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As Newark drivers know, auto insurance in New Jersey can be expensive. The average cost of auto insurance in Newark is $1,487 per year for full coverage, or $123 per month. The average minimum coverage policy costs $632 per year, or $52 per month. Although minimum coverage has the cheapest rates, it is not often recommended by insurance agents because it offers limited coverage.

Fortunately, there are a handful of cheap auto insurance companies in Newark that offer more affordable rates. To help you find the best and cheapest car insurance in Newark, Bankrate has researched and compared providers using our methodology. According to Bankrate’s 2021 Rated Annual Premium Study, NJM offers the best and most affordable car insurance in Newark.

Best Cheap Car Insurance Companies in Newark

The top auto insurance companies in Newark with the lowest rates are NJM, State Farm, Travelers, and Geico, based on 2021 data from Quadrant Information Services. After finding the average rates, we took a deep dive into the carriers and gave each company a discount rate score out of five points. Exchange rate scores are calculated based on claims handling, financial strength, affordability, online and mobile tools, and other factors.

Although most drivers prioritize cost when comparing insurance companies, keep in mind that the best car insurance companies in Newark are not always the cheapest. For example, if you’re looking for a carrier with great customer service or specific add-on policies, you might have to pay a slightly higher premium to get what you want.

NJM

NJM, which stands for New Jersey Manufacturers Insurance, is Newark’s cheapest auto insurance company, and it’s one of the best providers we’ve reviewed. It was ranked the #1 carrier for overall customer satisfaction in the Mid-Atlantic region in the JD Power Auto Insurance Study. The company also stands out for its add-on policies, such as gap insurance, ride-sharing coverage, new car replacement, and pet coverage. Plus, there are plenty of discounts available that can help you get a lower rate.

Learn more: NJM Insurance Review

state farm

State Farm is consistently ranked as one of the top auto insurance companies in the nation and in New Jersey. The company is rated above average for overall customer satisfaction by JD Power and is known for excellent customer service, with a network of 19,000 agents nationwide. Unfortunately, average fares from State Farm to Newark are on the expensive side, but there are a wide variety of discounts available for additional savings.

Learn more: State Farm Insurance Review

Travelers

Travelers don’t have the cheapest rates in Newark, but it’s still worth considering, especially if you’re looking for an insurance company with excellent endorsements. Travelers sells many different add-on coverages, such as accident forgiveness, new car replacement, gap insurance, roadside assistance, and a few others. Travelers also have great discounts, and it’s the only provider on our list that offers savings for electric/hybrid vehicles.

Learn more: Travelers Insurance Review

Geico

Geico has the most expensive premiums in Newark for comprehensive insurance on our list. The good news is that you can probably get a much lower premium by taking advantage of Geico’s discounts. There are savings for military service members, federal employees, good students, affinity group members, policy bundling, and installing certain safety features in your vehicle, such as airbags, anti-lock brakes, daytime running lights and an anti-theft device.

Learn more: Geico Insurance Review

How to Get and Keep the Cheapest Auto Insurance in Newark

Finding the cheapest car insurance in Newark can take some work. But after locking in a low rate, you have to work to maintain it. Car insurance rates can increase each time your policy is renewed due to changes in your driving record and credit score (in most states), for example. Here are some tips for finding and keeping the cheapest auto insurance rate for your situation.

  • Compare quotes. Auto insurers charge different rates for coverage. To find the cheapest policy for you, get multiple quotes for the same type and amount of coverage and compare them.
  • Maintain a clean driving record. Insurers often reward customers with good driving records with lower premiums. To keep your rate low over time, focus on safe driving habits and avoid tickets and accidents.

Frequently Asked Questions

Methodology

Bankrate uses Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates shown are based on a 40-year-old male and female with a clean driving record , good credit and the following complete coverage limits:

  • Civil liability of $100,000 in bodily injury per person
  • Civil liability of $300,000 in bodily injury per accident
  • Civil liability of $50,000 in property damage per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 aggregate deductible

To determine minimum coverage limits, Bankrate has used a minimum coverage that meets each state’s requirements. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles a year.

These are sampling rates and should only be used for comparison purposes.

Discount rate score

Exchange rate scores primarily reflect a weighted ranking of industry standard ratings for financial strength and customer experience, in addition to analysis of annual premiums quoted by Quadrant Information Services, covering all 50 states and Washington, D.C. DC We know it’s important for drivers to feel confident that their financial protection covers the most likely risks, is priced competitively and is provided by a financially strong company with a track record of positive customer support.

In determining how well the top auto insurance companies meet these priorities, third-party agency ratings from JD Power, AM Best, S&P, NAIC, and Moodys had the most impact on the companies’ currency scores. . Since price is a common consideration for drivers, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry. This profile, evaluated on over 35,000 U.S. zip codes, has provided a basis on which drivers can compare each supplier.

While coverage options, insurer availability, affordability and customer experience are often top priorities, Bankrate also analyzed each insurer’s online and mobile resources for managing policies and handling claims. Insurance is changing rapidly to keep pace with our digital world, so these aspects have also weighed in determining the exchange rate scores.

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