From fender benders on Washington Street to multi-car collisions on Newark Street, accidents can happen anytime, anywhere and to anyone —even to the most cautious and experienced drivers. Fortunately, a dependable car insurance policy can shield drivers in Hoboken, New Jersey from the expensive costs associated with vehicle collisions. An independent insurance agent in Hoboken can help you find the best and most affordable auto insurance policy to meet your coverage needs. Contact an insurance agent near you to start comparing customized car insurance quotes.d
How Much Does Car Insurance Cost in Hoboken, NJ?
The average cost of car insurance in New Jersey is higher than the national average. Fortunately, in Hoboken, the average cost is lower than the state average. Shopping around for the best rate could potentially save you hundreds of dollars.
- National average annual car insurance cost: $1,311
- New Jersey average annual car insurance cost: $1,595
- Hoboken average annual car insurance cost: $1,517
Every insurance company is likely to provide you with a different rate when you request a quote. This is because each has its own method for assessing risk and calculating costs. Your rates can be influenced by a variety of factors such as:
- The number of vehicles you are insuring
- Your vehicle’s make, model, trim, and year
- Your age, gender, occupation, driving record, and credit score
- Details about other licensed drivers in your household, unless specifically excluded from coverage
- Whether you own or rent your home
- the amount of your deductible and how much liability insurance you are purchasing
If you are bundling your car insurance with other policies like homeowners insurance or renters insurance, you may even qualify for significant discounts on all your policies. Let a local independent insurance agent help you start comparing customized quotes so you know how much a car insurance policy will cost you.
What Does Hoboken Car Insurance Cover?
Car insurance policies are a mixture of required and optional coverage. As a vehicle owner in Hoboken, you must have a policy that meets or exceeds the state’s liability coverage requirements. You can expect your insurance provider to offer the following coverage:
- Liability insurance (Required): This covers third-party damage if you cause an accident. A standard policy must include bodily injury liability coverage of at least $15,000 per person and $30,000 per accident, as well as property damage liability coverage of at least $5,000
- Personal injury protection (PIP) (Required): This covers medical expenses for treating injuries sustained by you or your passengers if you are involved in a vehicle accident, regardless of fault. A standard policy must include at least $15,000 per person/$30,000 per accident worth of PIP coverage.
- Uninsured motorist insurance (Not required): This covers your damage and injuries if you are in a collision with an uninsured, underinsured, or hit-and-run driver.
- Collision insurance (Nor required): This covers the cost to repair or replace your vehicle if it is damaged in a collision, regardless of fault. Though optional by law, this coverage is often required by lenders until your vehicle is paid off.
- Comprehensive insurance (Not required): This covers the cost to repair damage or replace your vehicle if it is damaged in a non-collision event such as a flood, windstorm, or structure fire. Though optional by law, this coverage is often required by lenders until your vehicle is paid off.
- Roadside assistance and towing (Required): This covers the cost of assistance if your vehicle becomes disabled while you are out on the road.
- Rental reimbursement coverage: This covers the cost of renting a vehicle while repairs are being made to your car following a covered event.
Although a minimum-coverage policy may be your least expensive option, it is not always the best choice. If you cause a collision and your insurance limits are too low, you will be expected to make up the difference out-of-pocket. Talk to your insurance agent for help determining how much liability coverage to buy and which coverage options are a good fit for you.
Why Uninsured Motorist Insurance Can Be Beneficial in Hoboken
Operating a vehicle without insurance in New Jersey is illegal, but about one out of 10 drivers you are sharing the roads with in this state is uninsured. If caught, these drivers can face fines, suspension of their driver's license, and jail time.
- Percentage of US drivers who are uninsured: 12.6%
- Percentage of New Jersey drivers who are uninsured: 10.3%
If you are in an accident caused by an uninsured driver, that person will be responsible for covering your damage and medical bills. If you do not have uninsured motorist insurance, you will need to sue the at-fault driver. You could potentially spend years going through the court system, only to see a fraction of what is owed to you. If your policy includes uninsured motorist coverage, however, you can rest assured that if an uninsured driver is responsible for a collision with your vehicle, you can receive compensation from your insurer right away. Your insurance company will then attempt to collect reimbursement from the at-fault driver and will absorb the costs if they are unsuccessful.
How High Is the Auto Theft Rate in Hoboken?
The auto theft rate in New Jersey is lower than the national average, and in Hoboken, the risk is even lower. That is not to say it does not exist. There are about 40 reported car thefts in this small city in a typical year.
- National auto theft rate per 1,000 vehicles: 2.94
- New Jersey auto theft rate per 1,000 vehicles: 1.74
- Hoboken auto theft rate per 1,000 vehicles: 0.56
If you are worried about your vehicle being stolen, be aware that comprehensive insurance must be included in your car insurance policy in order for you to be reimbursed for auto theft. The low auto theft rate in this city will help to keep the cost of adding this optional coverage manageable.
Let an Independent Agent Help You Find the Best Car Insurance
Independent insurance agents can be a great source of information when you are shopping for the right car insurance policy. These insurance professionals can explain your various options, answer your insurance-related questions, and help you review the coverage offered by a variety of insurers. That way you can choose the insurance company that offers the coverage you want at the best price.
Contact an independent insurance agent with an office in or near Hoboken to start comparing customized car insurance quotes.
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