Save on Toyota Corolla Insurance in Newark

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It's hard to fathom, but the vast majority of consumers kept their policy with the same company for four years or more, and nearly 40% of drivers have never compared rates from other carriers. New Jersey drivers could save themselves roughly 40% a year just by getting comparison quotes, but they just don't understand how much savings they would realize if they swap their current policy for a cheaper one.

Discount Toyota Corolla insuranceIf saving the most money is your goal, then the best way to find discount Toyota Corolla insurance in Newark is to compare quotes once a year from different companies in New Jersey.

  • First, get a basic knowledge of how insurance works and the things you can change to lower rates. Many factors that cause rate increases such as speeding tickets, accidents and a poor credit rating can be eliminated by making minor changes in your lifestyle. Later in this article we will cover more ideas to help find cheaper rates and find discounts that may have been missed.
  • Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from one company like GEICO or Farmers Insurance, while independent agencies can provide prices from multiple insurance companies. Click to view companies
  • Third, compare the new rate quotes to your existing policy to see if you can save by switching companies. If you can save some money, make sure coverage does not lapse between policies.
  • Fourth, provide proper notification to your current company to cancel your current policy. Submit a down payment along with a signed application to your new carrier. As soon as you can, place your new proof of insurance certificate with your registration paperwork.

A crucial key to this process is to make sure you're comparing identical deductibles and limits on each quote and and to get prices from as many auto insurance providers as possible. This enables the most accurate price comparison and a good representation of prices.

Locating the most cost-effective auto insurance policy in Newark is really quite simple as long as you have a good starting point. Basically, every car owner who compares rates for auto insurance most likely will find lower prices. But New Jersey consumers need to learn the way insurance companies price online insurance and use it to find better rates.

Companies offering affordable Toyota Corolla prices in Newark, NJ

The companies shown below are our best choices to provide quotes in New Jersey. If your goal is to find cheap car insurance in Newark, NJ, we recommend you visit several of them to find the cheapest car insurance rates.

Toyota Corolla coverage analysis

The premium information displayed below covers detailed analysis of coverage prices for Toyota Corolla models. Having a better idea how prices are calculated helps drivers make decisions on the best policy to buy.

Toyota Corolla Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $424 $738 $630 $38 $188 $2,018 $168
Corolla S $424 $738 $630 $38 $188 $2,018 $168
Corolla XLE $424 $738 $630 $38 $188 $2,018 $168
Corolla XRS $478 $738 $630 $38 $188 $2,072 $173
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Rate information does not factor in specific location information which can increase or decrease price quotes noticeably.

Choosing deductibles

One frequently asked question is which comprehensive and collision deductibles to buy. The tables below can help illustrate the cost difference between high and low insurance deductibles. The first data table uses a $100 physical damage deductible and the second data table uses a $1,000 deductible.

Toyota Corolla insurance premium rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $414 $880 $480 $28 $144 $1,971 $164
Corolla S $414 $880 $480 $28 $144 $1,971 $164
Corolla XLE $414 $880 $480 $28 $144 $1,971 $164
Corolla XRS $466 $880 $480 $28 $144 $2,023 $169
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Toyota Corolla insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $230 $464 $480 $28 $144 $1,346 $112
Corolla S $230 $464 $480 $28 $144 $1,346 $112
Corolla XLE $230 $464 $480 $28 $144 $1,346 $112
Corolla XRS $258 $464 $480 $28 $144 $1,374 $115
Get Your Own Custom Quote Go

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Table data does not factor in specific garaging location which can increase or decrease price quotes noticeably.

Based on this data, we can arrive at the conclusion that using a $100 deductible will cost in the ballpark of $52 more each month or $624 for a full year than requesting the higher $1,000 deductible. Because you would be required to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to have more than 17 months between claims, you would most likely save money going with the higher deductible.

How to determine when to raise deductibles

Average monthly premium for $100 deductibles: $165
Average monthly premium for $1,000 deductibles (subtract): - $113
Monthly savings from raising deductible: $52
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $52
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

The example below highlights how deductible selection and can influence Toyota Corolla insurance premiums for different insured age categories. The price estimates are based on a married female driver, full coverage, and no discounts are applied.

Rate comparison of males versus females

The diagram below shows the difference between Toyota Corolla annual premium costs for male and female drivers. The rate quotes are based on no claims or driving citations, comprehensive and collision coverage, $250 deductibles, drivers are single, and no discounts are taken into consideration.

Should you buy full coverage?

The example below illustrates the comparison of Toyota Corolla auto insurance costs with full coverage and liability only. The premiums assume no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are applied.

Deciding between full coverage and liability only

There is no written rule for dropping comp and collision coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.

For example, let's say your Toyota Corolla replacement cost is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would receive is $2,000 after the deductible is paid. If it's costing you more than $200 a year for physical damage coverage, then you might want to think about dropping full coverage.

There are a few cases where eliminating full coverage is not a good idea. If you haven't satisfied your loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don't have enough money to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.

Verify you're getting every discount

Companies offering auto insurance do not list all available discounts in an easy-to-find place, so the next list breaks down a few of the more well known as well as the least known discounts you could be receiving when you buy Newark auto insurance online.

  • Federal Government Employee - Simply working for the federal government can save as much as 8% with certain companies.
  • Life Insurance - Companies who offer life insurance give a lower insurance rate if you buy some life insurance too.
  • Early Renewal Discounts - Some larger companies reward drivers for renewing your policy before your current Corolla insurance policy expires. You could save around 10% when you buy Newark auto insurance online.
  • Claim Free - Drivers who don't have accidents pay less in comparison to drivers with a long claim history.
  • Resident Student - Children living away from Newark attending college and don't have a car can be insured at a reduced rate.
  • Auto/Home Discount - If you can combine your homeowners and auto policy and insure them with the same company you will save nearly 15% which can help you find low cost Toyota Corolla insurance.
  • Accident Forgiveness Coverage - This isn't a discount exactly, but a handful of insurance companies will allow you to have one accident before your rates go up if you are claim-free prior to being involved in the accident.
  • Professional Organizations - Joining qualifying employment or professional organizations could earn you a nice discount when getting a Newark auto insurance quote.
  • Anti-lock Brake System - Vehicles equipped with ABS or steering control are safer to drive and earn discounts up to 10%.

Drivers should understand that most discounts do not apply to your bottom line cost. Most only reduce individual premiums such as collision or personal injury protection. If you do the math and it seems like all the discounts add up to a free policy, nobody gets a free ride.

The example below illustrates the comparison of Toyota Corolla annual premium costs with and without discounts applied. The information is based on a male driver, no claims or violations, New Jersey state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, multi-car, claim-free, safe-driver, and homeowner discounts applied.

Large insurance companies and some of the premium reductions they offer are:

  • American Family has discounts for bundled insurance, Steer into Savings, early bird, good driver, mySafetyValet, multi-vehicle, and good student.
  • Nationwide includes discounts for defensive driving, Farm Bureau membership, multi-policy, easy pay, accident-free, good student, and business or organization.
  • MetLife offers premium reductions for accident-free, good student, defensive driver, good driver, multi-policy, claim-free
  • 21st Century may include discounts for student driver, homeowners, teen driver, driver training, air bags, good student, and automatic seat belts.
  • Farmers Insurance discounts include bundle discounts, homeowner, multi-car, early shopping, and business and professional.
  • Allstate policyholders can earn discounts including good student, utility vehicle, premier plus, 55 and retired, anti-lock brakes, and economy car.

Before you buy a policy, ask every prospective company which discounts you may be entitled to. All car insurance discounts may not apply in Newark. If you would like to choose from a list of insurance companies that offer the discounts shown above in Newark, follow this link.

Your auto insurance coverage should be tailored to you

When quoting and comparing coverage online or from an agent, there really isn't a best way to insure your cars. Coverage needs to be tailored to your specific needs and your policy should reflect that. These are some specific questions can aid in determining whether or not you might need an agent's assistance.

  • What if I don't agree with a claim settlement offer?
  • Does my liability insurance cover pulling a trailer or camper?
  • Do I need roadside assistance coverage?
  • Do I need more liability coverage?
  • Do I have newly-acquired coverage?
  • Will I lose any money if I cancel my policy before it expires?
  • Am I covered when driving someone else's vehicle?

If you don't know the answers to these questions but you know they apply to you, you might consider talking to an agent. To find an agent in your area, simply complete this short form or click here for a list of auto insurance companies in your area.

Buying from insurance agents

Some consumers would rather buy from a local agent and often times that is recommended A nice benefit of comparing insurance online is that drivers can save money and get lower rates but also keep your business local.

To make it easy to find an agent, after completing this form (opens in new window), your insurance coverage information is sent to local insurance agents that can provide free Newark auto insurance quotes for your coverage. There is no need to visit any agencies since rate quotes are delivered to the email address you provide. It's the lowest rates without having to waste a lot of time. If you want to quote rates from a specific insurance provider, don't hesitate to go to their quote page and give them your coverage information.

Picking an provider shouldn't rely on just the bottom line cost. The answers to these questions are important, too.

  • Do the coverages you're quoting properly cover your vehicle?
  • Will the company cover a rental car if your car is getting fixed?
  • By raising physical damage deductibles, how much would you save?
  • Which companies do they recommend if they are an independent agency?
  • Do they get extra compensation for selling add-on coverages?
  • Do they have a Better Business Bureau rating in Newark?
  • Is assistance available after office hours?

The following is a short list of car insurance companies in Newark that can give you comparison quotes for Toyota Corolla insurance in Newark.

274 Chestnut St - Newark, NJ 07105 - (973) 274-0500 - View Map

Astor C Wilson Insurance Agency
88 Pacific St - Newark, NJ 07105 - (973) 491-0002 - View Map

217 Chestnut St - Newark, NJ 07105 - (973) 536-2060 - View Map

41 Wilson Ave - Newark, NJ 07105 - (973) 732-2105 - View Map

More insurance agents

You can lower your auto insurance rates

As you prepare to switch companies, don't be tempted to sacrifice coverage to reduce premiums. In too many instances, drivers have reduced physical damage coverage and discovered at claim time that they should have had better coverage. Your aim should be to buy a smart amount of coverage at the best possible price, but do not skimp to save money.

You just read some good ideas how to shop for Toyota Corolla insurance online. The key concept to understand is the more rate comparisons you have, the higher your chance of finding cheaper Newark auto insurance quotes. Consumers could even find that the lowest car insurance rates are with a company that doesn't do a lot of advertising. Smaller companies may have significantly lower premium rates on certain market segments than their larger competitors like Allstate or State Farm.

More tips and info about auto insurance can be read by following these links: