It’s safe to conclude that car insurance companies don’t want you shop around. Insureds who shop around for cheaper price quotes will presumably move their business because they have a good chance of finding a lower-priced company. A recent survey discovered that drivers who regularly shopped around saved $850 each year as compared to drivers who don’t make a habit of comparing rates.
If saving the most money on auto insurance is your objective, then learning about the best ways to shop for insurance premiums can save time, money, and frustration.
The preferred way to get the cheapest car insurance rates is to regularly compare price quotes from companies who can sell car insurance in Newark. Rate comparisons can be done by following these guidelines.
Step 1: Spend a few minutes and learn about what coverages are included in your policy and the steps you can take to lower rates. Many policy risk factors that increase rates such as traffic tickets, fender benders, and an imperfect credit history can be eliminated by being financially responsible and driving safely.
Step 2: Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from a single company like Progressive or State Farm, while independent agents can provide price quotes from many different companies.
Step 3: Compare the new rate quotes to the premium of your current policy to see if a cheaper rate is available. If you find a lower rate quote and change companies, ensure there is no coverage lapse between policies.
One bit of advice is to make sure you’re comparing the same amount of coverage on each quote request and and to get price quotes from every company you can. This enables the most accurate price comparison and plenty of rates choose from.
If you have a current auto insurance policy or just want cheaper coverage, you can use these tips to reduce the price you pay without sacrificing coverage. Our goal in writing this article teach you a little about how to effectively get price quotes and some tips to save money. Comparison shoppers only need an understanding of the most effective way to shop their coverage around using one simple form.
The quickest method we recommend to compare car insurance rates for Chevy Corvette insurance in Newark is to understand most of the larger companies participate in online systems to give rate comparisons. All consumers are required to do is provide a small amount of information such as how much education you have, how many miles driven, how much coverage you want, and if a SR-22 is needed. That information is then submitted to insurance companies and you will get price comparisons instantly.
If you wish to get multiple quotes for your Chevy Corvette now, click here and enter your coverage details.
The companies in the list below are ready to provide price comparisons in New Jersey. To get cheap car insurance in Newark, we recommend you get prices from several of them to get the cheapest price.
Do you qualify for discounts?
Insurance can cost an arm and a leg, but there could be available discounts that can drop the cost substantially. A few discounts will automatically apply when you purchase, but some need to be inquired about in order for you to get them.
- Discount for Multiple Policies – When you have multiple policies with the same insurance company you may earn up to 20% off your total Corvette insurance premium.
- Active Service Discounts – Having a family member in the military may qualify for rate reductions.
- Multi-Vehicle Discounts – Buying coverage for multiple cars on one policy qualifies for this discount.
- Defensive Driver Discount – Completing a safe driver class could cut 5% off your bill if your company offers it.
- Theft Prevention System – Cars and trucks equipped with tracking devices and advanced anti-theft systems are stolen with less frequency and qualify for as much as a 10% discount.
One last thing about discounts, most discount credits are not given to all coverage premiums. Most only cut specific coverage prices like liability and collision coverage. Despite the appearance that adding up those discounts means a free policy, you’re out of luck. Any qualifying discounts will help lower the amount you pay for coverage.
The information below compares Chevy Corvette car insurance costs with and without policy discounts. The data assumes a female driver, no accidents, no driving violations, New Jersey state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, multi-policy, multi-car, marriage, and claim-free discounts applied.
Popular car insurance companies and a partial list of their discounts are outlined below.
- Farmers Insurance has discounts for business and professional, homeowner, switch companies, teen driver, electronic funds transfer, mature driver, and youthful driver.
- Esurance may have discounts that include paid-in-full, claim free, good student, multi-car, homeowner, and emergency road assistance.
- State Farm has savings for Drive Safe & Save, student away at school, defensive driving training, multiple autos, good driver, and accident-free.
- GEICO offers discounts for multi-vehicle, good student, defensive driver, membership and employees, and daytime running lights.
- Allstate discounts include premier plus, multi-policy, anti-theft, farm vehicle, premier discount, and passive restraint.
When comparing rates, check with every company which discounts they offer. Some discounts might not be available to policyholders in Newark. To see a list of companies that can offer you the previously mentioned discounts in New Jersey, click here.
Coverage statistics and figures
The coverage table shown next outlines a range of policy rates for Chevy Corvette models. Knowing how auto insurance prices are figured can be of help when making smart policy decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $360 | $760 | $334 | $20 | $100 | $1,574 | $131 |
| Corvette GS 2-Dr Coupe | $426 | $848 | $334 | $20 | $100 | $1,728 | $144 |
| Corvette 2-Dr Convertible | $426 | $848 | $428 | $26 | $128 | $1,856 | $155 |
| Corvette GS 2-Dr Convertible | $460 | $936 | $428 | $26 | $128 | $1,978 | $165 |
| Corvette Z06 2-Dr Coupe | $460 | $936 | $334 | $20 | $100 | $1,850 | $154 |
| Corvette ZR1 2-Dr Coupe | $594 | $1288 | $334 | $20 | $100 | $2,336 | $195 |
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Prices above based on married female 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, homeowner, multi-vehicle, and claim-free. Premium amounts do not factor in vehicle garaging location which can alter prices significantly.
Analysis of deductible levels
When buying car insurance, a common question is which comprehensive and collision deductibles to buy. The rates shown below may help to illustrate the differences in price when you buy lower versus higher coverage deductibles. The first rate table uses a $250 physical damage coverage deductible and the second price chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $514 | $960 | $318 | $18 | $94 | $1,929 | $161 |
| Corvette GS 2-Dr Coupe | $610 | $1072 | $318 | $18 | $94 | $2,137 | $178 |
| Corvette 2-Dr Convertible | $610 | $1072 | $408 | $24 | $122 | $2,261 | $188 |
| Corvette GS 2-Dr Convertible | $658 | $1184 | $408 | $24 | $122 | $2,421 | $202 |
| Corvette Z06 2-Dr Coupe | $658 | $1184 | $318 | $18 | $94 | $2,297 | $191 |
| Corvette ZR1 2-Dr Coupe | $850 | $1630 | $318 | $18 | $94 | $2,935 | $245 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corvette 2-Dr Coupe | $418 | $774 | $318 | $18 | $94 | $1,622 | $135 |
| Corvette GS 2-Dr Coupe | $496 | $864 | $318 | $18 | $94 | $1,790 | $149 |
| Corvette 2-Dr Convertible | $496 | $864 | $408 | $24 | $122 | $1,914 | $160 |
| Corvette GS 2-Dr Convertible | $536 | $954 | $408 | $24 | $122 | $2,044 | $170 |
| Corvette Z06 2-Dr Coupe | $536 | $954 | $318 | $18 | $94 | $1,920 | $160 |
| Corvette ZR1 2-Dr Coupe | $690 | $1314 | $318 | $18 | $94 | $2,434 | $203 |
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Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Prices do not factor in garaging location in Newark which can change auto insurance rates significantly.
Based on the above data, using a $250 deductible costs an average of $31 more each month or $372 every year than opting for the higher $500 deductible. Since you would pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you have at a minimum 8 months between claim filings, you would probably save some money if you choose the higher deductible.
How to determine if a higher deductible is a good idea
| Average monthly premium for $250 deductibles: | $194 |
| Average monthly premium for $500 deductibles (subtract): | – $163 |
| Monthly savings from raising deductible: | $31 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $31 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 8 months |
One thing to note is that increasing deductibles to save money results in a higher out-of-pocket expense when you do file a claim. You need to have some money saved in order to pay the deductible for vehicle repair.
The example below illustrates how choosing a deductible and can increase or decrease Chevy Corvette insurance rates for different age groups of insureds. The premiums assume a married female driver, comp and collision included, and no discounts are taken into consideration.
Full coverage versus liability only rates
The information below illustrates the comparison of Chevy Corvette insurance prices when comparing full coverage to liability only. The data assumes a clean driving record, no claims, $1,000 deductibles, single status, and no discounts are taken into consideration.
When to drop comprehensive and collision coverage
There isn’t a steadfast formula that works best for making the decision to drop full coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your Chevy Corvette replacement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,000 after the deductible is paid. If it’s costing in excess of $800 a year for full coverage, then it may be the right time to buy liability only.
There are some cases where removing full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Smart Buyers Can Lower Insurance Rates
An important part of buying insurance is that you know some of the factors that come into play when calculating the rates you pay for car insurance. When consumers understand what determines premiums, this allows you to make educated decisions that could help you find better car insurance rates.
The items below are some of the major factors that factor into your rates.
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Teenage driver insurance costs – More mature drivers are more cautious drivers, cost insurance companies less in claims, and usually have better credit. Young drivers tend to get distracted easily behind the wheel so they pay higher car insurance rates.
The chart below uses these variables: single driver, full coverage with $100 deductibles, and no discounts or violations.
- Where you live plays a part – Living in a rural area may provide you with better prices if you are looking for the lowest rates. Drivers in populated areas regularly have much more traffic and more severe claims. Less people means fewer accidents and also fewer theft and vandalism claims.
- Reserve policy claims for larger damages – Insurance companies in New Jersey generally give cheaper rates to people who do not rely on their insurance for small claims. If you file claims often, you can expect either a policy non-renewal or much higher rates. Auto insurance is intended for the bigger claims that can’t be paid out-of-pocket.
- Credit rating impacts prices – Having a good credit rating is a big factor in calculating your car insurance rates. Insureds with high credit scores tend to be better drivers and file fewer claims as compared to drivers with poor credit scores. If your credit score can use some improvement, you may save money insuring your Chevrolet Corvette by improving your credit score.
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Insurance loss data for a Chevy Corvette – Companies factor in historical loss data when they file their rates in each state. Models that have higher number or severity of losses will have higher rates for specific coverages.
The next table illustrates the insurance loss data for Chevy Corvette vehicles. For each insurance policy coverage type, the claim probability for all vehicles, as an average, is represented as 100. Percentages below 100 imply a favorable loss record, while numbers shown that are more than 100 indicate higher probability of having a loss or statistically larger claims.
Chevrolet Corvette Insurance Loss Statistics Specific Chevrolet Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Corvette 2dr 116 36 101 42 48 39 Chevrolet Corvette Convertible 99 25 57 36 Chevrolet Corvette Z06 2dr 176 126 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Compare prices but buy from a neighborhood Newark auto insurance agent
A small number of people just want to visit with an insurance agent and that is not a bad decision Most agents will help you protect your assets and help file insurance claims. One of the best bonuses of comparing rates online is the fact that you can find cheap car insurance rates and still choose a local agent. Buying from neighborhood agents is definitely important in Newark.
After completing this quick form, your insurance coverage information gets sent to companies in Newark that can provide free Newark auto insurance quotes for your car insurance coverage. It’s much easier because you don’t need to contact any agents since price quotes are sent instantly to you. If you have a need to compare prices from a specific company, you would need to find their quoting web page and fill out their quote form.
If you want a reputable agency, you should know the different types of agents and how they can quote your rates. Agents are categorized either exclusive or independent. Both types can sell affordable car insurance policies, but it’s worth learning the subtle differences since it may influence the selection process.
Independent Car Insurance Agents
Agents that choose to be independent are normally appointed by many insurers and that allows them to write policies with an assortment of companies depending on which coverage is best. To transfer your coverage to a different company, they can switch companies in-house which makes it simple for you. When comparing car insurance prices, you definitely need to get rate quotes from a couple of independent agencies to have the most options to choose from. Most also have access to mutual insurance companies which can save you money.
Listed below is a partial list of independent agents in Newark who may be able to give you competitive price quotes.
- Atlantis Agency
177 Adams St – Newark, NJ 07105 – (973) 466-9090 – View Map - Goker and Associates Insurance Agency
121 Elizabeth Ave #101 – Newark, NJ 07108 – (908) 344-7577 – View Map - Astor C Wilson Insurance Agency
88 Pacific St – Newark, NJ 07105 – (973) 491-0002 – View Map
Exclusive Agencies
These type of agents can only place business with one company and some examples include AAA, State Farm, Farmers Insurance, and Allstate. They usually cannot provide prices from multiple companies so they have no alternatives for high prices. These agents are usually well trained in insurance sales and that allows them to sell at a higher price point. Some people will only buy from the same agent for years primarily because of the brand name rather than having low rates.
Listed below is a list of exclusive insurance agents in Newark that are able to give price quote information.
- State Farm: Greg Daniels
681 1/2 Mt Prospect Ave – Newark, NJ 07104 – (973) 484-5772 – View Map - State Farm Insurance
360 Chestnut St – Newark, NJ 07105 – (800) 701-5909 – View Map - Farmers Insurance: Anthony Pugliese
217 Chestnut St – Newark, NJ 07105 – (973) 536-2060 – View Map
Finding a good auto insurance agent shouldn’t rely on just the price. Here are some questions you might want to ask.
- Can they provide you with a list of referrals?
- How are claims handled?
- Do they make recommendations based only on price?
- Do you work with a CSR or direct with the agent?
- If you are a high risk driver, do they have special markets for your coverage?
- Does the agent recommend any additional coverage?
- Are there any extra charges for paying monthly?
After you get reasonable responses to any questions you may have and an affordable coverage quote, you may have found an insurance agent that meets your needs to service your policy.
Car insurance is unique, just like you
Keep in mind that when it comes to choosing the right insurance coverage for your personal vehicles, there really isn’t a “best” method to buy coverage. Your financial needs are unique.
For example, these questions may help you determine if your situation may require specific advice.
- How can I get my company to pay me more for my totaled car?
- Do I have coverage if my license is suspended?
- Do I need motorclub coverage?
- Who sells insurance for high-risk drivers?
- Is my son or daughter covered when driving my car?
- Can I insure my car for more than it’s worth?
- What does PIP insurance cover?
- Why do I need rental car insurance?
- How can I get the company to pay a claim?
If it’s difficult to answer those questions but you know they apply to you then you might want to talk to a licensed agent. If you want to speak to an agent in your area, take a second and complete this form. It’s fast, free and can help protect your family.
New Jersey car insurance companies
Selecting the highest-rated car insurance provider is difficult considering how many choices drivers have in New Jersey. The information displayed below may help you decide which providers you want to consider to insure your vehicles.
| 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
Quote. Compare. Save.
We just presented some good ideas how to save on Chevy Corvette insurance in Newark. The most important thing to understand is the more times you quote, the better likelihood of getting cheaper Newark auto insurance quotes. You may even discover the best auto insurance rates are with some of the smallest insurance companies.
Insureds change insurance companies for a number of reasons such as unfair underwriting practices, extreme rates for teen drivers, high prices or lack of trust in their agent. No matter why you want to switch, choosing a new insurance company is not as hard as you think.
When shopping online for car insurance, make sure you don’t skimp on critical coverages to save a buck or two. Too many times, an insured cut comprehensive coverage or liability limits and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your strategy should be to purchase a proper amount of coverage at an affordable rate while not skimping on critical coverages.
For more information, feel free to visit the resources below:
- Rental Car Insurance Tips (Insurance Information Institute)
- Who Has Cheap Newark Auto Insurance for College Students? (FAQ)
- Who Has Cheap Car Insurance Rates for a Jeep Grand Cherokee in Newark? (FAQ)
- Who Has Affordable Newark Auto Insurance for Drivers with a Bad Driving Record? (FAQ)
- Protect Yourself Against Auto Theft (Insurance Information Institute)
- Child Safety FAQ (iihs.org)
- Safety Belts FAQ (iihs.org)
- How to shop for a safer car (Insurance Institute for Highway Safety)