NJ projected to see rise in car insurance rates, report says
💵 Highest, lowest states for car insurance
💵 NJ's average cost for 2024
💵 Tips to save money
It’s no secret different household costs are up — auto insurance is no exception.
Data released from Insurify this August finds the first half of 2024 saw a 15% increase in full-coverage premiums nationwide. But then by year’s end, they expect a rise to 22%.
Insurify found Maryland tops the list for the highest car insurance: an average of $3,400 annually; New Hampshire residents are getting the most relief with an average of $1,000.
What’re the numbers for New Jersey?
- Average annual cost for full coverage in June: $2,372
- Annual cost expected by the end of 2024: $2,520
- 2024 projected increase: 9%
“What is unique to New Jersey are several laws that impact the rise in premiums, one specifically that raised the minimum liability limits in 2023 and will do so again in 2026. This mandate on policyholders to purchase higher limits directly impacted over 1.3 million drivers in 2023, costing them an average of $140 more per year,” Insurance Council of New Jersey President Christine O’Brien said.
SEE ALSO: Is your goal to retire in NJ? How we compare to other states
O’Brien says to save by enrolling in defensive driving course, bundling your policies, asking about “pay-as-you-go” coverage and paying a higher deductible.
Have you heard about a telematics device? O’Brien touts its real-time collection on your driving habits will give you a customized rate. Everything gets set over to the insurer.
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