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New Jersey commercial auto insurance $4000?!

Hi all,

Shopping for insurance here in NJ. Model 3 2023 model registered under my company. Geico didn't even quote it. Progressive said it will be $4000 a year with a $5000 deductible. $330 a month essentially. Am I the only one to think that this is insane? Wondering if anyone has any advice for commercial auto insurance in New Jersey?

Thank you in advance!

Soul Surfer

Cansurvivor, tech geek & musician
With respect. It is difficult to weigh in on this without context, such as age, gender and driving record. If you are single and don’t have a good driving record, as well as where you live, then you can expect high rates. It’s all about the actuarial statistics. As an example, I’m 70 and married and pay $1,200/year with the highest coverage and the lowest deductible.

Soul Surfer

Cansurvivor, tech geek & musician
Thank you for the reply soul surfer. I am 32, F and I have a clean driving record. I was just told that it was because of the 'model and make' of the car.
That just seems really strange to me. I would say that you should shop it around. We have CAA here in Canada, which is similar to AAA and they currently have the best rates. I'm not sure what the options are with AAA but I do know this:

  1. Every insurance company has different rates based on their acturial tabes
    1. This involves claims
    2. Regions where their clients live
    3. Age groups
    4. Genders
  2. Different companies will have different rates
  3. The numbers can vary by wild amounts
  4. Shop insurance every year before the policy expires
I was blown away by the variances here, but I do go by the list above. Every company will pass on the losses or savings to their clients. Wishing you luck. Keep shoping it.
Odd. I'm in NJ and have NJM for an insurer; switched to them from State Farm and saved a hundred bucks or so. NJM is around 1800 or a year, personal (non-commercial).

I didn't regard State Farm's rates excessive, either, for this corner of the country.

Commercial.. for a business. Let me check a bit. There's a random web site that reports that commercial rate auto is around $2100/year, but they point out that the "average" includes both liability policies (lower cost) and comprehensive (higher cost). The high end was stated to be around $333/month back in April of 2022.

No question, then: Personal autos and commercial autos are insured at different rates.

I dunno. I liked State Farm's agents: One can actually find somebody not in a call center who'll talk to you. Pop into an Agent's office and explain what you're looking for. I've found that if one asks general questions like, "How does this work, anyway?", the agents I've run into haven't been shy about popping up with answers. I mean, it's insurance, they've got people who play serious games with accident rate tables.

A Model 3 is sometimes regarded by some insurers as some kind of race car; but a non-P Model 3 is more like a Camry, but cheaper to drive. Some insurers got the memo, others, not so much.

The only other thing of which I'm aware is, at the moment, any given Tesla is more expensive to repair after a fender bender. There's not a lot of secondary body part manufacturers like there are for other automobiles. On the other hand, physical injury while being in Model 3 (and the resultant hospital bills) would be much less, the Teslas being generally safer for the occupants.
Hi Tronguy! Thank you for the reply. Commercial auto at $2100 is way more sensible than the $4000 quote i got with a $5000 deductible. Metromiles website says its not accepting any new biz in NJ. I'm going to shop around some more and update this thread with what I finally get. Have about 3 more days to get it.

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