Anamarie Waite, Car Insurance Writer
@anamarie.waite
Drivers in New Jersey can find cheap car insurance with “no deposit” or “no down payment,” but all that really means is you only have to pay the first month’s premium to get coverage. You cannot get car insurance in New Jersey without paying something upfront. But you can minimize the cost of coverage in New Jersey, which ranks 48 for the cheapest car insurance rates in the country. The average monthly premium in New Jersey is about $245 per month for full coverage and around $107 per month for state minimum coverage. Drivers in New Jersey should expect to pay about that much in advance each month to keep their car insurance policy active.
The biggest drawback of paying for auto insurance monthly is that it’s almost always more expensive than paying in full for six or 12 months of coverage upfront. Some New Jersey insurance companies charge slightly more for month-to-month premiums, and there can also be payment processing fees. Most car insurance companies also discount rates for customers who pay in advance.
You can still find cheap car insurance options if you can’t afford a big deposit, though. The best no-down-payment car insurance keeps rates low and only requires the first month’s payment to start your policy.
People also ask
What are the top 10 cheapest states for car insurance?
The cheapest states for car insurance are Iowa, Vermont and Nebraska, according to WalletHub's Cheap Car Insurance Study. They are the cheapest states for auto insurance in large part because they have low population density and relatively few uninsured motorists. In contrast, New York, Florida and New Jersey are the most expensive states for car insurance.
Population and uninsured motorists are the two main reasons for variations in policy costs from state to state. After all, fewer people...
read full answerWhen should you drop full coverage on your car?
You should drop full coverage insurance on your car when the cost of the insurance equals or exceeds the potential payout, should a covered event occur. You may also want to drop full coverage if you are willing to pay for repairs out of pocket, or if you would prefer to replace your vehicle if it’s damaged.
For example, an older car with high mileage may not be worth costly repairs, and you might want...
read full answerWhat states are PIP states?
The 12 states that require PIP insurance, also known as personal injury protection, are Delaware, Florida, Hawaii, Kansas, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Oregon, and Utah. Eleven of these states are “no-fault” states.
In addition, Pennsylvania law requires drivers to purchase $5,000 in medical benefits, but does not mention PIP specifically. PIP coverage is also available, but optional, in seven additional states, plus the District of Columbia.
PIP States
... read full answerDid we answer your question?