Save Money on Toyota Prius Insurance in Jersey City

It takes a few minutes, but the best way to get the cheapest Toyota Prius insurance in Jersey City is to start comparing rates regularly from different companies who sell insurance in New Jersey. Drivers can shop around by completing these steps.

The key thing to know about shopping around is to make sure you enter identical coverage information on every quote request and and to analyze as many different companies as possible. Doing this ensures a fair price comparison and a complete price analysis.

Insurance for Toyota PriusStatistics show that over 70% of drivers kept their policy with the same company for at least four years, and 38% of drivers have never taken the time to shop around. Many consumers in Jersey City could save nearly $716 each year, but they assume it’s a waste of time to do a rate comparison.

If you have insurance now, you stand a good chance to be able to get lower rates using this strategy. Getting quotes for the lowest cost protection in Jersey City is not that difficult. But New Jersey drivers need to have an understanding of how the larger insurance companies sell online and use it to find better rates.

Toyota Prius coverage analysis

The information shown below showcases a range of coverage prices for Toyota Prius models. Having a better idea how insurance prices are determined helps drivers make informed decisions when shopping around for a new policy.

Toyota Prius Insurance Rates in Jersey City, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $222 $386 $462 $28 $138 $1,236 $103
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Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Information does not factor in specific zip code location which can affect premium rates greatly.

Comparison of policy deductibles

When comparing car insurance rates, the most common question is at what level do you set your deductibles. The following insurance rates sum up the rate difference between low and high physical damage deductibles. The first set of prices uses a $100 physical damage deductible and the second set of prices uses a $500 deductible.

Toyota Prius insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $466 $746 $408 $24 $122 $1,791 $149
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Toyota Prius insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Prius $340 $504 $408 $24 $122 $1,398 $117
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Price information does not factor in specific zip code location which can affect prices considerably.

Based on the data above, we can derive that using a $100 deductible will cost you roughly $32 more each month or $384 each year than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you go more than 13 months between claims, you would save more money if you opt for a higher deductible.

The illustration below shows how choosing a deductible and can change Toyota Prius insurance costs for each age group. The premiums are based on a married female driver, comp and collision included, and no discounts are taken into consideration.

Irresponsible driving raises your rates

The example below shows how violations and accident claims raise Toyota Prius premium costs for different categories of driver ages. Data assumes a single male driver, comp and collision included, $250 deductibles, and no other discounts are factored in.

Comparison of full coverage and liability-only policies

The illustration below illustrates the comparison of Toyota Prius insurance prices with full coverage compared to only the New Jersey minimum liability coverage. The information is based on no accidents or driving violations, $500 deductibles, single marital status, and no discounts are applied.

Should you pay for full coverage or liability only?

There is no set rule for eliminating full coverage on your policy, but there is a general guideline. If the annual cost of your full coverage insurance is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.

For example, let’s assume your Toyota Prius book value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $7,000 after paying your policy deductible. If it’s costing in excess of $700 a year for full coverage, then it might be time to buy liability only.

There are some situations where dropping physical damage coverage is not a good plan. If you still owe a portion of the original loan, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.

How do Insurance Providers Determine Toyota Prius Insurance Premiums?

Consumers need to have an understanding of the rating factors that help determine your car insurance rates. If you know what determines base rates, this allows you to make good choices that will entitle you to lower rates.

The itemized list below are some of the things used by companies to determine your rates.

Do you know your physical damage deductibles? – Your deductibles define how much the insured will be required to pay if a covered claim is submitted. Coverage for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. Some examples of claims that would be covered are a windshield broken by a bird, fire damage, and damage caused by road hazards. The higher the amount you have to pay, the lower your rates will be.

Battle of the sexes – Statistics demonstrate women tend to be less risk to insure than men. However, don’t assume that women are better drivers. Both genders are in at-fault accidents at about the same rate, but men get into accidents with more damage. Men also get cited for more serious violations such as driving while intoxicated (DWI) or driving recklessly. Male drivers age 16 to 19 generally have the highest accident percentage so they pay the highest premiums.

The chart below compares Toyota Prius insurance costs for male and female drivers. The costs are based on no accidents or driving violations, comp and collision included, $1,000 deductibles, single status, and no other discounts are factored in.

Liability coverage limits on your policy – A critical coverage on your policy, liability insurance provides coverage if ever a court rules you are at fault for personal injury or accident damage. It provides legal defense coverage up to the limits shown on your policy. Liability insurance is quite affordable compared to other policy coverages, so buy as much as you can afford.

Never let your car insurance lapse – Not maintaining insurance is illegal and your next policy will cost more because you let your insurance coverage expire. Not only will you pay higher rates, getting caught without coverage may result in fines or a revoked license. You may have to provide proof of insurance in the form of an SR-22 filing with the New Jersey department of motor vehicles.

Insurance loss statistics a Toyota Prius – Companies use claims history when they set coverage costs for each model. Models that the statistics show to have higher claim amounts or frequency will have higher premium rates.

The table below outlines the insurance loss data for Toyota Prius vehicles. For each type of coverage, the statistical loss for all vehicles, without regard to make or model, is represented as 100. Percentage numbers below 100 suggest a positive loss record, while values over 100 point to more losses or statistically larger losses.

Toyota Prius Insurance Loss Statistics
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Toyota Prius C Hybrid 113 100 87 120 121 113
Toyota Prius Hybrid 101 97 98 103 118 103
Toyota Prius Plug-in Hybrid 98 89 87 106 114 93
Toyota Prius V Hybrid 94 86 88 88 94 97

Statistics from for 2013-2015 Model Years

The best insurance company isn’t always the cheapest

Low-cost Toyota Prius insurance in Jersey City is attainable both online as well as from independent agents in Jersey City, and you need to comparison shop both in order to have the best price selection to choose from. Some car insurance companies do not provide online rate quotes and many times these smaller providers sell through independent agents.

In this article, we presented a lot of information how to save on Toyota Prius insurance in Jersey City. It’s most important to understand that the more companies you get premium rates for, the higher your chance of finding cheaper Jersey City car insurance quotes. You may even find the lowest auto insurance rates are with an unexpected company.

Consumers leave their current company for many reasons like not issuing a premium refund, extreme rates for teen drivers, high rates after DUI convictions and even poor customer service. Regardless of your reason, switching car insurance companies can be easier than you think.

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