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WalletHub: New Jersey is the 3rd most expensive state for car insurance

NEW JERSEY – New Jersey is the 3rd Most Expensive State for Car Insurance, according to a study done by WalletHub.

With Presidents’ Day approaching and with COVID-19 causing drastic changes in people’s driving habits and personal finances, WalletHub Wednesday released a new report on the States with the Cheapest & Most Expensive Car Insurance, along with a review of New Jersey’s Best Cheap Car Insurance Companies.

Top 5 Cheap Car Insurance Companies in New Jersey:
  1. Geico
  2. NJM Insurance
  3. Travelers
  4. State Farm
  5. Amica Mutual

Other Key Findings:

    • Full coverage car insurance costs 133% more than minimum coverage in New Jersey, on average.
    • 16-year-olds pay 341% more for car insurance than 55-year-olds in New Jersey, on average.
    • Women pay 11% more than men for car insurance in New Jersey, on average.
    • Drivers with a DUI pay 94% more for car insurance than drivers with a clean record in New Jersey, on average.
    • 61 million Americans have reduced their car insurance coverage due to COVID-19.
    • 105 million Americans say they’re not getting their money’s worth from their car insurance.
    • 55 million Americans have second thoughts about owning a car due to COVID-19.
Source: WalletHub
Here are the top 5 states with the cheapest car insurance: 
  1. Wyoming
  2. South Dakota
  3. Iowa
  4. Vermont
  5. North Dakota

Here are the top 5 states with the most expensive car insurance:

  1. Michigan
  2. New York
  3. New Jersey
  4. Louisiana
  5. Delaware

For the full report, click here

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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