The make and model of vehicle you are trying to insure is one of the primary factors that determines whether or not you can buy affordable auto insurance for veterans. Vehicles with limited speed and performance, good crash test ratings, or a track record of few liability claims will cost quite a bit less to insure than fast, unsafe models. The next list illustrates coverage costs for a selection of the more affordable automobiles to buy coverage for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$1,715|
|Ford Escape Limited 4WD||$1,863|
|Honda CR-V EX 4WD||$1,922|
|Hyundai Elantra GLS Touring Station Wagon||$1,937|
|Ford Edge SEL 2WD||$1,990|
|Nissan Rogue S 2WD||$2,176|
|Chevrolet Malibu LS||$2,220|
|Chevrolet Impala LS||$2,238|
|Ford Explorer Limited 2WD||$2,264|
|Ford F-150 Lariat Super Cab 2WD||$2,269|
|Toyota RAV4 Limited 4WD||$2,288|
|Toyota Camry Hybrid||$2,323|
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Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, homeowner, and multi-policy. Rate information does not factor in specific location information which can modify premium rates greatly.
Looking at the numbers, vehicles like the Honda Accord, Ford Escape, Honda CR-V, and Hyundai Elantra will definitely be a few of the most economical vehicles to insure for veterans.
Deciding which company quotes the most affordable car insurance rates for veterans will require a bit more effort in order to find the best price.
Every insurance provider uses different criteria to set their prices, so let’s rank the car insurance companies that tend to be cheaper in Newark.
Best Insurance Companies for Vets
|Rank||Company||Cost Per Year|
|3||New Jersey Manufacturers||$1,297|
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21st Century generally has some of the most affordable car insurance rates in Newark at around $1,111 per year. Travelers, New Jersey Manufacturers, Penn National, and Palisades would also be considered some of the most economical Newark, NJ insurance companies.
As shown in the table above, if you buy coverage from Travelers and switched to 21st Century, you may see an annual savings of around $34. Customers with New Jersey Manufacturers could save as much as $186 a year, and Penn National policyholders might reduce prices by as much as $214 a year.
Be aware that those premiums are averaged across all ages of drivers and types of vehicles and and are not calculated with an exact location for veterans. So the auto insurance company that fits your needs best may not even be in the top 19 companies in the list above. That helps illustrate why you need to compare prices as often as possible using your own driver information and specific vehicle type.
One of the more important factors that are looked at to determine car insurance rates is where your residence is in Newark. Regions with more people or even just more weather-related claims likely pay more, whereas areas with lower crime rates and fewer weather claims receive better rates.
The table below rates the most costly cities in New Jersey for veterans in which to purchase auto insurance. Newark shows up at #1 costing $2,572 for the average insured, which is about $214 monthly.
|3||West New York||$2,431|
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Annual rates are estimated as the specific zip code location can revise coverage rates noticeably.
How much more does full coverage cost?
Paying a lower price for car insurance is the goal of most people, and one way to pay less for insurance for veterans is to only buy liability insurance. The illustration below shows the difference between insurance costs with full physical damage coverage and with liability coverage only. The data is based on no claims or driving citations, $250 deductibles, marital status is single, and no discounts are taken into consideration.
If averaged for all ages, comp and collision coverage costs $3,363 per year more than insuring for liability only. That amount may make you wonder when is it a good idea to stop buying full coverage. There is no specific rule of when to eliminate comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
Impact of careless driving on Newark car insurance rates
A great way to get the best car insurance premiums in Newark for veterans is to be an attentive driver and avoid getting tickets or having accidents. The example below shows how traffic citations and at-fault accidents can impact auto insurance rates for different age groups of insureds. The information is based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no discounts are applied.
In the prior example, the average cost of car insurance in New Jersey per year with no accidents and a clean driving record is $2,515. Get written up for one speeding ticket and the average cost increases to $2,835, an increase of $319 each year. Now throw in one accident along with the one speeding ticket and the annual cost of car insurance for veterans jumps again to an average of $3,726. That’s an increase of $1,210, or $101 per month, just for not paying attention while driving!
The illustration below demonstrates how deductible levels can increase or decrease annual premium costs when trying to find cheap insurance for veterans. The premiums are based on a married male driver, comp and collision included, and no discounts are factored in.
A 30-year-old driver could lower their car insurance rates by $516 a year by switching from a $100 deductible up to a $500 deductible, or save $778 by selecting a $1,000 deductible. Even younger drivers, like the 20-year-old category, could roll back prices as much as $1,562 every year just by using higher deductibles. If you make the decision to raise deductibles, it is essential to have plenty of money set aside to satisfy the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
The importance of shopping around
Newark car insurance rates are based on many factors that will increase or decrease your annual premium. Improving your credit rating, moving to a new city, or getting caught speeding can trigger changes in premium that may make certain companies more affordable than before.
In addition to those changes, auto insurance companies change rates multiple times each year to ensure their profitability. Heavy losses can cause price increases, while long-term profits can result in lower-priced Newark car insurance rates.
The data below shows the company with the cheapest car insurance in Newark, NJ for a 40-year-old male driver with no prior accidents, a clean driving record, and solid credit. If we estimate prices based on his current situation, 21st Century may have the best car insurance rates in Newark at $1,623 a year. This is $229 less than the average price paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also make the list of the best Newark, NJ auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison a chargeable claim, poor credit, and a speeding citation. Since each auto insurer uses a different method for establishing rates, comparing quotes most likely will result in a different list of the cheapest Newark car insurance companies as shown below.
The Hartford now has the cheapest car insurance in Newark with Allstate, USAA, Mercury, and Travelers completing the list. This example demonstrates why it is crucial to shop around with many companies when trying to find the best car insurance rates for veterans.
Auto insurance prices can be determined by many things and can increase or decrease at any time, so the cheapest company two years ago may now be costing you a lot of money.
The insurance agents in Newark listed below can most likely help you determine which auto insurance policy would work best for you, as many consumers aren’t sure which coverage to buy and prefer to have the advice of a professional agent when shopping for cheaper insurance for veterans. It’s not always simple to find the cheapest rate yourself, and a licensed agent can give peace of mind knowing you have adequate protection in case of an accident or claim.
To find a Newark insurance agent close to where you live, click the button after the list.
AMC Insurance Inc
Newark, NJ 07106 – Newark, NJ 07106 – (973) 373-3300
Abbott/Milano Insurance Agency
9 Frank E Rodgers Blvd S – Harrison, NJ 07029 – (973) 350-9999
State Farm Insurance
360 Chestnut St – Newark, NJ 07105 – (800) 701-5909