $1,000 deductible. Even younger drivers, like the 20-year-old category, can save $1,562 or more by selecting a higher deductible. When using a larger deductible, it will be required to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Illustration showing the impact of accidents and violations
In a perfect world, the ideal way to find good auto insurance rates in New Jersey for your employer’s vehicle is to drive carefully and not receive tickets or have accidents. The information below highlights how speeding tickets and fender-benders can drive up yearly insurance costs for different ages of insureds. The costs are based on a married male driver, full physical damage coverage, $500 deductibles, and no discounts are applied.
The data in the chart shows the average cost of car insurance in New Jersey per year with no accidents and a clean driving record is $1,923. Get two speeding tickets and the average cost increases to $2,648, an increase of $725 each year. Next add one accident along with the two speeding tickets and the 12-month cost of auto insurance for a company car increases to an average of $3,376. That’s an increase of $1,453, or $121 per month, just for being a little careless behind the wheel!