If you live in New Jersey, you have close access to the Atlantic coast, the city, and beautiful scenery. But you also pay for it—the cost of living in the Garden State, along with much of the Northeast, is higher than most parts of the country. This also includes New Jersey insurance rates. New Jersey residents pay some of the highest car insurance premiums in the country, and health care costs are also higher than average.
Educating yourself on the factors that drive New Jersey insurance rates so high can actually help you to save money.
New Jersey Car Insurance
When it comes to driving safety, a recent study found that New Jersey ranked 48th. With worse than average driving records, as well as a high population density, the risk of getting in an accident is higher than normal. Residents can qualify for discounts if they maintain good driving records, take approved defensive driving courses, and shop around for the best rates.
You will also want to make sure you have required minimums for the state, which are $15,000/$30,000 for liability and $5,000 property liability. These are relatively low limits, so it's not a bad idea to increase your liability coverage and add comprehensive and collision to cover your own vehicle.
New Jersey Home Insurance
New Jersey insurance rates for homeowners are just under the national average of $804. But the perils that typically make homeowner insurance rates higher, such as hurricanes or a number of homes built in high flood areas, are not really found in New Jersey. However, crime rates in many cities and average home prices that are significantly higher than the rest of the country increase New Jersey insurance rates for homeowners.
You can still save money on your home insurance. For example, installing burglar alarms, deadbolt locks, or other security devices can save you around 15% on your insurance. If you live in an older home, you can update your wiring and plumbing. Installing "green" improvements and upgrades can also help you save money. And if you also have a vehicle to insure, you can typically get a discount if you get auto and homeowner insurance from the same company.
New Jersey Health Insurance
High health insurance costs in New Jersey are the result of higher medical costs in the state, among other factors. Most residents in the Garden State get insurance from their employers, which has excellent employer premium coverage.
New Jersey also offers a number of affordable programs for individuals and families who are unemployed, self employed, or don't get health insurance from their employers. Shopping around for affordable New Jersey insurance rates will help you find the best prices.
Saving on New Jersey Insurance Rates
One of the best ways to save on insurance is to shop around and compare rates. Localinsurance.com is a great way to research all types of insurance, then compare rates in your area to ensure you find the most affordable coverage.
