Vehicle insurance (2024)

FAQs

Who typically has the cheapest car insurance? ›

The best and cheapest car insurance

State Farm is the cheapest national car insurance company, at $50 per month for liability-only coverage. American Family and Geico also have affordable quotes, averaging $61 per month. USAA has the cheapest rates overall, charging $34 per month.

Typically, fully comprehensive insurance is the least expensive, though prices are influenced by individual circ*mstances.

Changes to car insurance minimum requirements in New Jersey

$25,000 bodily injury liability per person. $50,000 bodily injury liability per accident. $25,000 property damage liability per accident.

Key Takeaways: Geico is best for you if you're simply looking for the cheapest option, as the provider has a cheaper average rate estimate in 82% of states across the U.S. Progressive is best for you if you're looking for more coverage options, add-ons and customizations.

State Farm is the largest provider by market share of both auto and homeowners insurance. That enables it to offer generous discounts on multiple policies: Combining State Farm auto with home, condo, renters or life insurance can save you up to 17%, according to the insurer.

American National, Country Financial, Nationwide, Erie and USAA offer the five cheapest full-coverage insurance policies. According to our rate data, the national average annual cost of a full-coverage car insurance policy is $2,008 per year.

So it's important to understand insurance groups – after all, there are 50 of them in total. Cars in group 1 are the least risky from an underwriter's perspective and the cheapest to insure. Those in group 50 are the riskiest and most expensive – usually higher performance models and luxury SUVs.

Key takeaways

The cost for liability car insurance coverage for New Jersey drivers increased by an average of $145 per year due to the required higher coverage limits.

Why is car insurance so expensive in New Jersey? While it's not the most expensive state for car insurance in the country, New Jersey still ranks 45th for affordability. Car insurance is likely higher due to traffic levels in urban areas, proximity to other major cities and the number of claims in the state.

What is the average cost of car insurance per month in New Jersey? ›

The average monthly car insurance cost in New Jersey is approximately $200 for full coverage and $82 for minimum coverage. New Jersey drivers with a DUI conviction pay average rates that are 101 percent more compared to drivers with a clean driving record.

Auto insurance is mandatory in New Jersey, but the type and cost of that coverage can vary significantly.

American National, Country Financial, Nationwide, Erie and USAA offer the five cheapest full-coverage insurance policies. According to our rate data, the national average annual cost of a full-coverage car insurance policy is $2,008 per year.

The monthly national average cost of car insurance for full coverage is about $193, so a monthly premium of $500 would be considered significantly more expensive.

The most substantial reductions in auto insurance rates typically come as teen drivers get older, usually when they hit 18 or 19 years old. Rates continue to decline as you age, particularly once drivers pass the age of 25.