Everyone knows that car insurance companies don’t want you quoting rates from other companies. Insureds who compare rates once a year are highly likely to buy a new policy because there is a high probability of finding a lower-priced company. Surprisingly, a recent survey revealed that consumers who faithfully checked for cheaper rates saved approximately $3,500 over four years compared to people who never shopped around for better prices.
If finding low prices for Chevy Spark EV insurance is your objective, then understanding the best ways to find and compare coverages can help you succeed in saving money.
It takes a little time, but the best way to get the cheapest car insurance rates in Newark is to regularly compare price quotes from insurers who provide auto insurance in New Jersey. Price quotes can be compared by following these guidelines.
- Learn about how insurance companies determine prices and the factors you can control to prevent expensive coverage. Many factors that cause high rates like traffic tickets, fender benders, and an unacceptable credit history can be controlled by improving your driving habits or financial responsibility.
- Compare rates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give rate quotes from one company like Progressive and State Farm, while agents who are independent can provide prices for a wide range of companies.
- Compare the new rate quotes to the premium of your current policy and see if there is a cheaper rate in Newark. If you find a lower rate and make a switch, make sure coverage does not lapse between policies.
- Provide notification to your current agent or company to cancel your current coverage. Submit payment along with a signed and completed policy application to the new company. Immediately put the new certificate of insurance above your visor, in the console, or in the glove compartment.
An essential thing to point out is to make sure you’re comparing similar limits and deductibles on each price quote and and to get rate quotes from as many different companies as possible. This provides a fair rate comparison and a complete rate analysis.
Compare quotes for Newark Chevy Spark EV insurance
When comparison shopping, more quotes helps improve the odds of finding a lower rate.
The car insurance companies shown below can provide comparison quotes in Newark, NJ. If you wish to find cheap auto insurance in Newark, NJ, it’s a good idea that you visit two to three different companies in order to get a fair rate comparison.
Here’s why insurance is not optional
Even though it can be expensive, paying for insurance serves a purpose in several ways.
First, just about all states have mandatory insurance requirements which means it is punishable by state law to not carry specific limits of liability if you don’t want to risk a ticket. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
Second, if your car has a lienholder, most banks will have a requirement that you buy full coverage to ensure they get paid if you total the vehicle. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Chevy at a much higher rate and force you to pay a much higher amount than you were paying before.
Third, insurance protects both your car and your personal assets. It will also cover most medical and hospital costs that are the result of an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.
The benefits of buying insurance outweigh the cost, especially if you ever need it. According to a survey of 1,000 drivers, the average driver overpays as much as $700 annually so compare rate quotes at every policy renewal to be sure current rates are still competitive.
Which is the best auto insurance?
When it comes to choosing your policy for your personal vehicles, there is no cookie cutter policy. Your financial needs are unique and a cookie cutter policy won’t apply.
For instance, these questions might help in determining if your insurance needs might need an agent’s assistance.
- What is the ISO rating for a Chevy Spark EV?
- When does my teenage driver need to be added to my policy?
- How do I file an SR-22 for a DUI in New Jersey?
- If I drive on a suspended license am I covered?
- Am I better off with higher deductibles on my Chevy Spark EV?
- Will my insurance pay for OEM parts?
If you can’t answer these questions but you think they might apply to your situation, you may need to chat with a licensed agent. To find an agent in your area, complete this form or you can also visit this page to select a carrier
Learn about auto insurance coverages for a Chevy Spark EV
Having a good grasp of auto insurance can help you determine which coverages you need and proper limits and deductibles. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording. Shown next are the normal coverages available from auto insurance companies.
Comprehensive auto insurance – This coverage will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive coverage pays for claims like damage from getting keyed, rock chips in glass and hitting a deer. The most you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.
Collision – This pays to fix your vehicle from damage resulting from a collision with another car or object. You will need to pay your deductible then your collision coverage will kick in.
Collision insurance covers things such as sustaining damage from a pot hole, rolling your car, hitting a mailbox, scraping a guard rail and colliding with a tree. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible on your Spark EV to bring the cost down.
Coverage for uninsured or underinsured drivers – Uninsured or Underinsured Motorist coverage provides protection when other motorists either have no liability insurance or not enough. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your Chevy Spark EV.
Due to the fact that many New Jersey drivers only carry the minimum required liability limits (15/30/5), it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea.
Coverage for medical expenses – Med pay and PIP coverage provide coverage for expenses for EMT expenses, hospital visits, pain medications, X-ray expenses and prosthetic devices. They are used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. PIP is only offered in select states and gives slightly broader coverage than med pay
Liability insurance – This coverage protects you from damage that occurs to other people or property that is your fault. It protects you against other people’s claims, and does not provide coverage for damage sustained by your vehicle in an accident.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 15/30/5 which stand for a $15,000 limit per person for injuries, $30,000 for the entire accident, and a total limit of $5,000 for damage to vehicles and property.
Liability insurance covers things such as medical services, attorney fees, repair bills for other people’s vehicles and court costs. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase as large an amount as possible. New Jersey requires drivers to carry at least 15/30/5 but drivers should carry more coverage.
The next chart shows why minimum state limits may not be adequate.
Best car insurance in Newark
Buying coverage from the best company is hard considering how many companies are available to choose from in Newark. The company rank data below could help you pick which auto insurers to look at shopping your coverage with.
Top 10 Newark Car Insurance Companies Overall
- Mercury Insurance
- The Hartford
- State Farm
- Farmers Insurance
- Safeco Insurance
- 21st Century
Do the work, save more money
A few companies don’t offer price quotes online and many times these regional carriers prefer to sell through independent agencies. Cheaper insurance in Newark is possible both online as well as from insurance agents, so you need to compare both in order to have the best chance of saving money.
As you shop your coverage around, you should never reduce coverage to reduce premium. In many cases, an insured cut comprehensive coverage or liability limits only to regret they didn’t have enough coverage. Your focus should be to buy the best coverage you can find at the best cost, but do not sacrifice coverage to save money.
- Choosing an Insurance Company (Insurance Information Institute)
- Who Has Cheap Car Insurance Quotes for 19 Year Olds in Newark? (FAQ)
- Driving in Bad Weather (Insurance Information Institute)
- Insuring a Leased Car (Insurance Information Institute)
- Vehicle Size and Weight FAQ (iihs.org)