Who Has the Cheapest Insurance for a Toyota Highlander in New York?

We always joke that when we write about car insurance, the word cheap should not be used anywhere to describe car insurance prices. The fact is, cheap car insurance for a Toyota Highlander is almost non-existent. But don’t despair, because we are going to show you some ways you can get insurance that you can afford.

The chances of buying the cheapest car insurance for a Toyota Highlander in New York depends on many rating factors such as if you are a renter or homeowner, if you have ever let your coverage lapse, and deductibles for comprehensive and collision coverage. Drivers on average will pay $880 annually to insure their Highlander, but that policy rate is an estimate that rates a 40-year-old single male that has full coverage and $500 physical damage deductibles.

Odds are that you are not a 40-year-old male, you might be married instead of single, and you possibly have other drivers on your policy that need factored in. Just a very minor change in the factors used to determine rates can result in a big discrepancy in the policy rate.

This shows why the best method for finding cheap auto insurance rates for your Toyota is to get into the habit of comparing rates once a year.

Insure Your Toyota for Less

The trim level of your Highlander tends to have a direct effect on the annual cost of coverage, so the price you will be charged to insure a Highlander 2WD will be $156 less than the cost to insure the higher-priced Highlander Hybrid Limited 4WD trim level, as shown in the chart below.

Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and New York minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Premium costs do not factor in vehicle garaging location which can lower or raise premiums substantially.

Deciphering which company quotes the cheapest auto insurance rates for a Toyota Highlander may require a little more work than just comparing a company or two.

Each auto insurer has a different process to set policy rates, so let’s take a look at the auto insurance companies that tend to have lower prices in New York. Keep in mind that New York auto insurance rates are influenced by many factors which can significantly increase or decrease the price you pay. Improving your credit rating, buying a home instead of renting, or getting a DUI may cause policy rate changes resulting in some rates now being more affordable than others.

Find Cheaper Car Insurance for Your Highlander

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USAA quotes some of the most affordable car insurance rates in New York at around $1,152 per year. Erie, Progressive, Utica National, and MetLife also make the cut as some of the best New York auto insurance companies.

As depicted above, if you are a customer of Utica National and switched to USAA, you might achieve yearly savings of around $352. Insureds with MetLife may save as much as $420 a year, and Travelers customers might see rate reductions of $423 a year.

It’s important to note that these policy rates are averaged for all drivers and vehicles and do not factor in a specific rate value for a Toyota Highlander. So the company that is best for you may not even be included in the rate chart shown above. That illustrates why you need to get car insurance quotes using your own driver information and specific vehicle type.

The example below demonstrates how deductible levels can impact insurance costs when researching cheap insurance for a Toyota Highlander. The data assumes a single female driver, comp and collision included, and no discounts are applied to the premium.

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In the chart above, a 50-year-old driver could save $260 a year by changing from a $100 deductible up to a $500 deductible, or save $394 by using a $1,000 deductible. Even younger insureds, such as the Age 20 example, could save as much as $658 or even more by selecting a higher deductible.

When choosing a higher deductible, it’s a good idea to have enough funds in savings to satisfy the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.

Full coverage rates vs. liability-only in New York

Finding the cheapest insurance for a Toyota Highlander in New York is the goal of most drivers, and one way to lower the cost of insurance is to not insure for full coverage. The chart below compares annual premium costs with full coverage compared to only the New York minimum liability coverage. Data assumes no violations or claims, $500 deductibles, single status, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $500 Deductibles’, ‘Liability Only’],[‘Age 20’, 2767,945],[‘Age 30’, 1459,523],[‘Age 40’, 1433,485],[‘Age 50’, 1305,453],[‘Age 60’, 1263,447],[‘Age 70’, 1535,595]]);var options = {title: ‘Full Coverage Rates Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Insurance Cost for a Toyota Highlander in New York’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

Averaged for all ages 20 through 70, physical damage insurance costs an additional $1,627 per year over and above liability coverage. Lot’s of drivers question when is the right time to remove full coverage. There is no clear-cut formula to exclude comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.

There are some circumstances where eliminating full coverage is not recommended. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not opt for liability only.

Best rates: State Farm, Allstate, Progressive, or Geico

When it comes to buying insurance for a Highlander, four good companies to start with are State Farm, Allstate, Progressive, and Geico. Between them, they make up over 45% of the car insurance market in the United States. The next table illustrates some of the different options you can expect with each one.