New Jersey Auto Insurance in 2018: What You Need to Know

In this new year, you may have noticed some changes to your car insurance, especially the price. As of October 2017, four of New Jersey’s biggest car insurance companies have requested a rate of change. With an increase in accidents as well as losses from natural disasters like Hurricane Sandy, insurance companies are losing money. Unfortunately, this can mean an increase in cost for you.

Staying on top of your premium changes and looking for the best prices is essential to save you money this year. Here’s what you need to know about your insurance in 2018:

Mid-Century Insurance Company and Farmers Insurance Exchange Will See an Increase

Due to the reasons mentioned above, these large insurance companies will be changing their coverage, rates, and discounts. Mid-century has adjusted its loss model by 15.1%, including adjustments in bodily injury, property damage, and comprehensive coverage. Farmers will likely see a 27.4% increase in premiums starting early in February.

Another large insurance company, State Farm, could be seeing a 6.7% increase, but the increase will likely differ for each age group.

source:valuepenguin.com

If You’re a Student, Get Ready to Save

 

Some auto insurance companies like Farmers Insurance Exchange will be changing their student discount policy. This will include the ability to combine certain student discounts, meaning even more discounts. These discounts include: distant student discount, good student discount, and youthful driving discount.

Find the Best Rates in the State

 

The fact of the matter is the premium for auto insurance in New Jersey is high, averaging $2,350 per year.  Of course, this number fluctuates with your age, driving record, and location, but it’s best to compare rates, especially if you’re seeing and increase this year. There are plenty of tools that will help you find the best rates in your area!

Before you decide on an insurance company, it may be time for you to decide on a car. If you’re buying used, here are some crucial tips you need to know.

 

Sources:

http://bit.ly/2EKC6l1

http://bit.ly/2mImLKX

 

 

Tags: auto insurance, insurance, insurance changes, new jersey insurance
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