It’s a known fact that car insurance companies want to prevent you from shopping around. People who get comparison quotes once a year will most likely buy a new policy because of the good chance of finding a policy with more affordable rates. A study discovered that consumers who shopped around annually saved as much as $850 each year as compared to drivers who didn’t regularly shop around.
If finding the cheapest price for car insurance in Jersey City is your ultimate target, then learning a little about how to get free comparison quotes and analyze insurance premiums can make it easier for you to save money.
If your goal is the lowest price, then the best way to get budget Toyota Camry Hybrid insurance in Jersey City is to do a yearly price comparison from providers who sell insurance in New Jersey. You can compare prices by following these guidelines.
- First, learn about how companies price auto insurance and the things you can control to prevent expensive coverage. Many rating factors that drive up the price like speeding tickets, accidents and an imperfect credit score can be rectified by making minor changes to your lifestyle. Keep reading for additional ideas to help find cheaper rates and find discounts that you may qualify for.
- Second, request rate estimates from direct, independent, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like GEICO or Allstate, while agents who are independent can provide price quotes from multiple companies. View a list of agents
- Third, compare the new rate quotes to the premium of your current policy to see if a cheaper price is available in Jersey City. If you find a better price and switch companies, ensure there is no coverage lapse between policies.
- Fourth, give notification to your current company to cancel your current auto insurance policy. Submit payment and a signed application for the new policy. Once the paperwork is finalized, place your new certificate verifying proof of insurance with your vehicle’s registration.
The most important part of shopping around is to make sure you’re comparing identical coverage information on each quote and and to get price quotes from as many companies as feasibly possible. Doing this provides an apples-to-apples comparison and plenty of rates choose from.
Facts and figures for Toyota Camry Hybrid insurance
The premium information displayed below covers a range of policy rates for Toyota Camry Hybrid models. Being more informed about how auto insurance prices are determined can help you make smart choices when purchasing an insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry Hybrid | $222 | $454 | $570 | $34 | $170 | $1,450 | $121 |
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Table data represents married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Estimates do not factor in specific location information which can influence coverage rates noticeably.
Does full coverage make sense?
The illustration below shows the difference between Toyota Camry Hybrid annual premium costs with full coverage and liability only. The data is based on no accidents or driving violations, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
Should you buy full coverage or liability only?
There is no definitive guideline of when to drop physical damage coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is more than around 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s say your Toyota Camry Hybrid claim settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $4,000 after the deductible is paid. If you are paying over $400 a year for full coverage, then you may need to consider dropping full coverage.
There are some conditions where dropping physical damage coverage is not financially feasible. If you have an outstanding loan on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is in an accident, you should keep full coverage.
The Toyota Camry Hybrid Insurance Rate Equation
Smart consumers have a good feel for a few of the rating criteria that are used to determine your policy premiums. If you have a feel for what controls the rates you pay, this allows you to make good choices that may reward you with better insurance rates.
Your employer and insurance rates – Careers such as doctors, air traffic controllers, and miners usually pay higher rates than the rest of us in part from intense work requirements and extremely grueling work hours. Other jobs such as actors, engineers and the unemployed pay lower than average rates.
Extra policy coverages that aren’t used – Policies have extra bells and whistles that can waste your money on your Camry Hybrid policy. Insurance for replacement cost coverage, towing, and motor club memberships are probably not needed. You may think they are a good idea initially, but if they’re wasting money remove them and pocket the money.
Good drivers pay lower prices – Only having one speeding ticket or other violation may increase your cost substantially. Drivers who don’t get tickets get better prices compared to bad drivers. Drivers who have gotten multiple violations such as reckless driving, hit and run or driving under the influence may face state-mandated requirements to prove financial responsibility with their state in order to drive a vehicle legally.
The example below shows how violations and fender-benders can influence Toyota Camry Hybrid car insurance costs for each different age group. The information is based on a single male driver, comprehensive and collision coverage, $250 deductibles, and no other discounts are factored in.
Insurance premiums are higher for high performance vehicles – The performance level of the car you are trying to find cheaper insurance for makes a big difference in the rate you pay. Smaller low performance passenger vehicles usually have the lowest premiums, but there are many factors that impact the final cost.
The chart below uses these assumptions: single male driver age 40, full coverage with $500 deductibles, and no discounts or violations. It illustrates Toyota Camry Hybrid policy rates compared to other models of vehicles that have different performance rating factors.
Save money with good credit – Your credit score is likely to be a major factor in your rate calculation. If your credit score is lower than you’d like, you may save money insuring your Toyota Camry Hybrid by taking the time to improve your credit score. People that have very good credit scores tend to file fewer claims and have better driving records than drivers with worse credit.
Know your vehicle’s crash test rating – Cars with high safety ratings cost less to insure. Vehicles engineered for safety protect occupants better and better occupant protection means your insurance company pays less and more competitive rates for policyholders.
Infrequent drivers can save – The higher the miles on your Toyota in a year the higher your rate. Many insurance companies calculate rates based upon how you use the vehicle. Vehicles that sit idle most of the time get more affordable rates than vehicles that are driven to work every day. Having the wrong rating on your Camry Hybrid can cost quite a bit. Verify your declarations sheet properly reflects how each vehicle is driven.
Getting married equates to better premiums – Having a significant other actually saves money when shopping for insurance. Marriage may mean you are more mature and it’s proven that drivers who are married are more cautious.
Toyota Camry Hybrid insurance loss statistics – Companies analyze claim trends for every vehicle when setting premium costs. Vehicles that are shown to have high amounts or severity of claims will be charged more to insure.
The table below illustrates the insurance loss data used by companies for Toyota Camry Hybrid vehicles. For each insurance policy coverage type, the claim probability for all vehicles combined as an average is set at 100. Percentage values below 100 suggest losses that are better than average, while values that are 100 or greater show a trend for more claims or statistically larger losses.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Toyota Camry Hybrid | 124 | 100 | 110 | 118 | 127 | 96 |
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Smart consumers save more
Low-cost Toyota Camry Hybrid insurance in Jersey City is attainable from both online companies and with local Jersey City insurance agents, so you need to shop Jersey City car insurance with both to have the best rate selection. There are still a few companies who may not offer online rate quotes and usually these smaller companies sell through independent agents.
When buying insurance coverage, don’t be tempted to reduce coverage to reduce premium. There have been many cases where someone sacrificed full coverage only to discover later that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy enough coverage at the best cost, but do not skimp to save money.
More tips and info about auto insurance can be read at these sites:
- Avoiding Deer Collisions (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Quotes for Handicapped Drivers in Jersey City? (FAQ)
- What is Covered by GAP Insurance? (Allstate)
- Teen Driving Statistics (iihs.org)
- Auto Crash Statistics (Insurance Information Institute)
- Auto Insurance Learning Center (State Farm)