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:
- Geico
- NJM Insurance
- Travelers
- State Farm
- Amica Mutual
Other Key Findings:
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- 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:
- Wyoming
- South Dakota
- Iowa
- Vermont
- North Dakota
Here are the top 5 states with the most expensive car insurance:
- Michigan
- New York
- New Jersey
- Louisiana
- Delaware
For the full report, click here
