Buying affordable auto insurance for a Toyota Camry in New Jersey hinges on lots of different rating factors such as whether you are male or female, the likelihood of your vehicle being stolen, and citations on your driving record. New Jersey drivers will pay on average $1,606 annually for Camry insurance, but that is using a 40-year-old single male driver with full comprehensive and collision coverage and $250 deductibles.
It’s highly likely you may not be 40 years old (or even male), possibly married instead of single, or maybe you prefer liability limits higher than required by New Jersey state law. Having the smallest difference in the criteria used to calculate rates can result in a big discrepancy in the cost of insurance for a Toyota Camry.
Different coverage needs are the reason why the best method for finding the cheapest coverage for your Toyota is to just compare rates yourself.
Compare Toyota Camry Insurance Rates
The trim level of your Camry will be a contributing factor to the annual cost of coverage, so the price to insure a Camry LE trim level will cost $276 less than the cost to insure the more expensive Camry Hybrid version, as shown in the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $364 | $720 | $582 | $34 | $174 | $1,874 | $156 |
| Camry SE | $364 | $848 | $582 | $34 | $174 | $2,002 | $167 |
| Camry XLE | $364 | $848 | $582 | $34 | $174 | $2,002 | $167 |
| Camry Hybrid | $410 | $848 | $658 | $38 | $196 | $2,150 | $179 |
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Table data does not factor in specific garaging location which can impact auto insurance rates substantially.
Ending up with the highest-rated auto insurance provider is hard considering how many choices you have in New Jersey. The company rank data in the lists below could help you choose which companies you want to consider when shopping your coverage around.
The ratings below are for insurance companies that insure vehicles in the majority of U.S. states, so smaller regional companies are not factored into this list. To check rates from the insurers below and more, click here.
Top 10 Major Auto Insurance Companies in Newark Ranked by Value
- The Hartford
- Mercury Insurance
- Farmers Insurance
- Safeco Insurance
- AAA Insurance
- 21st Century
- Travelers
- State Farm
- Progressive
- American Family
Top 10 Major Auto Insurance Companies in Newark Ranked by Customer Service
- Mercury Insurance
- The Hartford
- American Family
- Progressive
- GEICO
- USAA
- State Farm
- Travelers
- Farmers Insurance
- Allstate
Discounts on Newark car insurance
Auto insurance companies that offer quotes for a Toyota Camry could also offer price discounts that could reduce prices by as much as 40% or more if you are eligible. Larger car insurance companies and a summarized list of policyholder discounts can be read below.
- Mercury Insurance discounts include accident-free, good driver, location of vehicle, professional/association, and good student.
- Farmers Insurance offers discounts including early shopping, business and professional, teen driver, homeowner, youthful driver, good student, and bundle discounts.
- Farm Bureau has discounts for multi-vehicle, driver training, youthful driver, renewal discount, safe driver, 55 and retired, and multi-policy.
- State Farm offers premium reductions for accident-free, student away at school, multiple autos, Steer Clear safe driver discount, good student, and passive restraint.
- Allstate includes discounts for early signing, good payer, 55 and retired, anti-theft, auto/life discount, resident student, and safe driver.
- GEICO may include discounts for anti-lock brakes, good student, five-year accident-free, daytime running lights, driver training, and anti-theft.
The information below compares insurance premiums with and without discounts being applied to the rates. The premium estimates are based on a male driver, no claims, a clean driving record, New Jersey state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with safe-driver, passive restraint, homeowner, vehicle safety, claim-free, and accident-free discounts applied. When these discounts are applied to the policy premium, theaverage amount saved on car insurance for a Toyota Camry is 28% or $904.
Driving violations and accidents
A great way to receive the most affordable car insurance prices in Newark for a Camry is to drive cautiously and avoid accidents and traffic citations. The chart below highlights how speeding tickets and at-fault fender-benders can drive up annual premium costs for different ages of insureds. The premium estimates are based on a married female driver, full coverage, $100 deductibles, and no additional discounts are factored in.
The chart shows that the average cost of a car insurance policy in Newark per year with no accidents and a clean driving record is $2,692. Get one speeding ticket and the average cost swells to $3,134, an increase of $442 each year. Now add two accidents along with the one speeding ticket and the yearly cost of car insurance for a Toyota Camry jumps again to an average of $6,793. That’s an increase of $4,101, or $342 per month, just for not maintaining a clean driving record!
Liability only or full coverage
Paying less for car insurance should be important to most drivers, and a great way to find cheap insurance for a Toyota Camry is to buy liability only. The diagram below shows the difference between insurance costs with full physical damage coverage and with liability coverage only. The rates are based on no claims or driving violations, $100 deductibles, single marital status, and no additional discounts are factored in.
If we average the cost for ages 20 through 70, comp and collision coverage costs an additional $3,505 per year more than carrying just liability coverage. That is a big expense that brings up the question when is the right time to remove full coverage. There isn’t a steadfast formula of when to phase out comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of coverage is about 10% or more of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
There are some circumstances where buying only liability insurance is not a good plan. If you still have a loan on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not drop full coverage.