How Much Is Car Insurance?
One of the best ways to save money with car insurance costs is to establish a baseline. In order to do that, you will need to know how much car insurance is and which company is best for you. Be sure to compare your options. You can compare online car insurance at https://insurancequote.deals/auto-insurance-quotes/. Next, we will explore the various causes of why the costs are higher than the national average in the guide provided below.
So, How Much Is Car Insurance?
Good question. The cost of car insurance in the state has shifted a lot in national rankings over the past decade. However, if there is one thing that is true, it is that the cost of car insurance is higher than the national average. Typically in the top 10 most expensive car insurance costs in the country, the state is far above the $907 average for the country. In fact, they are nearly twice that with a car insurance cost of $1,905 per year, or $159 per month. Taken from the Department of Insurance, this information clearly spells out just how much more insurance costs are than other states when it comes to cars. One reason for this is the sheer number of drivers on the road. Being a very small state, NJ ranks 11th for the most amount of drivers. All of those drivers in such a small space dramatically increases the costs and helps explain why the state mandated minimum costs are so high.
Considering Cost By Age
Individuals who drive in the state and are under the age of 21 years old must complete a period of driving that is supervised. Known as the Cinderella License, individuals below the age of 21 will have a restricted license until the requirements are met. In addition to having a restricted license, they will also have far higher costs.
Individuals age 16-21 paid the highest in insurance costs. The average cost for 16 year old drivers was $8,226 a year, nearly 4 times the highest insurance rates for adult drivers. In two years this amount dropped to $6,456 by 18, and then went even lower to #3,620 by 21. Around age 25, the total price lowered even more, bottoming out for individuals until they hit their mid sixties where the cost rose again by a few hundred dollars for those 70+. Charging different amounts for different age groups is nothing new. It is one reason why people are amazed when they learn how much is car insurance. Young drivers are particularly susceptible to being in accidents and have statistically higher chances of being in accidents.