Ratewatch: Median 6-month Insurance Rates Drop in New Jersey

Posted & filed under New Jersey Car Insurance, Rate Watch.

Insurance Web, a leading online insurance provider, is reporting that over the last six months, the median six-month auto insurance rate in New Jersey has droped about 6% to a new median of $716.

Here are some other statistics for the state of New Jersey:

  • A household that pays the six month median rate of $716 and earns the median household income of $53,373 pays roughly 2.7% of its gross income for car insurance
  • New Jersey is the 12th most affordable state in which to insure a car or truck. (The most affordable is currently Hawaii, while Louisiana is the most expensive).
  • New Jersey men pay a median rate that is about 6.4 percent higher than the median rate paid by New Jersey women.
  • Young drivers in New Jersey (under the age of 19) pay a median auto insurance rate that is more than double the average rates paid by every other age group except the one just a bit older than they are – ages 20-24.

New Jersey drivers who are looking for lower car insurance rates might want to consider shopping now, while average rates are lower.