Buying the best cheap auto insurance for a Jeep Grand Cherokee in New Jersey relies on a complex formula that considers things such as whether you are married, what you do for a living, and whether or not you are a good driver. Drivers will pay around $1,644 a year for Grand Cherokee insurance, but that figure is an estimate based on a 50-year-old single male driver with full physical damage coverage and $100 deductibles.
More likely than not, you may not be 50 years old (or even male), married instead of single, or maybe you have a teen driver on your policy that needs to be considered. Just a very minor change in rating factors or requested coverage amount could result in a significant change in the cost of insurance.
Not everyone needs the same coverages, so the way we recommend to find the most affordable coverage for your Jeep is to do your own rate comparisons.
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Your Jeep’s trim level can impact the yearly cost, so the price you will pay to insure a Grand Cherokee Laredo 2WD model will be $182 less than the insurance cost for the higher-priced Grand Cherokee SRT-8 4WD model, as shown by the rates below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Grand Cherokee Laredo 2WD||$356||$770||$544||$32||$162||$1,864||$155|
|Grand Cherokee Laredo 4WD||$356||$770||$544||$32||$162||$1,864||$155|
|Grand Cherokee Limited 2WD||$402||$906||$544||$32||$162||$2,046||$171|
|Grand Cherokee Limited 4WD||$402||$906||$544||$32||$162||$2,046||$171|
|Grand Cherokee SRT-8 4WD||$402||$906||$544||$32||$162||$2,046||$171|
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Rates do not factor in specific garaging location which can alter coverage rates considerably.
Insuring your vehicle with the highest-rated insurance provider is hard considering how many companies are available to choose from in New Jersey. The company rank data in the lists below could help you analyze which car insurance providers to look at when trying find the best insurance for a Jeep Grand Cherokee.
These rankings are only comprised of companies that write coverage in many states, so companies that focus mainly on New Jersey business are not factored into this list. To compare prices from these top-rated insurers and more, just click here.
Top 10 Major Auto Insurance Companies in Newark Ranked by A.M. Best Rating
- GEICO – A++
- Travelers – A++
- State Farm – A++
- USAA – A++
- Allstate – A+
- Nationwide – A+
- Mercury Insurance – A+
- Progressive – A+
- The Hartford – A+
- Esurance – A+
Top 10 Major Auto Insurance Companies in Newark Ranked by Value
- The Hartford
- Mercury Insurance
- Farmers Insurance
- Safeco Insurance
- AAA Insurance
- 21st Century
- State Farm
- American Family
Full coverage rates compared to liability-only
Saving money on car insurance should be important to most vehicle owners, and one of the fastest ways to find cheap insurance for a Jeep Grand Cherokee is to only buy liability insurance. The chart below illustrates the comparison of insurance premiums with full physical damage coverage and with liability coverage only. The information is based on no accidents, no driving violations, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
If we average the cost for ages 20 through 70, comp and collision coverage costs an extra $2,377 per year more than buying just liability insurance. That raises the question if full coverage is worth the money. There is no set rule of when to exclude physical damage insurance, but there is a general school of thought. If the yearly cost for physical damage coverage is 10% or more of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
There are a few situations where removing full coverage is not a good plan. If you still owe a portion of the original loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should maintain full coverage.
Don’t stick with an overpriced policy
Newark, NJ car insurance rates are calculated based on many things which can substantially change the price you pay for coverage. Simply turning a year older, buying a different home, or getting a ticket for running a stop sign can produce rate changes that may make certain companies more affordable than competitors.
Not only may things change on your end, but auto insurance companies change rates as often as every quarter to adjust for unexpected claims or profits. Higher than usual claims can cause increased rates, while profitable underwriting can result in more affordable Grand Cherokee insurance rates.
As an example, the data below shows which companies have the cheapest car insurance in Newark, NJ for a 35-year-old male driver with no prior accidents, a clean driving record, and solid credit. When quoting prices based on his personal risk profile, 21st Century offers the most affordable car insurance rates in Newark at $1,591 a year. This is $261 less than the average premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Palisades, and Penn National are also on the list of the cheapest Newark, NJ auto insurance companies.
Now we will give the driver from the first example a chargeable accident, a lower credit rating, and a blemish on his driving record. Because every insurance company has their own guidelines to set their prices, comparing insurance quotes could now result in a substantially altered list of cheap Newark auto insurance companies as shown below.
The Hartford now has the cheapest car insurance in Newark, NJ with Allstate, USAA, Mercury, and Travelers also being competitive. This shows why it is critical to compare many different companies to find the cheapest insurance rates for a Jeep Grand Cherokee.
Insurance rates are influenced by many risk factors and can change without notice, so the most economical company the last time you checked may now be quite expensive.