Nobody wants to spend more than needed for car insurance, but it’s not always obvious how to get lower rates. When looking at personal auto insurance in New Jersey you will typically see a wide variety of policy options, which might make it difficult to understand at first. However, there are ways to reduce your auto insurance premiums while still retaining sufficient coverage for your needs.
Ask About Discounts
You are likely to find a variety of discounts in personal auto insurance in New Jersey, which can mean lower insurance rates for customers who:
- Bundle car insurance with other policies, such as homeowners insurance.
- Insure multiple cars with one policy.
- Have a clean driving record.
- Pay their entire annual or six-month premium at once.
- Agree to receive documents online.
- Own a car with certain anti-theft or safety features.
- Are members of particular professional organizations or affiliate groups.
Pay Your Bills on Time
Your credit score is a significant factor in the car insurance quotes you receive. Insurance companies say customers’ credit has been shown to correlate with their chances of filing claims.
Having poor credit can increase people’s car insurance rates by hundreds of dollars a year compared with having good credit. In most situations, a FICO score of 579 or lower is considered “poor” credit, but insurers have their own credit models that may have a different cutoff. Improve your credit to secure lowers rates for your personal auto insurance by paying your bills on time and reducing your debt. You can track your progress by checking your credit score regularly.
Consider Skipping Comprehensive and Collision Coverage
Collision coverage pays to repair the damage to your vehicle from another car or an object such as a fence. Comprehensive coverage pays to repair vehicle damage from weather, animal crashes, floods, fire, and vandalism. It also covers car theft. But the maximum payout under either policy is limited by the value of the car if it’s totaled or stolen. If your car is older and has a low market value, it may not make sense to shell out for these types of coverage for your personal auto insurance.
However, if you purchase comprehensive and collision coverage, you can save money by opting for higher deductibles. There is no deductible on liability insurance, which pays for the damage you cause others in an accident.
About SB One Insurance Agency
At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of SB One Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.