One of the more important components that determine the amount you pay for auto insurance is where you keep your car. Cities with more crime and/or more people will most likely pay more, whereas more rural areas benefit from lower coverage costs.
The following table lists the most expensive cities in New Jersey for electric cars to buy car insurance in. Newark shows up at #2 with a yearly cost of $2,496 for the average insured, which is approximately $208 per month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | East Orange | $2,521 |
| 2 | Newark | $2,496 |
| 3 | Elizabeth | $2,470 |
| 4 | Paterson | $2,448 |
| 5 | West New York | $2,431 |
| 6 | Hoboken | $2,377 |
| 7 | Union City | $2,354 |
| 8 | Kearny | $2,335 |
| 9 | Passaic | $2,301 |
| 10 | Jersey City | $2,276 |
| 11 | Clifton | $2,276 |
| 12 | Bayonne | $2,184 |
| 13 | Perth Amboy | $2,144 |
| 14 | Camden | $2,133 |
| 15 | Atlantic City | $2,106 |
| 16 | Linden | $2,099 |
| 17 | Fort Lee | $2,060 |
| 18 | Hackensack | $1,999 |
| 19 | Trenton | $1,916 |
| 20 | Plainfield | $1,898 |
| 21 | Sayreville | $1,863 |
| 22 | New Brunswick | $1,856 |
| 23 | Lakewood | $1,819 |
| 24 | Vineland | $1,806 |
| 25 | Toms River | $1,691 |
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Rates are comparative as the garaging address in Newark can affect auto insurance rates significantly.
The type of vehicle you are seeking coverage for is a significant factor that determines the availability of the best cheap coverage for electric cars. Vehicles with lower acceleration and performance, good safety features, or a track record of few liability claims will cost less to insure than higher performance models. The table below ranks auto insurance costs for a number of the most budget-friendly automobiles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $2,031 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $2,053 |
| Honda CR-V LX 2WD | $2,102 |
| Ford Escape XLT 2WD | $2,107 |
| Toyota Tacoma 2WD | $2,126 |
| Toyota RAV4 Limited 4WD | $2,166 |
| Dodge Grand Caravan SXT | $2,209 |
| Hyundai Elantra SE 4-Dr Sedan | $2,280 |
| Ford Edge Limited AWD | $2,288 |
| Chevrolet Impala LTZ | $2,280 |
| Honda Accord EX-L 4-Dr Sedan | $2,287 |
| Honda Odyssey LX | $2,311 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $2,323 |
| Ford F-150 Lariat Crew Cab Platinum 2WD | $2,330 |
| Ford Explorer XLT 2WD | $2,357 |
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Prices do not factor in the specific area where the vehicle is garaged which can modify price quotes significantly.
Based upon the rates shown, you can conclude that makes and models like the Toyota Prius, Jeep Wrangler, Honda CR-V, and Ford Escape are some of the most economical vehicles to insure for eco-friendly vehicles.
Trying to find affordable car insurance is not always easy, and figuring out which companies offer the lowest-priced auto insurance rates for electric cars takes even more rate comparisons. Every car insurance company uses their own method for determining rates in each state, so let’s begin by taking a look at the lowest cost auto insurance companies in New Jersey.
It’s a good idea to know that New Jersey auto insurance rates are calculated based on many things that may substantially change the price you have to pay. Improving your credit score, increasing deductibles, or getting a driving violation can trigger rate changes that can make some companies way too expensive in comparison to the competition.
Find the Cheapest Auto Insurance for EV’s
21st Century offers some of the most affordable car insurance rates in Newark at around $1,100 annually. This is $752 less than the average price paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Penn National, and Palisades would also make the list of some of the more affordable Newark, NJ insurance companies.
As shown in the rates above, if you are a policyholder with Penn National and switched to Travelers, you might see an annual savings of about $234. Customers with Palisades might save as much as $237 a year, and California Casualty insureds might cut rates by $306 a year.
To discover how much you can save, click here to get quotes or click through to the companies below.
It’s important to note that these premiums are averaged across all insureds and vehicles and are not factoring in an exact vehicle garaging location for electric cars. So the insurer that has the lowest price for you may not even be in the top 19 companies shown above. That point stresses why you need to compare prices as often as possible using your own individual information.
How violations and accidents impact rates
One of the best ways to find the best auto insurance premiums in Newark for eco-friendly vehicles is to drive safely and avoid getting tickets or having accidents. The chart below shows how traffic citations and fender-benders increase insurance costs for different age groups of insureds. The prices are based on a single male driver, full physical damage coverage, $100 deductibles, and no discounts are applied.
The data charted above shows the average cost of auto insurance in Newark per year with no accidents and a clean driving record is $2,745. Add in one speeding ticket and the average cost increases to $3,092, an increase of $346 each year. Then include two accidents along with the one speeding ticket and the annual cost of auto insurance for electric cars jumps again to an average of $6,008. That’s an increase of $3,262, or $272 per month, just for not driving attentively!
Comparison of full coverage and liability-only policies
Finding the cheapest auto insurance should be important to the majority of people, and one of the easiest ways to find cheap insurance for electric cars is to not insure for full coverage. The illustration below visualizes the comparison of auto insurance costs with full coverage and liability only. The rate quotes are based on no claims, a clean driving record, $100 deductibles, drivers are not married, and no discounts are factored in.
If we average the cost for ages 20 through 70, comprehensive and collision coverage on your policy costs $3,744 per year over and above liability coverage. At some point, almost every driver questions when is it safe to stop buying full coverage. There is no exact rule to eliminate physical damage insurance, but there is a general convention. If the annual cost of your full coverage insurance is more than 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s book value is $10,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $9,000 after paying the physical damage deductible. If you are paying more than $900 a year for full coverage, then it might be time to consider dropping full coverage.
Types of discounts on Newark insurance rates
Insurers that provide policies for electric cars may also provide price discounts that could reduce prices by 40% or more if you qualify. A few of the larger companies and the discounts they provide are shown below.
- GEICO includes discounts for defensive driver, anti-lock brakes, seat belt use, emergency military deployment, and multi-policy.
- SAFECO has savings for anti-lock brakes, teen safe driver, teen safety rewards, anti-theft, bundle discounts, and accident prevention training.
- State Farm has discounts for good student, Steer Clear safe driver discount, accident-free, multiple policy, and defensive driving training.
- MetLife discounts include claim-free, multi-policy, accident-free, good student, and good driver.
- 21st Century offers discounts for good student, early bird, theft prevention, 55 and older, homeowners, and defensive driver.
- Progressive may offer discounts for good student, online signing, multi-vehicle, homeowner, continuous coverage, online quote discount, and multi-policy.
The information below shows the difference between premium costs with and without discounts applied to the policy rates. The price estimates are based on a female driver, a clean driving record, no claims, New Jersey state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with safe-driver, passive restraint, homeowner, claim-free, multiple policy, and vehicle safety discounts applied. When discounts are factored in, theaverage yearly reduction on auto insurance for electric cars is 28% or $721.
Why you should be comparing rates
Newark auto insurance rates are impacted by many things that may substantially change your annual premium. Simply having another birthday, having a teenage driver, or getting a ticket for careless driving can trigger price changes resulting in some rates now being affordable when they were higher priced. Additionally, auto insurance companies file new New Jersey car insurance rates every year to ensure their profitability. Significantly higher losses may result in high rates, while a better loss history can cause more affordable Newark car insurance rates.
The chart below compares the cheapest car insurance in Newark, NJ for a 40-year-old male driver with no accidents or violations, and good financial standing. When comparing rates based on his personal risk profile, 21st Century has the lowest car insurance rates in Newark at $1,707 each year. This is $145 less than the average rate paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Palisades, and Penn National are also on the list of the cheapest Newark, NJ auto insurance companies.
Now let’s give the driver from the first set of rates a couple of claims, a little lower credit rating, and a traffic ticket or two. Since each company has their own guidelines to set their prices, getting updated rate quotes could result in a different set of cheap Newark auto insurance companies as shown below.
Allstate now has the cheapest auto insurance in Newark with The Hartford, USAA, Mercury, and Travelers now rounding out the top five. This illustrates why it is important to spend some time comparing rates to get the most affordable insurance rates for electric cars. Rates are impacted by many different factors and change dramatically, so the best price the last time you checked may now be priced much higher than other options.