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In 2023, over 1 million New Jersey drivers saw their annual premiums increase by about $130. There are a few reasons for the increase. Gov. Phil Murphy signed a law that mandated an increase in minimum liability limits from:
- $10,000 in optional bodily injury
- $5,000 in property damage
- $15,000 personal injury protection (PIP)
- $25,000 in bodily injury liability per person
- $50,000 in bodily injury liability per accident
- $25,000 in property damage
- $15,000 personal injury protection
This 2023 mandate has led to higher average auto insurance rates in the state.1 On top of that, dozens of auto insurers have asked the state to approve rate increases in 2023, with Allstate asking for a 29 percent increase and GEICO asking for a 26 percent increase.2
Drivers in New Jersey, like in much of the country, will probably continue to see their rates increase into 2024, which is why it’s essential to employ smart shopping habits. Even with statewide insurance increases, you can still rely on tried-and-true strategies to find the best rates, discounts, and coverage.
Average Car Insurance Rate in New Jersey
Most drivers pay around $2,300 for car insurance in New Jersey, which is about 10 percent more than the national average of $2,071.