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By: Shravya Reddy October, 25, 2019

Car insurance is not only mandatory but also expensive in Watchung, NJ. The average cost of car insurance in the garden state is around $1,697 per year, making it one of the most expensive states in the country to purchase car insurance. For driver in Watchung, the average cost of car insurance is even higher at $2,260. Moreover, being a coastal state, it makes the region highly prone to environmental damage like hurricanes, and also a reason for higher than average insurance rates. Analyzing data from the NAIC 2019 market share report, Gavop lists the top 5 car insurance companies in Watchung.


GEICO- With a market share of 21.62%, Berkshire Hathaway Group’s GEICO takes the most significant cut of the car insurance pie in New Jersey. The company reported 1,185,998 in direct premiums written, and 1,166,833 direct premiums earned. The company also enjoys an A++ A.M. Best Financial Strength Rating (FSR) rating and a score of 836/1000 in the 2019 J.D. Power study in auto insurance.

New Jersey Manufacturers- New Jersey Manufacturers is second for the holding the largest market share of 12.73% in car insurance in the state. With 698,395 direct premiums written and 675,030 direct premiums earned, NJM Insurance has been certified by J.D. Power for providing "An Outstanding Auto Claims Experience" for personal lines customers. Cementing their legacy, A.M. Best gave NJM "A+" (Superior) for financial strength, sharing this distinction with only 11.9% of rated property-casualty insurers nationwide.

Progressive- Accounting for 12.45% of the market share in New Jersey, Progressive is the third-largest provider of car insurance in the state. In 2018, Progressive reported 682,620 in direct premiums written and 671,705 direct premiums earned, making them the third-largest car insurance provider in the New Jersey. With a market share of 12.45% in New Jersey, the company also boasts of an A.M. Best rating of A+. Besides, J.D. Power gave them a score of 816/1000 in the 2019 auto insurance study.

Allstate- Known for their coverage and discount options, Allstate has a 10.08% market share when it comes to car insurance in New Jersey. In 2018, the company recorded 552,820 in direct premiums, and 554,887 direct premiums earned. Offering supplemental coverage options, Allstate scored 836/1000 in the 2019 J.D. Power study in auto insurance. Also reaffirming their position in the industry, A.M. Best rating asserted Allstate with A+ in financial strength rating. Also, recently they were awarded the CIO 100 Award 2018 for QuickFoto Claim.

State Farm- Nearing its 90th anniversary, State Farm rounds up the list of the top 5 insurance companies by market share in New Jersey with a cut of 7.99%. State Farm reported 438,314 in direct premiums written and 445,901 direct premiums earned in 2018. The company received A+ in the A.M. Best financial strength rating. Ranking high on the J.D. Power auto insurance study with a score of 835/1000, State Farm is especially recommended for owners of ride-sharing services and new cars in Watchung.


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Shravya Reddy

Shravya Reddy is a writer, public relations associate and content producer. She has worked in the corporate space on various mediums of print media as well as digital media. As a journalist, she has covered a range of topics including real estate, architecture, design, and technology. She has contributed to various online publications as a copywriter and copy editor. Shravya has done her BA in Journalism, Film & Media from Cardiff University. In her spare time, she enjoys traveling, exploring new cuisines and culture and wildlife.