Cheapest Insurance for a Toyota Camry in Jersey City

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Insurance rates Toyota Camry in Jersey CityThe easiest way to find affordable quotes for car insurance rates is to regularly compare prices from companies that insure vehicles in Jersey City.

First, learn about how companies set rates and the factors you can control to drop your rates. Many rating criteria that increase rates such as speeding tickets, careless driving and poor credit history can be remedied by making minor driving habit or lifestyle changes. This article gives additional ideas to help find cheaper rates and find possible discounts that are available.

Second, request price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO or Allstate, while independent agencies can provide price quotes from multiple companies.

Third, compare the new rate quotes to your current policy premium and see if there is a cheaper rate in Jersey City. If you can save some money, verify that coverage does not lapse between policies.

Fourth, notify your current company to cancel your current auto insurance policy. Submit a down payment and signed policy application to the new company. Make sure you keep the new certificate verifying proof of insurance in your vehicle's glove compartment or console.

A tip to remember is to make sure you enter the same physical damage deductibles and liability limits on each quote request and and to get quotes from as many companies as possible. This guarantees an apples-to-apples comparison and plenty of rates choose from.

Inconceivable but true, almost 70% of insureds in New Jersey have stayed with the same insurance company for at least the last four years, and approximately 38% of consumers have never compared rate quotes at all. Many drivers in the U.S. can save hundreds of dollars each year just by getting comparison quotes, but they underestimate how much savings they would realize if they switch to a new company.

Rates and other information

The data table shown next showcases detailed analysis of policy rates for Toyota Camry models. Learning how insurance prices are determined is important for drivers to make informed decisions.

Toyota Camry Insurance Rates in Jersey City, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $338 $576 $496 $30 $148 $1,588 $132
Camry SE $338 $678 $496 $30 $148 $1,690 $141
Camry XLE $338 $678 $496 $30 $148 $1,690 $141
Camry Hybrid $382 $678 $560 $34 $168 $1,822 $152
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Prices based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Table data does not factor in Jersey City location which can raise or lower premiums noticeably.

Deductible analysis

One of the more difficult decisions when buying car insurance is which deductible level should you buy. The comparison tables below highlight the differences in premium rates when you select higher and lower physical damage deductibles. The first rate quote example uses a $250 deductible for physical damage and the second set of prices uses a $500 deductible.

Toyota Camry insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $372 $626 $480 $28 $144 $1,675 $140
Camry SE $372 $738 $480 $28 $144 $1,787 $149
Camry XLE $372 $738 $480 $28 $144 $1,787 $149
Camry Hybrid $420 $738 $544 $32 $162 $1,921 $160
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Toyota Camry insurance with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $302 $504 $480 $28 $144 $1,458 $122
Camry SE $302 $594 $480 $28 $144 $1,548 $129
Camry XLE $302 $594 $480 $28 $144 $1,548 $129
Camry Hybrid $340 $594 $544 $32 $162 $1,672 $139
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Prices 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, safe-driver, homeowner, multi-vehicle, and multi-policy. Information does not factor in specific garaging location which can increase or decrease coverage rates significantly.

Using the premium rates above, we can conclude that using a $250 deductible will cost you roughly $20 more each month or $240 a year averaged for all Camry models than choosing the higher $500 deductible. Since you would have to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you have at a minimum 13 months between claims, you would save more money if you decide on a higher deductible.

The information below highlights how deductible selection and can affect Toyota Camry insurance costs for different age categories. The rates are based on a married male driver, comp and collision included, and no policy discounts are applied.

Insurance rate increases from tickets or accidents

The illustration below shows how violations and fender-benders can impact Toyota Camry car insurance rates for each age group. The information is based on a single female driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.

Car insurance prices based on gender

The diagram below illustrates the comparison of Toyota Camry annual premium costs for male and female drivers. The costs are based on no accidents or driving violations, comp and collision included, $250 deductibles, single status, and no discounts are applied.

Cost of full coverage

The diagram below shows the comparison of Toyota Camry auto insurance costs with and without full coverage. The costs are based on no violations or accidents, $100 deductibles, single status, and no discounts are factored in.

When to eliminate full coverage

There is no clear-cut formula to exclude full coverage on your policy, but there is a general convention. If the yearly cost of full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.

For example, let's say your Toyota Camry replacement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $6,000 after the deductible is paid. If it's costing you more than $600 annually for physical damage coverage, then you might want to consider buying only liability coverage.

There are a few cases where dropping physical damage coverage is not a good plan. If you haven't paid off your loan, you are required to maintain full coverage in order to keep the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not buy liability only.

Learn How to Find Car Insurance at a Discount

Many things are used in the calculation when quoting car insurance. Some of the criteria are obvious like an MVR report, but some are less obvious like your vehicle usage or your financial responsibility.

  • Your age impacts your costs - Teen drivers in New Jersey are known to be easily distracted when at the wheel of a vehicle so they pay higher car insurance rates. Adding a teenage driver to your policy can be very expensive. Older, more experienced drivers are more responsible, are lower risk to insure, and are generally more financially stable.

    The next chart uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.

  • Do you qualify for a multi-policy discount? - Most major insurers afford discounts to customers who buy several policies from them such as combining an auto and homeowners policy. If you currently are using one company, it's in your best interest to compare Toyota Camry rates in Jersey City to verify if the discount is saving money.
  • Liability coverage limits should be high - A critical coverage on your policy, liability insurance provides coverage when a jury decides you are liable for causing damage or personal injury in an accident. Your liability coverage provides legal defense which can cost a lot. Liability is cheap compared to comp and collision, so drivers should carry high limits.
  • Vehicles with better crash test results save money - Safer cars tend to be cheaper to insure. The safest vehicles protect occupants better and fewer serious injuries means less money paid by your insurance company and cheaper rates on your policy. If your Toyota Camry is rated at a minimum an "acceptable" rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you may be receiving a better rate.
  • Prices and your address - Living in a small town is a positive aspect when it comes to car insurance. People who live in big cities have to deal with congested traffic and a longer drive to work. Fewer drivers on the road means fewer accidents.
  • Toyota Camry claim data - Insurance companies include the past claim trends for vehicles in order to profitably underwrite each model. Vehicles that statistically have a higher amount or frequency of claims will cost more to insure. The table below demonstrates the compiled insurance loss statistics for Toyota Camry vehicles.

    For each type of coverage, the statistical loss for all vehicles combined as an average equals 100. Numbers that are below 100 imply a favorable loss record, while numbers above 100 point to more frequent losses or tendency to have larger claims.

    Toyota Camry Insurance Claim Statistics
    Specific Toyota Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Toyota Camry 110 94 102 148 145 107
    Toyota Camry Hybrid 124 100 110 118 127 96
    BETTER
    AVERAGE
    WORSE

    Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Quote. Compare. Save.

When trying to cut insurance costs, do not sacrifice coverage to reduce premiums. In many instances, an insured dropped comprehensive coverage or liability limits and learned later that the small savings ended up costing them much more. Your objective should be to purchase plenty of coverage at the best cost but still have enough coverage for asset protection.

Consumers leave their current company for a number of reasons such as an unsatisfactory settlement offer, lack of trust in their agent, denial of a claim or even poor customer service. It doesn't matter what your reason, switching companies is easier than you think.

In this article, we covered a lot of ways to compare Toyota Camry insurance prices in Jersey City. The key concept to understand is the more quotes you get, the better your comparison will be. Consumers could even find that the most savings is with a small mutual company.

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