Are you doing reasearch to find low-cost Dodge Challenger insurance in Newark? Are you sick and tired of sacrificing other expenses to keep your car insured? Your situation is no different than many other drivers in New Jersey.
Unbelievably, the vast majority of car insurance customers have stayed with the same insurance company for well over three years, and virtually 40% of consumers have never compared rates with other companies. With the average premium in New Jersey being $2,009, drivers could save 40% each year just by getting comparison quotes, but most just don’t grasp the amount of money they would save if they switched to a cheaper policy.
Due to the large number of options when it comes to car insurance, it can be challenging to locate the most affordable insurer.
It’s a good idea to take a look at other company’s rates before your next renewal because car insurance prices are constantly changing. Even if you got the best rates on Dodge Challenger insurance in Newark a couple years back you may be paying too much now. Block out anything you think you know about car insurance because you’re about to learn the proper way to eliminate unnecessary coverages and save money on Dodge Challenger insurance in Newark.
The quickest method to compare rate quotes for Dodge Challenger insurance in Newark takes advantage of the fact all the major auto insurance companies actually pay money for the chance to provide you with a free rate quote. All consumers are required to do is give them some information like if you went to college, if you have an active license, the make and model of your vehicles, and level of coverage desired. Your information gets transmitted to insurance companies and you receive quotes quickly.
To compare affordable Dodge Challenger insurance rates now, click here and see if a lower rate is available in Newark.
The companies in the list below provide price quotes in New Jersey. If multiple companies are listed, we recommend you visit several of them in order to find the lowest rates.
Dodge Challenger insurance analysis
The data table shown below highlights detailed analysis of insurance prices for Dodge Challenger models. Learning a little about how auto insurance premiums are established is important to be able to make informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Challenger SE | $226 | $394 | $522 | $30 | $156 | $1,328 | $111 |
| Challenger R/T | $248 | $454 | $522 | $30 | $156 | $1,410 | $118 |
| Challenger SRT-8 | $272 | $514 | $522 | $30 | $156 | $1,494 | $125 |
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Cost estimates assume married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Rates do not factor in specific Newark garaging location which can affect price quotes significantly.
Should you raise deductibles?
One common question asked by Newark drivers is which deductibles should you choose. The rates below can help you understand the rate fluctuation when you choose different deductibles. The first set of rates uses a $250 deductible and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Challenger SE | $466 | $738 | $544 | $32 | $162 | $1,967 | $164 |
| Challenger R/T | $514 | $848 | $544 | $32 | $162 | $2,125 | $177 |
| Challenger SRT-8 | $562 | $960 | $544 | $32 | $162 | $2,285 | $190 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Challenger SE | $380 | $594 | $544 | $32 | $162 | $1,712 | $143 |
| Challenger R/T | $418 | $684 | $544 | $32 | $162 | $1,840 | $153 |
| Challenger SRT-8 | $458 | $774 | $544 | $32 | $162 | $1,970 | $164 |
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Price estimates do not factor in specific garaging location which can revise auto insurance rates considerably.
Based on the above data, using a $250 deductible could cost the average driver approximately $24 more each month or $288 every year averaged for all Challenger models than requesting the higher $500 deductible. Because you would pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you go at a minimum 10 months between claim filings, you would save more money if you decide on a higher deductible.
How to calculate deductible break even point
| Average monthly premium for $250 deductibles: | $177 |
| Average monthly premium for $500 deductibles (subtract): | – $153 |
| Monthly savings from raising deductible: | $24 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $24 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 10 months |
Dodge Challenger insurance premiums by gender and age
The illustration below illustrates the comparison of Dodge Challenger insurance rates for male and female drivers. The information is based on no tickets, no at-fault accidents, full physical damage coverage, $1,000 deductibles, single marital status, and no discounts are applied to the premium.
Difference between full coverage and liability only rates
The information below illustrates the difference between Dodge Challenger auto insurance rates when comparing full coverage to liability only. The premiums assume no claims or driving violations, $100 deductibles, drivers are single, and no discounts are applied.
When to stop buying comprehensive and collision coverage
There is no clear-cut rule of when to phase out comp and collision coverage, but there is a general guideline you can use. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s pretend your Dodge Challenger claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $6,000 after paying your policy deductible. If you are paying more than $600 a year for your policy with full coverage, then it could be time to drop full coverage.
There are some situations where dropping full coverage is not financially feasible. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should maintain full coverage.
Insurance is not optional but you don’t have to overpay
Despite the high cost of buying insurance for a Dodge Challenger in Newark, buying insurance is not optional due to several reasons.
- Almost all states have minimum mandated liability insurance limits which means you are required to buy a specific minimum amount of liability coverage in order to be legal. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
- If you took out a loan on your Dodge Challenger, it’s most likely the lender will have a requirement that you carry insurance to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the lender may insure your Dodge for a lot more money and force you to reimburse them for it.
- Insurance preserves your Dodge Challenger and your assets. It will also pay for medical expenses for you, any passengers, and anyone injured in an accident. Liability insurance also pays for attorney fees and expenses if you are sued as the result of an accident. If you have damage to your Dodge as the result of the weather or an accident, your policy will pay to repair the damage.
The benefits of having insurance outweigh the cost, specifically if you ever have a liability claim. The average driver in New Jersey is overpaying more than $700 annually so compare rates at every renewal to help ensure money is not being wasted.
Insurance can be complex
When it comes to coverage online or from an agent, there is no one-size-fits-all type of policy. Your financial needs are unique so this has to be addressed.
For instance, these questions may help you determine whether or not you might need an agent’s assistance.
- Is a blown tire covered by insurance?
- Do I need special coverage while pulling a rented trailer?
- If my pet gets injured in an accident are they covered?
- Can I afford to pay high deductible claims out of pocket?
- What is the rate difference between pleasure use and commuting?
- What are good deductibles for a Dodge Challenger?
If you’re not sure about those questions but you think they might apply to your situation then you might want to talk to an agent. If you want to speak to an agent in your area, complete this form or click here for a list of insurance companies in your area.
Auto insurance coverages
Understanding the coverages of a car insurance policy aids in choosing which coverages you need for your vehicles. Car insurance terms can be impossible to understand and coverage can change by endorsement. Listed below are typical coverages found on the average car insurance policy.
Collision coverage protection
Collision coverage pays for damage to your Challenger resulting from colliding with another car or object. You will need to pay your deductible and then insurance will cover the remainder.
Collision insurance covers claims such as backing into a parked car, driving through your garage door and damaging your car on a curb. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. Drivers also have the option to increase the deductible on your Challenger to save money on collision insurance.
UM/UIM Coverage
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants as well as damage to your Dodge Challenger.
Since many New Jersey drivers carry very low liability coverage limits (which is 15/30/5), their limits can quickly be used up. This is the reason having UM/UIM coverage should not be overlooked. Frequently the UM/UIM limits are similar to your liability insurance amounts.
Medical costs insurance
Personal Injury Protection (PIP) and medical payments coverage pay for expenses like hospital visits, nursing services, chiropractic care and doctor visits. They are often used in conjunction with a health insurance program or if you lack health insurance entirely. Coverage applies to you and your occupants and also covers getting struck while a pedestrian. PIP is not available in all states and may carry a deductible
Liability auto insurance
This coverage protects you from damage that occurs to other’s property or people in an accident. This coverage protects you against other people’s claims. It does not cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 15/30/5 that means you have $15,000 bodily injury coverage, a per accident bodily injury limit of $30,000, and a limit of $5,000 paid for damaged property. Alternatively, you may have a combined limit that pays claims from the same limit without having the split limit caps.
Liability coverage protects against claims such as emergency aid, medical expenses and court costs. How much coverage you buy is up to you, but consider buying as high a limit as you can afford. New Jersey state minimum liability requirements are 15/30/5 but you should think about purchasing more coverage.
The illustration below shows why low liability limits may not provide adequate coverage.
Comprehensive or Other Than Collision
Comprehensive insurance coverage covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage protects against claims like damage from flooding, rock chips in glass, hitting a bird, theft and falling objects. The most you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
What is the best car insurance company in Newark?
Choosing the best insurer can be challenging considering how many different insurance companies sell coverage in Newark. The ranking information listed below could help you pick which auto insurers to look at when comparing rate quotes.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Mercury Insurance | 87 | 96 | 100 | 87% | A+ | 93.4 |
| The Hartford | 88 | 96 | 91 | 93% | A+ | 92.6 |
| Progressive | 84 | 94 | 99 | 90% | A+ | 92.4 |
| Travelers | 84 | 93 | 100 | 87% | A++ | 92.3 |
| State Farm | 84 | 93 | 95 | 87% | A++ | 91 |
| Farmers Insurance | 87 | 92 | 90 | 85% | A | 90.6 |
| Safeco Insurance | 85 | 91 | 87 | 86% | A | 88.4 |
| USAA | 71 | 93 | 98 | 87% | A++ | 88 |
| GEICO | 73 | 93 | 95 | 85% | A++ | 87.1 |
| 21st Century | 85 | 85 | 91 | 89% | A | 86.9 |
| Liberty Mutual | 72 | 91 | 97 | 83% | A | 86.4 |
| AAA Insurance | 85 | 85 | 88 | 86% | A | 85.8 |
| Nationwide | 71 | 90 | 93 | 83% | A+ | 84.9 |
| Allstate | 69 | 92 | 92 | 83% | A+ | 84.4 |
| American Family | 77 | 96 | 80 | 85% | A | 83.8 |
| Esurance | 70 | 80 | 89 | 77% | A+ | 79.2 |
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Data Source: Insure.com Best Car Insurance Companies
Don’t give up on cheaper rates
Budget-friendly car insurance in Newark can be bought online and also from your neighborhood Newark agents, and you should compare price quotes from both in order to have the best chance of saving money. Some car insurance companies don’t offer rate quotes online and usually these smaller providers sell through local independent agents.
When buying insurance coverage, make sure you don’t buy less coverage just to save a little money. There are a lot of situations where consumers will sacrifice liability coverage limits only to find out that the savings was not a smart move. Your goal should be to find the BEST coverage at an affordable rate and still be able to protect your assets.
Steps to finding cheaper Dodge Challenger insurance in Newark
The most effective way to get cheaper Dodge Challenger insurance is to start comparing rates regularly from different companies who sell insurance in Newark. Price quotes can be compared by completing these steps.
- Step 1: Try to learn a little about how insurance works and the modifications you can make to keep rates low. Many rating criteria that increase rates like traffic violations and an imperfect credit rating can be improved by making minor driving habit or lifestyle changes.
- Step 2: Get rate quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only give rate quotes from one company like GEICO or Farmers Insurance, while independent agencies can quote prices from multiple sources.
- Step 3: Compare the new rate quotes to the price on your current policy to see if you can save by switching companies. If you find a lower rate and switch companies, make sure there is no coverage gap between policies.
- Step 4: Give proper notification to your current agent or company of your intent to cancel your existing policy. Submit the signed application along with the required initial payment for the new coverage. Immediately put the new proof of insurance paperwork along with the vehicle’s registration papers.
One piece of advice is to make sure you’re comparing the same physical damage deductibles and liability limits on each price quote and and to look at as many carriers as you can. Doing this provides the most accurate price comparison and the best price selection.
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