ValuePenguin Shopper Site Names Teachers’ Insurance in Top 10 Best Deals in New Jersey Auto Insurance - New Jersey Teachers Lounge

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ValuePenguin Shopper Site Names Teachers’ Insurance in Top 10 Best Deals in New Jersey Auto Insurance

ValuePenguin, a website devoted to reviewing financial services products like credit cards, banks and insurance companies, has named Plymouth Rock and Teachers’ Insurance Plan of NJ the fifth and...

ValuePenguin, a website devoted to reviewing financial services products like credit cards, banks and insurance companies, has named Plymouth Rock and Teachers’ Insurance Plan of NJ the fifth and sixth cheapest auto insurance providers out of 50 New Jersey providers reviewed.

The site, which boasts that their tools  “provide a clear way of choosing credit cards, insurance plans, loans, and bank accounts,” conducted a study of car insurance quotes in New Jersey that included 50 insurers and four driver types. Value Penguin reports an extremely wide variance between the cheapest and most expensive quotes in its study, stating that for one of the driver types, the middle-aged married couple, there was a 79% swing in price.

The report also notes that two of the top ten cheapest companies cater to exclusive groups, noting that Teachers’ Insurance Plan is exclusive to members of the New Jersey educational community. The report was careful to note that its findings were based off of price information obtained for the benchmark drivers used in their study, and that premiums can vary widely based on a number of factors. It recommended that consumers use their rankings as a way to choose providers to look at first when pricing out their auto coverages. (For the ValuePenguin report findings and rankings, visit https://www.valuepenguin.com/best-cheap-car-insurance-new-jersey.)

It is no surprise that an occupation-focused company like Teachers’ Insurance Plan was highly ranked. Insurance regulations in New Jersey allow companies to use occupation as a basis for setting rates. As a result, a handful of New Jersey insurance carriers have rates and insurance products specifically tailored to specific occupations, like teaching. Educators have been found to have many characteristics that make them low insurance risks and ideal customers. This opens the door for insurers to create special discounts, or, in the case of a company like Teachers’ Insurance Plan of New Jersey, to design an entire company and rating plan around offering educators lower rates.

Interested in reviewing your coverages and premiums with a company that specializes in educators? Give Teachers’ Insurance Plan a call at 800-521-4084, or go to their website at https://www.plymouthrock.com/insurance/nj-teachers.

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