Low-income drivers in New Jersey are facing a new cost of about $6,000 per year for the most basic car insurance coverage that’s offered in the state.
But the coverage is so cheap that some are even paying as little as $1 a month, the state’s Department of Insurance said Wednesday.
For example, an uninsured 20-year-old New Jersey driver could pay $2,935 a year for a low-cost, single-policy policy, according to the state DOT.
If the policy is approved by the insurer, the driver would pay about $3,800 a year, DOT data shows.
That’s about $1,100 per month less than what drivers who are eligible for the same policy would be paying.
The rate is much less than the rate for a comparable policy on the state-run exchange, the New Jersey Office of the Insurance Commissioner said in a news release.
The DOT said low-priced policies are the best value, and that the cost per claim is significantly less than those on the New York and Connecticut exchanges.
If you are a low income New Jersey resident, there are several affordable options for affordable auto insurance.
They include auto insurance for renters, and auto insurance with coverage for pets.
For drivers, they include auto and auto-insurance for seniors.
The rates vary by policy size, but for seniors, it is about $10,500 a year.
To compare the cost of auto insurance in New York, you need the information from the New Yorker to compare rates, according the DOT.
To compare the rate of coverage in Connecticut, you can use the data from the Connecticut Department of Finance and Insurance.
The New Jersey DOT has the lowest cost of any insurer in New England.
It is the lowest for seniors and low-income people, and for those with a family income, it’s about one-third lower than the average rate in the New England states.
But if you are in a car accident, you would pay more for auto insurance than in the other states, the DOT said.
You can read more about affordable auto coverage at Next Big Futures.