Car insurance rates in New Jersey are rising due to various factors.

From Yahoo Finance: 2025-04-11 15:57:00

Car insurance rates in New Jersey are on the rise and expected to continue increasing in the coming years due to legislative changes, higher replacement costs, and more accidents. The uninsured rate in the state has jumped from 3.1% to 14.1%, lower than the national average. New minimum liability insurance requirements will raise costs for low-income drivers. The state allows for basic and standard insurance policies, with varying coverage options and costs. Supply-chain issues, higher labor costs, and increased accident severity are also contributing to rising car insurance prices. New Jersey is a no-fault state, requiring drivers to have minimum basic coverage. Personal injury protection and property damage liability are essential components of basic policies. Optional coverages like collision, comprehensive, and uninsured motorist coverage provide additional protection. Special Automobile Insurance Policies and the New Jersey Personal Automobile Insurance Plan are available for low-income or high-risk drivers. Discounts are available for safety features, multiple policies, good students, and completing defensive driving courses. Factors like driving record, location, age, gender, car model, and credit score impact car insurance premiums. Driving without insurance in New Jersey can lead to fines, license suspension, and other penalties. Driving while intoxicated can result in fines, jail time, license suspension, and other consequences. DWI/DUI convictions can lead to severe penalties, including jail time and license revocation. Choosing the right coverage options and deductibles can help save on car insurance costs in New Jersey. Shopping around and comparing quotes from different insurers is recommended to find the best and cheapest car insurance options.



Read more at Yahoo Finance: Car insurance rates are rising in New Jersey. Here’s how to save.