Cheap Car Insurance For Seniors In New Jersey 2024

In New Jersey, seniors over the age of 65 are expected to grow at nearly four times faster than the rest of the population by 2030. Four out of five seniors continue to drive which means that four out of five seniors in New Jersey need to find affordable car insurance.

This article will compare the top car insurance options for seniors in New Jersey and examine the average insurance costs in the state. Not selecting the right policy can lead to higher costs and insufficient coverage.

Drawing from over 15 years of experience in the New Jersey insurance market, I’ll provide insights to help you make an educated decision.

Cheapest Car Insurance For Seniors In New Jersey

Seniors on a fixed income need affordable car insurance. GEICO offers the lowest rates for seniors in New Jersey, with competitive pricing and numerous discounts.

With extensive coverage options and an average annual premium of $1,248, seniors can benefit from discounts such as safe driver, multi-vehicle, and defensive driving, making GEICO the top affordable option.

Cheapest Car Insurance for Seniors Over 65

Insurance rates for seniors over 65 can differ depending on driving patterns and health status. GEICO offers the most competitive rates for this age group, averaging $1,238 annually. GEICO’s discounts and usage-based programs are tailored for older drivers who might drive less frequently, helping to keep their costs affordable.

Cheapest Car Insurance for Seniors Over 70

With age, insurance rates can go up due to perceived higher risks. However, New Jersey Manufacturers offers the best rates for seniors over 70, with an average annual premium of $1,148. New Jersey Manufacturer’s policies are designed specifically for senior drivers, offering affordable and comprehensive coverage.

Cheapest Car Insurance for Seniors Over 75

For seniors over 75, GEICO is a top choice, with an average annual premium of $1,260. The company’s safe driving and defensive driving discounts make it a cost-effective option for older drivers.

Cheapest Car Insurance for Seniors Over 85

For those over 85, insurance rates typically increase due to greater health risks and accident likelihood. Yet, GEICO manages to offer competitive rates, with an average annual premium of $1,435, thanks to its various senior discounts.

Cheapest Car Insurance for Seniors with a Ticket

A driving ticket often leads to higher insurance rates. State Farm provides the lowest rates for seniors with a ticket, averaging $2,426 annually. State Farm’s forgiving policies and discounts for keeping a clean record post-ticket make it a top choice.

Cheapest Car Insurance for Seniors with a DUI

A DUI on record significantly affects insurance premiums. GEICO offers the lowest rates for seniors with a DUI, averaging $2,840 per year. GEICO’s specialized programs help ease the financial burden of a DUI.

Cheapest Car Insurance for Good Drivers

Seniors with spotless driving histories generally receive lower insurance premiums. GEICO provides the most affordable rates, averaging $1,248 per year, supported by a wide array of good driver discounts.

Cheapest Car Insurance for Seniors After an Accident

Insurance premiums can rise significantly after an accident. State Farm provides the most affordable rates for seniors, averaging $2,890 per year. Their accident forgiveness programs help mitigate the increased costs.

How Much is Car Insurance for Seniors in New Jersey?

Car insurance rates for seniors in New Jersey are based on factors like age, health, vehicle, discounts, and coverage level. As seniors get older they tend to face higher premiums because of age-related risks. Thankfully there are several discounts and programs that can help save money on car insurance.

Seniors in New Jersey typically incur an annual cost of $1,500 to $2,500 for full coverage. This estimate accounts for various discounts and coverage options. The table below presents the average yearly costs for five popular providers for seniors in New Jersey.

Factors Influencing Senior Car Insurance Rates In New Jersey

Car insurance rates for New Jersey seniors will vary both positively and negatively based on several factors.

1. Age is the first factor. the older you are the more likely you are to see an increase in premiums especially after the age of 70.
2. Driving record is the second factor. Those with a good driving record, free from claims, accidents, and moving violations, are more likely to see a drop in their premiums.
3. New Jersey insurance providers pay particular attention to credit score. Seniors who want to decrease their premiums should work on moving their credit score to the next tier.
4. Discounts can help reduce senior car insurance rates in New Jersey and there are several available discounts for seniors depending on the insurance provider.
5. Location can also influence your cost. Bergen, Ocean, Essex, Middlesex, and Monmouth are the five counties with the largest populations of seniors over the age of 65 and those who live in heavily populated areas are more likely to face increased risks of things like traffic accidents and car theft which increases premiums.

Understanding each of these factors can help New Jersey seniors find affordable car insurance.

Why Do Car Insurance Rates Increase For Seniors in New Jersey?

Seniors in New Jersey will see higher car insurance rates especially after the age of 70 because of the severe risks associated with age like higher accident risks and health problems.

Higher Accident Risk

Crash data indicates that 13% of all fatal car accidents in New Jersey in 2020 involved drivers over the age of 65. This risk was significantly increased for drivers over the age of 75. The traffic fatality rate for those over the age of 85 was higher than all other age groups in New Jersey.

In terms of car accidents, poor reaction times, health issues, and declining awareness mean that New Jersey seniors have caused a recent spike in car accidents compared to all other age groups.

This higher accident risk means insurance companies charge more for premiums.

Health Problems

Tangentially, the higher rates of car accidents and car accident fatalities among seniors in New Jersey is in large part due to age-related health issues.

The New Jersey Hospital Association says that 57.4% of those over the age of 65 have eight or more chronic conditions. These common issues include things like:

• Osteoarthritis
• Cataracts
• Hearing loss
• Diabetes
• Dementia

Several of these health problems come with an increased risk of medication that can cause symptoms detrimental to effective and safe driving. Moreover, the increased health problems leads to a higher risk of injury severity.

Higher Injury Severity

Seniors in New Jersey are more likely to sustain severe injuries even from minor car accidents and this increases the risk and insurance premiums.

Claim Frequency

New Jersey seniors are more likely to file claims more frequently because of the higher accident risk and higher injury severity. This risk of higher claim frequency leads to higher premiums.

How Can Seniors in New Jersey Save On Car Insurance?

Seniors in New Jersey can save on their car insurance by applying discounts, reviewing coverage, and more.

Apply Discounts

In New Jersey there are three categories of discounts that can be applied to a car insurance policy:

1.  The first are policy discounts
2.  The second are driver discounts
3.  The third are vehicle discounts

Policy discounts are things that reward your behavior like combining multiple Insurance products under the same policy. Driver discounts are those that reward having a clean driving record or making it easier to provide you with insurance coverage. Vehicle discounts are those that keep your vehicle safer.

Review and Adjust Coverage

Seniors should regularly review their insurance needs and adjust their coverage accordingly. If, for example, you have purchased a new car with additional safety features or installed an anti-theft system, you’ll want to provide this information to your insurance in order to get appropriate discounts but you can also shop around to see if someone else has a better discount based on your changing circumstances.

Shop Around

Insuranceopedia is a resource to help people in New Jersey find affordable insurance and to allow seniors to look at insurance coverage based on their needs.

Boost Your Credit Score

Seniors in New Jersey who have a poor credit score pay an average of 37% to upwards of 68% more for their car insurance compared to drivers with good credit scores.

Tip: Seniors in New Jersey who improve their credit rating by a single tier can save an average of 17% off their car insurance premiums.

Install Safety Devices

Installing safety devices, especially simple measures like anti-theft devices, can save upwards of 25% on car insurance for seniors in New Jersey.

Consider Affinity Groups

New Jersey has several discounts for affinity groups:

1. Members of the New Jersey State Nurses Association and New Jersey Society of Certified Public Accountants can receive discounts on car insurance from several companies.
2. Group Partnerships with employees specific programs can receive discounts from Plymouth Rock Assurance in New Jersey.
3. Travelers insurance provides discounts for employees or members of participating credit unions, associations, and businesses.

Ask About Senior Discounts

When you ask your insurance providers about potential affinity group discounts, be sure to ask about age-related discounts.

Car Insurance Discounts For Seniors in New Jersey

Several car insurance companies offer discounts for seniors. These are based on different factors and offer potential savings anywhere between 2% and 30% depending on the company.

Driving Record

Having a clean driving record can save you up to 30%.

Continual Insurance

In addition to loyalty discounts which can save you up to 10%, being continually insured for 6 months or longer can also give New Jersey seniors savings up to 25%.

Defensive Driving Courses

Participation approved defensive driver courses are available to New Jersey seniors 50 years or older and it can provide savings of up to 10% for 3 years. These programs are generally 6 hours long and can be retaken every 3 years. Completion of the course will result in certification that gets sent to your insurance provider. The insurance discount you get varies from provider to provider.

Low Mileage Discounts

Seniors who do not use their vehicles regularly can get low mileage discounts.

Driving Record

New Jersey seniors who have a clean record and no history of car insurance claims can get savings between 10% and 30% off their current premiums.

Tip: In some cases it might save you money to pay for something out of pocket rather than file a claim especially if that claim would increase your premiums.

Multi-Car Discounts

New Jersey seniors can get additional discounts by bundling the same type of policy like several cars under the same insurance product.

Multi-Policy Discounts

Seniors who combine multiple insurance products under the same policy can save up to 30% in New Jersey.

Safe Driver Discounts

These can save drivers up to 30% if they have their driving habits monitored by smartphone or connected electronic devices.

Homeownership

Companies like NJM, Plymouth Rock, and Travelers will give discounts on car insurance to seniors who own their home.

Paperless

Many car insurance providers in New Jersey can give seniors discounts when they sign up for paperless billing.

Similarly, setting your policy up for automatic payments, paying online, or paying for a full year rather than month to month can save up to 25% on policies in New Jersey.

Good Student

You might not be in school but if you have a grandchild who is, they can get a discount on premiums by maintaining a high GPA and a good driving record. For New Jersey, young drivers who keep a b average or higher are eligible for discounts up to 20%.

Vehicle Safety Devices

Seniors in New Jersey who install safety features or anti-theft systems can get discounts up to 30% on their premiums. This extends to features like:

• Daytime running lights
• Anti-lock brakes
• Multiple airbags
• Lojack
• Steering wheel locks
• Car alarms

Group Discounts

Several insurance providers give discounts for membership in specific groups, including the AARP, military organizations, government organizations, and educational organizations.

Loyalty

Seniors who remain with the same car insurance provider in New Jersey long-term can receive savings up to 10%.

Cheapest Car Insurance Rates for Senior Drivers – by US State

For seniors, securing affordable car insurance is essential due to their specific risks on the road. This section details the lowest car insurance rates for seniors in various states and highlights the carriers offering these competitive prices.

By reviewing these options, senior drivers can make knowledgeable decisions that provide both cost savings and adequate protection.