The words “affordable” and “insurance” really shouldn’t be used in the same sentence, especially when searching for the best price on coverage for nurses. In an attempt to save some money, let’s learn about some of the things that have an effect on car insurance prices, and find a way to take a little off the next policy you buy.
The make and model of vehicle that is being insured is probably the biggest factor in finding the best auto insurance for nurses. Vehicles with high performance engines, poor passenger safety features, or high incidents of liability claims will cost more to insure than more modest models. The data below outlines coverage premiums for a selection of the most affordable automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 4WD | $1,962 |
| Dodge Grand Caravan SE | $1,970 |
| Honda CR-V LX 4WD | $1,974 |
| Chevrolet Silverado LS Regular Cab 4WD | $2,099 |
| Ford F-150 Lariat Super Cab 2WD | $2,111 |
| Jeep Wrangler Unlimited Sahara 2WD 4-Dr | $2,132 |
| Toyota Prius | $2,141 |
| Honda Civic EX 4-Dr Sedan | $2,147 |
| Nissan Rogue S 2WD | $2,219 |
| Toyota Corolla XRS | $2,225 |
| Chevrolet Malibu Hybrid | $2,269 |
| Volkswagen Jetta LE 4-Dr Sedan | $2,274 |
| Toyota RAV4 Limited 4WD | $2,269 |
| Honda Odyssey EX W/Rear Entertainment | $2,281 |
| Chevrolet Impala LS | $2,291 |
| Honda Accord EX 2-Dr Coupe | $2,332 |
| Hyundai Elantra Blue 4-Dr Sedan | $2,350 |
| Kia Optima EX | $2,371 |
| Toyota Camry Hybrid | $2,380 |
| Ford Explorer Eddie Bauer 4WD | $2,386 |
| Ford Focus SES 4-Dr Sedan | $2,389 |
| Hyundai Sonata GLS 4-Dr Sedan | $2,430 |
| Ford Edge Sport AWD | $2,442 |
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Price estimates do not factor in specific location information which can modify prices significantly.
Based on these rates, you can presume that models like the Ford Escape, Dodge Grand Caravan, and Honda CR-V are most likely going to be the less-costly vehicles to insure for health professionals.
Figuring out which company has the lowest-priced auto insurance rates for nurses calls for more time than just getting one or two price quotes. Each auto insurer has a unique formula to determine premium rates, so let’s look at the rankings for the auto insurance companies with the most affordable rates in New Jersey.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | 21st Century | $1,067 |
| 2 | Travelers | $1,180 |
| 3 | New Jersey Manufacturers | $1,310 |
| 4 | Penn National | $1,325 |
| 5 | Palisades | $1,341 |
| 6 | California Casualty | $1,451 |
| 7 | The Hartford | $1,476 |
| 8 | Allstate | $1,523 |
| 9 | USAA | $1,600 |
| 10 | Mercury | $1,635 |
| 11 | Amica | $1,813 |
| 12 | Esurance | $1,838 |
| 13 | Progressive | $1,881 |
| 14 | MetLife | $1,951 |
| 15 | State Farm | $2,182 |
| 16 | GEICO | $2,240 |
| 17 | Encompass | $2,397 |
| 18 | Liberty Mutual | $2,920 |
| 19 | Hanover | $3,987 |
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21st Century may offer some of the cheapest car insurance rates in Newark at around $1,067 each year. This is $785 less than the average premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades would also be considered some of the lowest-priced Newark, NJ insurance companies.
As the rates illustrate above, if you currently have a policy with Penn National and switched to 21st Century, you may see yearly savings of in the vicinity of $258. Customers with Palisades may save as much as $274 a year, and California Casualty insureds might cut rates by $384 a year.
Understand that those premiums are averages for all ages of drivers and types of vehicles and are not factoring in a vehicle location for nurses. So the company that has the lowest price for you may not even be in the top 19 companies shown above. That points out the importance of why you need to get auto insurance quotes using your own specific driver information and vehicle.
The diagram below demonstrates how deductibles can raise or lower premium costs when getting quotes for cheap insurance for nurses. Data assumes a single male driver, comprehensive and collision coverage, and no discounts are factored in.
A 30-year-old driver could lower their policy premium by $602 a year by increasing from a $100 deductible up to a $500 deductible, or save $902 by changing to a $1,000 deductible. Young drivers, like the 20-year-old, can save up to $1,782 annually by choosing a larger deductible amount.
When raising deductibles, it is a good idea to have enough savings set aside to allow you to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Illustration showing the impact of accidents and violations
A great way to enjoy the cheapest auto insurance premiums for health professionals is to drive cautiously and avoid traffic citations and accidents. The information below illustrates how violations and at-fault collisions raise annual premium costs for each different age group. The prices are based on a single male driver, full coverage, $500 deductibles, and no discounts are taken into consideration.
The data charted above shows the average cost of auto insurance in Newark per year with no accidents and a clean driving record is $3,012. Receive one speeding ticket and the average cost increases to $3,400, an increase of $388 each year. Then add one accident along with the one speeding ticket and the annual cost of auto insurance for nurses increases to an average of $4,487. That’s an increase of $1,475, or $123 per month, just for not maintaining a clean driving record!
Should you buy full coverage?
Paying less for auto insurance is the goal of the majority of people, and an effective way to buy cheaper insurance for nurses is to not insure for full coverage. The information below shows the difference between premium costs with full physical damage coverage compared to only buying liability only. The premiums assume no claims, a clean driving record, $100 deductibles, single marital status, and no other discounts are factored in.
If we average the cost for ages 20 through 70, physical damage insurance costs $2,745 per year more than just insuring for liability. That proposes the question if full coverage is worth the money. There is no written rule for phasing out physical damage coverage, but there is a general guideline. If the annual cost of your full coverage insurance is more than around 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s book value is $5,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $4,500 after the policy deductible has been paid. If it’s costing you more than $450 annually for physical damage coverage, then you might want to think about dropping full coverage.
There are some conditions where only buying liability is not in your best interest. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage.
Why are you paying too much for Newark car insurance?
Newark, NJ auto insurance rates are influenced by many factors that can increase the cost of having a policy. Simply having a birthday, buying higher coverage limits, or having an at-fault accident can trigger changes in premium resulting in some rates now being more affordable than others. Not only may your risk profile change, but insurers file new rates every year as an adjustment for underwriting gains or losses. An extended period of higher than normal claims may cause additional price hikes, while less frequent claims can result in lower-cost Newark car insurance rates.
The bar chart below shows a variety of companies that have the cheapest car insurance in Newark, NJ for a 35-year-old male driver with no prior accidents, a clean driving record, and a high credit rating. If we compare prices based on his personal profile, 21st Century might quote the cheapest car insurance rates in Newark at $1,591 a year. This is $261 less than the average policy premium paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades also make the list of the cheapest Newark, NJ auto insurance companies.
The next chart shows rates after we give the driver from the first set of rates a chargeable claim, bad credit, and a couple of points charged on his driving record. Since every car insurance company has a proprietary method for determining prices, comparing quotes could result in a slightly different list of cheap Newark auto insurance companies as shown below.
The Hartford now has the best insurance rate in Newark, NJ with Allstate, USAA, Mercury, and Travelers now being in the top five. This demonstrates why consumers need to compare as many rates as possible to get cheap insurance rates for nurses. Rates are influenced by many different factors and can change substantially, so the lowest-price company when you bought your policy may now be quite expensive.