Best Car Insurance in NJ for 2020 - Fortunly News

Best Car Insurance in NJ for 2020 - Fortunly News
How actress Brooke Shields talks to her kids about life insurance - Business Insider
Insurance Programs That Help Teen Drivers - Forbes

Posted: 15 Dec 2020 08:51 AM PST

Minimum auto insurance requirements in the state of New Jersey are some of the lowest in the country. But if you want to be properly protected on the road, you should purchase additional coverage.

In order to pick the right insurer, you need to consider your budget and a number of other important factors. That's why we developed our own methodology for identifying the best NJ car insurance companies on the market.

Coverage

New Jersey law requires all vehicle owners to have at least $5,000 in property damage insurance and another $15,000 per person as well as $30,000 per accident to cover injuries you cause to others.

In addition, drivers need uninsured motorist coverage, which pays for their medical bills or car damage if someone without insurance hits their vehicle.

But don't assume you're adequately covered by getting the bare minimum. If you're involved in an accident that causes extensive property damage and multiple injuries, the minimum simply isn't enough.

Having the best NJ auto insurance means having collision and comprehensive coverage. Even though it costs more, these coverage types can save you substantial amounts of money in the long run and protect you from potential lawsuits.

In addition to accidents, you'll also be protected from things like theft and natural disasters.

Size and Stability

When looking for the best car insurance companies in NJ, it's important to consider the size of the insurer. Here, we're talking about financial stability. If the insurer is financially stable, then the company is capable of settling all its claims.

So, make sure to choose an insurance provider that will be there for you when you need them most.

Customer Experience

Another important component to consider when picking an auto insurer is the feedback from former and existing customers. When you come across companies that enjoy high customer satisfaction with claims, you can confidently say you found the best auto insurance in NJ.

This means that the company in question offers a comprehensive service that focuses on the consumer.

Pricing

The price of car insurance often determines which company you choose. There are a variety of factors that affect the overall cost. For example, some companies tailor their services to more experienced drivers who spent a few years behind the wheel. Other companies offer the best car insurance in NJ for new drivers.

In addition, companies look at the type of car you drive, your driving record, and your credit score. If all of these are in relatively good shape, you can expect some pretty sweet deals and discounts.

Of course, we can't tell you what the exact price is going to be. You'll receive a quote based on your record and requirements. Still, we can make some valuable suggestions about where to look for the best deals.

How actress Brooke Shields talks to her kids about life insurance - Business Insider

Posted: 28 Sep 2020 12:00 AM PDT

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.

Actress and model Brooke Shields' two daughters spent the summer of 2020 working — their first time holding down jobs. So Shields decided it was time to start having some money conversations at home.

Her two teen daughters, Grier, age 14, and Rowan, 17, were realizing just how hard they have to work for money, and she wanted to start teaching them how to use it well.

"They would get a paycheck and we would talk about it," Shields says. It quickly became a conversation starter to touch on all sorts of money topics. "That was a jumping-off point to have a conversation about finances and being smart and protecting yourself and having a safety net," she says.

One of the money conversations she had with her daughters was about life insurance, Shields tells Business Insider. Shields, who is working with the nonprofit Life Happens to promote life insurance education, hopes that her daughters will come to understand not only why life insurance is so important to have themselves in the future, but also know what she's set up for them.

She makes it a conversation about financial responsibility

Like any parent, Shields expects a certain level of financial responsibility of her daughters. In doing what she can to illustrate this herself, she's started explaining life insurance to them. "We don't make it too heavy," Shields says. "I start the conversation [by talking] about being responsible."

Life insurance is an important part of any financial plan, and can help cover expenses and support children if something happens. It's critical for parents, and Shields says that the conversation is about teaching her daughters that it's one of the ways she's protecting them — and how they can protect their own families later.

"It's the same way that they just can't take my credit card, or assume that everything they get just appears," she says.

She tries to keep it focused on the fact that it's about being responsible above all else. "It's not a tough conversation because it instantly goes from not that their parents are going to die, but that they can be sure that their future will be as protected as possible," she says.

She lets them ask the questions, and puts it into their terms

Most teenagers don't have a good understanding of insurance. But they do know the value of money — especially after they've started working. To help her daughters understand why life insurance is so important, and what she has set up for them, she lets them guide the conversation.

"They'll inevitably ask questions," she says. "They'll ask, 'Well, what happens if you don't have it?' And that's when you've opened up the conversation."

It's easier to have the conversation in terms that are familiar to her kids. "I'll say, 'What you pay for coffee or getting your nails done, that's more expensive than what life insurance would cost,'" she tells Business Insider. The average term life insurance policy costs about $44 per month, and it's even more affordable the younger you are.

Shields hopes that her daughters understand how affordable life insurance is, and remember why it's important when they have their own families later.

"When they have children, they'll remember that this is what we set up for them. And they'll remember that they're not going to be left high and dry," Shields says. "All of this work is not just for their daily benefit, but for the whole family's, and for their future benefit."

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

Insurance Programs That Help Teen Drivers - Forbes

Posted: 09 Nov 2020 12:00 AM PST

Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

Insurance Programs That Help Teen Drivers

Getty

For teens, getting a driver's license gives them a sense of freedom. But for parents, having a teen driver can evoke stress and anxiety. Without parental supervision, inexperienced teen drivers are faced with an assortment of distractions that often result in poor driving behaviors and car accidents.

A quarter of teen drivers surveyed between 2014 and 2017 reported being involved in one or more car accidents, according to the most recent National Highway Traffic Safety Administration Young Driver Survey. The survey also found that these accidents resulted from bad judgements such as driving late at night, reading text messages while driving, speeding and drinking alcohol.

While the only way for a young driver to gain experience on the road is to keep driving, some auto insurance companies have developed programs to help teens curb bad driving behaviors and improve driving skills.

If you're a parent of a teen driver, here are a few programs worth considering.

TeenSmart from ADEPT Driver

Created in partnership with Allstate, ADEPT Drivers offers teenSMART, an interactive training program designed to reduce teen's accident risks. The program utilizes interactive learning videos, driving simulations, and parent and teen activities to help address some of the top behavioral and social factors that lead to car accidents.

To get started, you must have:

The teen's driver's license or driving permit
A parent or licensed driver over age 26
A Mac, PC, Chromebook or iPad that meets minimum specifications
An Internet connection

The program takes about eight hours to complete and is divided into 30-minute chapters that teens can study at their own pace.

The teenSMART program costs about $120, but if you are an Allstate customer, you can purchase the program for $69.95 and may be eligible for insurance discounts, depending upon your state.

Other insurance companies may also offer discounts to teen drivers who complete the program, including:

Central Insurance Cos.
Commonwealth Casualty
CSAA Insurance Group
Erie Insurance
The Hanover Insurance Group
Liberty Mutual
MAPFRE Insurance
MetLife Auto & Home
Mutual of Enumclaw
West Bend

Teen Safe Driver from American Family Insurance

American Family Insurance offers the Teen Safe Driver program, which includes an app that monitors your teen's risky driving behaviors. Parents can download the app as well to keep track of the teens and their progress.

The app gives the teen a score upon completing each drive, highlighting improvement areas while encouraging drivers to reach higher scores. Once your teen drives 3,000 miles or completes one year in the program, you'll get up to a 10% discount on your premium from American Family. The discount will automatically be applied until renewal after your teen turns 21.

But here's the catch: If your teen has multiple at-fault accidents or gets a major or minor violation, the discount will be removed at the next policy renewal.

If you're an American Family Insurance customer, contact your agent to sign up for the free program. Your teen must have a valid driver's license and can participate in the program up to age 21.

Hanover SafeTeen App

As part of the Hanover SafeTeen program, the SafeTeen mobile app tracks your teen's driving habits and gives a score based on factors such as distracted driving, hard braking, speeding and the time of day they're driving.

The app provides insightful tips to help teens improve their skills behind the wheel. As they improve their driving scores, they can receive Amazon rewards and you can get a discount on your car insurance.

You can contact your Hanover agent to enroll and download the free app for you and your teen to get started. Eligible teens must be between ages 16 and 19. Other eligibility requirements may vary by state.

Here's something to keep in mind: If your teen's app is inactive for 30 days, the insurance discount will be removed. Hanover will send you a notification prior to the potential removal.

Steer Clear from State Farm

State Farm's Steer Clear program offers five hours of training modules, including driving scenarios, puzzles and videos. Teens must also complete five hours of practice driving with at least 10 trips. Parents can supervise their teen's performance and provide feedback on their driving progress.

Upon completion, your teen driver will receive a program certification in the app, which you can then forward to your insurance agent for a discount. To qualify for a discount, your teen driver must meet the following requirements:

Be under age 25
Hold a valid driver's license
Have no at-fault accidents or moving violations in the last three years
Complete the Steer Clear program within six months of signing up

Teen Driving Program Alternatives

If your insurance company doesn't offer a teen driving program, you may be able take advantage of other tools to help encourage safe driving behaviors. Here are a couple of options:

Usage-Based Insurance

Usage-based insurance (UBI) tracks driving behaviors like speeding, hard braking, phone use, mileage and time of day. These driving metrics are usually tracked via phone, a device plugged into your car's OBD-II port, bluetooth or a built-in system (like OnStar).

Generally, the better you score, the less you'll pay in insurance premiums. UBI can be a smart way for good drivers to take advantage of their daily safe driving skills.

UBI could also be a useful tool for parents to track a teen's driving behavior. You'll be able to identify where your teen is performing well and what areas need improvement. But there is a catch: Some insurance companies will increase your premium if a driver on the policy scores poorly.

If you are interested in usage-based insurance, check with your insurer to determine if bad scores will result in higher rates. Not all insurance companies will charge you more if your teen doesn't make the grade. Before you sign up, make sure you understand how the UBI program will work.

Safe Driving Apps

Another alternative for parents of teen drivers is to use third-party safe driving apps that score your teen driver on metrics such as speeding, harsh braking and distracted driving.

The benefit here is that your insurance company won't have access to the teen's driving scores, so it won't impact your rates. Safe driving apps could be a good solution to diagnose your teen driver's strengths and weaknesses without involving an insurance company.

Frequently Asked Questions (FAQs)

What can I do to help my teen become a better driver?

There are several ways you can reduce parent anxiety about teen driving. For example, you can use smartphone programs to disable texts and notifications. Another good strategy is to go back to the basics. Familiarize yourself with the rules of the road and your car's safety features. Safe teen driving starts with you as a good driver role model.

How can I save money when I add my teen driver to my car insurance policy?

There's no getting around the fact that adding a teen driver to your insurance policy is going to result in a premium increase. But you may be able to soften the impact by asking your insurance agent if you qualify for any car insurance discounts.

While discounts can land you immediate savings, keep an eye on the long term. As your teen driver gets valuable driving experience and avoids traffic violations and car accidents, your rates will go down. Keeping tickets and accidents off your teen's record will (eventually) pay off. Rates usually start to go down around age 25.

Should my teen participate in a usage-based driving program?

A usage-based insurance (UBI) program is an insurance option that can reduce your car insurance rates based on good driving habits like speeding, hard braking, the time of day you drive and other metrics. Generally, the better you drive, the less you pay.

But there are some disadvantages to UBI programs. While most insurance companies won't raise your UBI premiums based on poor driving habits, other insurance companies will. This isn't always a good match for inexperienced drivers. If your teen is eligible for your insurer's UBI program, you should only consider participating if your insurer won't raise your rates for poor scores.

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