SOURCE: InsWeb Corporation

InsWeb Corporation

October 07, 2010 09:47 ET

New Jersey Median Auto Insurance Rate Now $716 per Household

SACRAMENTO, CA--(Marketwire - October 7, 2010) -  The median six-month auto insurance rate in New Jersey has decreased approximately 6 percent over the last six months to reach $716 according to InsWeb (NASDAQ: INSW), a leading online insurance comparison provider.

InsWeb also reported New Jersey median auto insurance rates segmented by specific demographic groups. These include:

Demographic Group Median Six-Month Rate
Men $734
Women $690
Age Group: 19 and younger $1,650
Age Group: 20 to 24 $995
Age Group: 25 to 29 $749
Age Group: 30 to 39 $725
Age Group: 40 to 49 $682
Age Group: 50 to 59 $657
Age Group: 60 to 74 $609
Age Group: 75 and older $533

New Jersey rate statistics:

  • A New Jersey household that pays the six-month median rate of $716 and earns the New Jersey household median annual income of $53,373 pays approximately 2.7 percent of its gross income for car insurance. According to InsWeb's car insurance affordability index, New Jersey is the 12th most affordable state in which to insure a vehicle. Currently, Hawaii is the most affordable state with an affordability factor of 2.3 percent, while Louisiana is the most expensive with a factor of 7.1 percent.

  • Men in New Jersey pay a median auto insurance rate that is approximately 6.4 percent higher than the rate paid by women.

  • Drivers in New Jersey 19 years of age and younger pay a median auto insurance rate that is more than double the rates paid by every other age segment except those ages 20 to 24.

New Jersey drivers who want to learn more about saving on their auto insurance and compare insurance quotes from leading national providers can visit InsWeb.com.

About InsWeb

InsWeb Corporation (NASDAQ: INSW) owns and operates a network of leading insurance marketplace and education websites. Founded in 1995 and headquartered in Sacramento, California, InsWeb's primary properties include InsWeb.com, InsuranceRates.com, LocalInsuranceAgents.com, and AgentInsider.com. InsWeb has invented multiple e-commerce and online insurance distribution technologies and owns the following patents: 6,898,597; 7,107,325; 7,389,246; 7,640,176 and 7,707,505. In 2009, more than 10 million consumers turned to InsWeb for answers to their insurance questions.

About InsWeb's Median Rate Data

To determine median auto insurance rates, InsWeb uses a proprietary system that tracks the rating algorithms of multiple insurance carriers in each state. Rates are based on actual customer profiles that can include multiple drivers, multiple vehicles and other variables.

For more information, please contact InsWeb.

Contact Information

  • Media Contact:
    Jonathon D. Tudor
    InsWeb Corporation
    (916) 853-3386
    Email Contact