With car insurance costing drivers in New Jersey roughly $1,3010 per year, the personal-finance website WalletHub today released its 2020 New Jersey Car Insurance Report in order to help drivers better understand the state’s insurance market and ultimately save money.

WalletHub’s report includes statistics such as the most and least expensive cities for car insurance in New Jersey, along with a breakdown of how factors such as race, gender, and driving record impact premiums. Below, you can see some report highlights and a Q&A with WalletHub’s industry analyst Jill Gonzalez.

New Jersey Car Insurance Q&A

How much does an accident affect the cost of car insurance in New Jersey?

“New Jersey drivers who’ve had an accident in the past 12 months can expect a 31% premium increase,” said WalletHub analyst Jill Gonzalez. “And expect that number to be even higher if you were at fault for the accident.”

What factors do you think people would be surprised to learn can affect the price of car insurance in New Jersey?

“Age isn’t too much of a surprise factor, but I think many people will be surprised to learn just how greatly that impacts how much you pay for car insurance in New Jersey. For example, 26-year-olds are paying an average of 21% more than 66-year-olds on car insurance premiums,” said WalletHub analyst Jill Gonzalez. “You would think that car insurance companies would have gotten a bit more sophisticated in terms of how they evaluate age-based risk in pricing by now, given all the data analysis tools and predictive modeling at their disposal. Not all young people are so much riskier than older folks on the road.

What makes more sense, however, is the impact of additional coverage on your policy’s price. In New Jersey, if you add comprehensive and collision coverage to your policy, expect to pay 50% more than those who keep basic coverage.”

How can New Jersey drivers save money on their car insurance?

“New Jersey drivers should try to take advantage of discounts to make their car insurance cheaper,” said WalletHub analyst Jill Gonzalez. “You should be able to get discounts if you’re a veteran, have a good driving record, bundle policies, or have an anti-theft system, just to name a few things. You can also choose a higher deductible, which can save you money if you never have an accident. Just make sure it doesn’t cause a financial burden if you go with this option.”

For the full report, including an embeddable infographic that breaks down the main findings, please visit: https://wallethub.com/cheap-car-insurance/new-jersey/