Cheap Newark Toyota Camry Insurance

Discount Toyota Camry insuranceThe best way to get the cheapest Toyota Camry insurance in Newark is to compare quotes once a year from providers in New Jersey. Price quotes can be compared by completing these steps.

First, get a basic knowledge of auto insurance and the things you can change to prevent expensive coverage. Many policy risk factors that result in higher prices like inattentive driving and poor credit history can be remedied by making small lifestyle or driving habit changes.

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

Third, compare the new rate quotes to your existing rates to see if a cheaper rate is available in Newark. If you find a lower rate quote and switch companies, ensure there is no coverage lapse between policies.

Fourth, provide proper notification to your current company of your decision to cancel your existing policy and submit any necessary down payment along with the completed application to the new company. Be sure to keep the new proof of insurance certificate in an easily accessible location.

An important bit of advice to remember is to try to use similar coverage information on every quote and to quote with as many auto insurance providers as possible. Doing this provides a fair price comparison and a thorough selection of prices.

It’s hard to believe, but over 70% of consumers have stayed with the same insurance company for a minimum of four years, and almost 40% of drivers have never compared car insurance rates at all. American drivers could cut their rates by up to $860 a year just by shopping around, but they just feel it’s too hard to go online and compare rates.

If you have insurance now or are shopping for new coverage, you can follow these tips to find the best rates without reducing protection. Quoting and buying affordable insurance policy in Newark is not as hard as you think. Comparison shoppers just have to know the least time-consuming way to compare rates instantly.

Getting cheaper Toyota Camry car insurance pricing is pretty simple and can save money. All that’s required is to take a few minutes to get quotes online from several insurance companies.

The following companies have been selected to offer free quotes in New Jersey. If multiple companies are listed, it’s highly recommended you visit as many as you can to get the best price comparison.

Why you need Camry insurance in New Jersey

Even though it’s not necessarily cheap to insure a Toyota in Newark, buying auto insurance serves a purpose in several ways.

First, most states have minimum mandated liability insurance limits which means you are required to carry specific limits of liability insurance coverage if you don’t want to risk a ticket. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.

Second, if your vehicle has a loan, it’s guaranteed your bank will require you to carry insurance to protect their interest in the vehicle. If the policy lapses, the bank may buy a policy for your Toyota at a significantly higher premium and force you to pay for it.

Third, insurance safeguards not only your car but also your financial assets. It will also pay for all forms of medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance will also pay for a defense attorney if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.

The benefits of insuring your Camry are definitely more than the cost, specifically if you ever have a liability claim. But the average American driver is overpaying over $865 each year so you should quote and compare rates every year to save money.

Insurance coverage analysis

The premium table displayed below showcases a range of insurance coverage prices for Toyota Camry models. Learning how rates are formulated can be useful when making informed decisions when comparing rates.

Toyota Camry Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $254 $484 $648 $38 $194 $1,618 $135
Camry SE $254 $570 $648 $38 $194 $1,704 $142
Camry XLE $254 $570 $648 $38 $194 $1,704 $142
Camry Hybrid $288 $570 $734 $44 $220 $1,856 $155
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Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, homeowner, and multi-vehicle. Estimates do not factor in your specific Newark location which can revise premium rates substantially.

Physical damage deductibles: Should you raise them?

One of the most common insurance questions is how high should the physical damage coverage deductibles be. The rates shown below may aid in understanding the price difference when you select higher and lower physical damage deductibles. The first pricing table uses a $250 deductible for physical damage and the second set of rates uses a $1,000 deductible.

Toyota Camry insurance rates 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 rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $230 $394 $480 $28 $144 $1,276 $106
Camry SE $230 $464 $480 $28 $144 $1,346 $112
Camry XLE $230 $464 $480 $28 $144 $1,346 $112
Camry Hybrid $258 $464 $544 $32 $162 $1,460 $122
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Prices do not factor in vehicle garaging location which can raise or lower coverage prices significantly.

Based on this data, using a $250 deductible costs an average of $37 more each month or $444 a year across all Toyota Camry models than requesting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more to settle a claim with a $1,000 deductible as compared to a $250 deductible, if you average at a minimum 20 months between claim filings, you would most likely save money by going with a higher deductible. The illustration below shows an example of how you can make this decision for your own policy.

Average monthly premium for $250 deductibles: $150
Average monthly premium for $1,000 deductibles (subtract): – $113
Monthly savings from raising deductible: $37
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $37
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 20 months

An important sidenote is that increasing deductibles to save money means you will have to pay more when you have a comprehensive or collision claim. That will necessitate some available funds in the event you have to pay the deductible for vehicle repair.

Insurance premiums by gender

The chart below illustrates the comparison of Toyota Camry car insurance rates for male and female drivers. The information is based on no driving violations, no at-fault accidents, full physical damage coverage, $250 deductibles, marital status is single, and no other discounts are factored in.

Save with these rate reducing discounts

Insurance is easily one of your largest bills, but you may find discounts that can drop the cost substantially. Some trigger automatically at the time you complete a quote, but lesser-known reductions have to be asked about prior to receiving the credit. If you do not check that you are getting every discount available, you are throwing money away.Save money with discounts

We need to note that most credits do not apply to your bottom line cost. The majority will only reduce individual premiums such as medical payments or collision. Despite the fact that it seems like all those discounts means the company will pay you, that’s just not realistic.

The example below shows the comparison of Toyota Camry auto insurance rates with and without discounts applied to the policy rates. The costs are based on a female driver, no claims or driving citations, New Jersey state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, multi-car, safe-driver, claim-free, and multi-policy discounts applied.

A list of insurance companies and some of the premium reductions they offer are included below.

Before you buy a policy, ask every company which discounts they offer. Discounts might not be available to policyholders in your state. To view providers that offer multiple discounts in Newark, click here.