How Much are Auto Insurance Quotes for College Graduates in New Jersey?

When shopping for cheaper car insurance for college grads, one of the many components that impact the cost of insurance is your address. Cities with larger populations or higher claim trends like Newark, West New York, and Paterson are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims can boast about having cheaper rates.

The next table sorts the most expensive areas in New Jersey for college graduates to buy an auto insurance policy in.

Prices are comparative as the specific New Jersey residence address can decrease or increase prices noticeably.

The make and model of vehicle driven is probably the largest consideration when consumers are trying to find cheap auto insurance for college graduates in New Jersey. Vehicles with limited top-end speed, excellent safety ratings, or a low likelihood of liability claims will cost quite a bit less to insure than adrenaline junky models. The data below outlines coverage premiums for a number of the cheaper vehicles to insure in New Jersey.

Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Price estimates do not factor in your specific New Jersey location which can decrease or increase coverage prices considerably.

Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Estimates do not factor in specific location which can impact premiums significantly.

Data rating is based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Premium costs do not factor in specific garaging location which can alter coverage rates noticeably.

Finding good, cost effective car insurance is not easy, and determining which company offers the lowest-priced insurance rates for college graduates will take a little more work. Every car insurance company uses a little different formula for filing rates in each state, so let’s take a look at the most affordable insurance companies in New Jersey.

It’s important to understand that New Jersey insurance rates are influenced by many factors that may substantially change the price of coverage. Price variation is why it is critical to take the time to shop around when trying to get the most economical car insurance rates for college graduates. Rates are made up of many things and change substantially, so the most economical option the last time you shopped your coverage around may now cost much more than other companies.

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

In the rate table above, if you currently buy coverage from Palisades and switched to Travelers, you might see savings of about $209. Insureds with California Casualty might save as much as $306 a year, and Allstate insureds might lower prices by $333 a year.

To compare your rates to other New Jersey insurance companies, click here to start your free quote or visit any of the low-priced companies below.

Bear in mind that those policy rates are averages for all types of insureds and vehicles and and are not figured with a rate decrease for college graduates. So the company that fits your age and vehicle best may not even be in the rate chart shown above. That points out the importance of why you need to compare rates from multiple companies using your own driver information and specific vehicle type.

Careless New Jersey drivers pay higher rates

The easiest method to find cheap auto insurance for college graduates in New Jersey is to drive safely and avoid accidents and traffic citations. The example below illustrates how traffic citations and accident claims raise insurance premiums for each different age category. The premiums are based on a single female driver, full physical damage coverage, $100 deductibles, and no discounts are taken into consideration.

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In the chart above, the average cost of a car insurance policy per year with no accidents or violations is $2,892. Get one speeding ticket and the average cost hikes up to $3,275, an increase of $384 each year. Then throw in one accident along with the one speeding ticket and the 12-month cost of insurance for college graduates goes up to an average of $4,369. That’s an increase of $1,478, or $123 per month, just for not keeping your driving record clean!

Best cheap insurance quotes for college grads

Thanks to technology, there are a lot of ways to get cheap insurance quotes in New Jersey, but the most prevalent are either through an independent insurance agent, an exclusive insurance agent like Allstate or State Farm, or direct online or over the phone from a company like Progressive or Geico. Each way is similar, but buyers need to know the differences in how they function.

Independent insurance agents have contracts with multiple insurance companies and can get rate quotes from every one. Agents of this type have the ability to provide you with more rate quotes, which can give you the best chance of finding a lower price. If prices rise, you can get a different policy which prevents you from having to find an new insurance agent.

Exclusive agents are only able to quote rates with one company, a couple examples are Allstate or Farmers Insurance agents. Exclusive agents normally do not have the ability to provide other companys’ prices, so if rates are not competitive, they cannot give other choices.

Opting to purchase insurance direct means you bypass an agent and instead buy from a direct company like Geico or Progressive. Shopping for insurance direct can be good for people who do not need high amounts of coverage and have some degree of understanding of the limitations of their policy.

So what is the best way for finding cheap auto insurance for college graduates in New Jersey? It would be obvious to point out buying direct saves the most money since that prevents the need to pay agent commissions, but unfortunately, that is not the case. A valid argument could also be made that an independent agency results in the cheapest rates since they can provide multiple quotes, but that’s not always true, either. In many circumstances, exclusive agents have very competitive rates that cannot be beaten by either independent or direct companies.

Due to the large number of rating factors, the one way to buy the cheapest policy is to do a thorough rate comparison. Put in the effort to get quotes from all three to give yourself plenty of rates to compare. For a list of insurance companies with low rates, click here to view.