Who Has the Cheapest Car Insurance Quotes for a 20 Year Old Male in New Jersey?

The vehicle you are buying coverage for is one of the primary factors when consumers are trying to find the cheapest car insurance for 20 year old guys in New Jersey. Vehicles with more horsepower, poor safety ratings, or a history of substantial liability claims will cost much more to insure than safer, lower-performance models.

The next list shows coverage premiums for the most budget-friendly vehicles to insure.

Cost estimates assume single male driver age 20, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in specific garaging location which can revise premiums noticeably.

Looking at the rates, we can expect cars like the Honda Accord, Honda CR-V, Ford Escape, and Chevrolet Traverse are most likely to be the more affordable vehicles to insure for young men. Auto insurance rates will tend to be more expensive just because there is more liability exposure for 20 year old guys, but in general those particular vehicles will have the least expensive rates compared to all other vehicles.

Establishing which companies quote the cheapest insurance rates for 20 year old guys requires a bit more effort than just comparing rates from one or two companies. Every insurance provider has their own formula for determining rates, so let’s examine the lowest cost insurance companies in New Jersey.

It’s important to know that New Jersey insurance rates are impacted by many things which can significantly increase or decrease the cost of your policy. Improving your credit rating, increasing liability limits, or getting caught speeding can trigger price changes that may make certain companies cheaper in comparison to the competition.

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21st Century generally has some of the best car insurance rates in New Jersey at around $1,100 per year. Travelers, New Jersey Manufacturers, Palisades, and Penn National also are some of the more affordable New Jersey auto insurance companies.

In the rate table above, if you buy coverage from New Jersey Manufacturers and switched to 21st Century, you might achieve a yearly price reduction of in the neighborhood of $210. New Jersey drivers with Palisades could save as much as $241 a year, and Penn National insureds might reduce prices by as much as $279 a year.

If you would like to find the cheapest car insurance for 20 year old guys in New Jersey, click here to get quotes or feel free to get quotes from the companies below.

Remember that these premiums are averages across all drivers and vehicles and are not factoring in a price increase for 20 year old guys. So the auto insurance company that fits your age and vehicle best may not even be featured in the list of companies shown earlier. That points out the importance of why you need to get car insurance quotes using your own driver information and specific vehicle type.

Full coverage versus liability only rates

Finding the cheapest car insurance for 20 year old guys in New Jersey is the goal of the majority of vehicle owners, and a good way to pay lower rates for insurance is to only buy liability insurance. The diagram below shows the difference between auto insurance costs with full phyical damage coverage and with liability coverage only. The data is based on no claims or violations, $1,000 deductibles, drivers are not married, and no discounts are factored in.

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Averaged for all ages 20 through 70, physical damage coverage on your policy costs an additional $2,681 per year more than just buying liability only. That amount may make you wonder when is it a good idea to stop buying full coverage. There is no definitive guideline to drop physical damage coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.

For example, let’s assume your vehicle’s replacement cost is $10,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $9,500 after paying your policy deductible. If you are currently paying more than $950 a year for your policy with full coverage, then you may want to consider only buying liability coverage.