Cheapest Insurance for a Toyota Corolla in New Jersey

Our editors have a joke that when writing about auto insurance, the words “affordable” or “cheap” should never be used anywhere in the article as a descriptor for auto insurance rates. Be that as it may, cheap auto insurance for a Toyota Corolla does not exist. But fear not, because we will teach you how you can quote and buy auto insurance that is cheaper than what you are paying now.

Your chances of buying the cheapest auto insurance for a Toyota Corolla in New Jersey depends on a lot of factors such as how safe your vehicle is, if you are a frequent claim filer, and the level of deductible you choose. Drivers pay on average $960 per year for Corolla insurance, but that policy rate is a projection based on cost data for a 50-year-old married male driver that has full physical damage coverage and $1,000 deductibles.

It’s highly likely that you’re not a 50-year-old male, single instead of married, or maybe your Corolla doesn’t need comprehensive and collision coverage. Different coverage needs are the reason why the best method for finding the cheapest insurance price for your Toyota is to get into the habit of comparing rates once a year. In just a couple of minutes you can get prices from some of the cheapest companies that sell coverage in New Jersey.

Cheapest Toyota Corolla Insurance Rates

Vehicle trim level will likely have an effect on the annual cost of coverage, so the rate you pay to insure a Corolla LE will cost $24 less than the cost to insure the higher-priced Corolla XRS version, as shown in the prices below.

Prices based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Estimates do not factor in specific location information which can impact price quotes significantly.

Ending up with the right insurance provider is hard considering how many different companies there are to choose from in New Jersey. The rank data below could help you select which car insurance companies to look at when shopping insurance around for a Toyota Corolla.

These rankings are only comprised of major nationwide insurance companies, so companies that only write business in New Jersey or surrounding areas will not be included in the list. To compare rates from these and other competitive companies, just click here.

Top 10 Major Car Insurance Companies Overall in New Jersey

1. Mercury Insurance
2. The Hartford
3. Progressive
4. Travelers
5. State Farm
6. Farmers Insurance
7. Safeco Insurance
8. USAA
9. GEICO
10. 21st Century

Top Companies for Toyota Corolla Insurance in New Jersey

How much more does full coverage cost in New Jersey?

Finding the cheapest insurance for a Toyota Corolla in New Jersey is probably important to most vehicle owners, and one of the best ways to reduce the cost of insurance is to buy liability only. The illustration below shows the difference between car insurance rates with liability coverage only compared to full coverage. The premiums are based on a clean driving record, no claims, $250 deductibles, single marital status, and no other discounts are factored in.

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If we average all the age groups together, comprehensive and collision coverage on your policy costs an additional $3,189 per year over and above liability coverage. That proposes the question if paying for full coverage is a waste of money. There is no set rule of when to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than around 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.

There are some conditions where dropping full coverage is not advised. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan conditions. 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.

How to get the cheapest insurance for a Toyota Corolla in New Jersey

Lowering your rates is not difficult, and here are a few thrifty suggestions that can help you find cheap coverage.

• Safer vehicles cost less to insure
• Remove physical damage coverage on older vehicles
• Improve your credit rating
• Do not get into accidents
• Save money by insuring your home and auto with the same company
• Comparison shop at least once a year

The last suggestion is incredibly critical, as was discussed in the article above. Prices charged by car insurance companies fluctuate constantly, so don’t be tentative to switch to a new company if you find a better deal. We understand brand loyalty, but it isn’t a good idea if it’s costing you a lot of money. If you have a few minutes, compare rates and find cheaper insurance for a Toyota Corolla.