Automobile Insurance (2024)

FAQs

Who typically has the cheapest car insurance? ›

USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis.

The annual average cost of car insurance in New Jersey is $2,352 for full coverage and $958 for minimum coverage.

Drivers must meet minimum coverage requirements: Every driver in New Jersey is required to carry a minimum amount of coverage. As of January 1, 2023, the mandatory insurance minimums are as follows: $25,000 bodily injury liability per person. $50,000 bodily injury liability per accident.

Key Takeaways: Geico is best for you if you're simply looking for the cheapest option, as the provider has a cheaper average rate estimate in 82% of states across the U.S. Progressive is best for you if you're looking for more coverage options, add-ons and customizations.

Experienced drivers are less likely to have accident claims, which means they cost less to insure. At Progressive, the average premium per driver tends to decrease significantly from 19-34 and then stabilize or decrease slightly from 34-75.

Travelers tops our list as the company with the best overall score in 2024 out of the insurers we ranked. Because our auto insurance ratings reward companies for customer-first features and practices, this category represents an overall solid choice for drivers seeking a well-rounded insurance company.

State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three.

Why is car insurance so expensive in New Jersey? While it's not the most expensive state for car insurance in the country, New Jersey still ranks 45th for affordability. Car insurance is likely higher due to traffic levels in urban areas, proximity to other major cities and the number of claims in the state.

What is the best insurance to have in New Jersey? ›

New Jersey is a state where carrying no-fault insurance is mandatory. If you happen to get into a car accident, no-fault insurance will reimburse you for any hospital or medical expenses, wage losses from an inability to work, and if necessary, any funeral costs.

New Jersey liability car insurance requirements

As of January 1, 2023, the minimum New Jersey car insurance liability limit requirements are: $25,000 per person for bodily injury. $50,000 per accident for bodily injury. $25,000 per accident for bodily injury.

Typically, fully comprehensive insurance is the least expensive, though prices are influenced by individual circ*mstances.

So it's important to understand insurance groups – after all, there are 50 of them in total. Cars in group 1 are the least risky from an underwriter's perspective and the cheapest to insure. Those in group 50 are the riskiest and most expensive – usually higher performance models and luxury SUVs.

We recommend Travelers, State Farm, Geico, Country Financial and Pekin Insurance as the top five best car insurance companies for Illinois drivers. Daniel Robinson is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more.