Finding cheap car insurance for a Toyota Corolla is dependent upon a pretty complex algorithm that uses a lot of factors such as whether you are single or married, the likelihood of your vehicle being stolen, and if you have a history of accidents. New Jersey drivers will pay on average $1,338 annually to insure their Corolla, but that amount is an estimation based upon a 50-year-old married female driver with full physical damage coverage and $100 deductibles.
The problem with using this number is the good chance you’re not a 50-year-old female, you might be single instead of married, or maybe you don’t qualify for the same discounts. Just a minor difference in rating factors or requested coverage amount can make a large difference in rates.
Everone’s needs are different, and this illustrates why the way we recommend to find affordable rates for your Toyota is to do your own rate comparisons. Quotes are free and you will be able to compare rates from some of the cheapest companies that sell coverage in New Jersey.
The trim level of your Toyota will influence the annual cost of coverage, so the price to insure a Corolla LE model will be $42 less than the price to insure the higher-priced Corolla XRS trim level, as shown below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Corolla LE | $318 | $730 | $452 | $26 | $136 | $1,662 | $139 |
| Corolla S | $318 | $730 | $452 | $26 | $136 | $1,662 | $139 |
| Corolla XLE | $318 | $730 | $452 | $26 | $136 | $1,662 | $139 |
| Corolla XRS | $360 | $730 | $452 | $26 | $136 | $1,704 | $142 |
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Cost estimates assume married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Price estimates do not factor in specific garaging location which can revise insurance rates greatly.
Finding decent, low-priced auto insurance is difficult, and deciding which company offers the most affordable insurance rates for a Toyota Corolla will involve a little more work. Each auto insurance company has their own guidelines to determine rates, so to begin we’ll rank the overall cheapest insurance companies in Newark.
We do need to point out that Newark, NJ insurance rates are impacted by many things that can increase the price you have to pay for coverage. This price variation is why it is so important to do a thorough rate comparison to find the most budget-friendly auto insurance quotes for a Toyota Corolla. Prices are impacted by many different factors and change dramatically, so the lowest-price company when you bought your policy may now be quite expensive.
Compare Cheap Insurance Quotes for Your Corolla
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | 21st Century | $1,100 |
| 2 | Travelers | $1,156 |
| 3 | New Jersey Manufacturers | $1,310 |
| 4 | Penn National | $1,379 |
| 5 | Palisades | $1,382 |
| 6 | California Casualty | $1,437 |
| 7 | The Hartford | $1,491 |
| 8 | Allstate | $1,493 |
| 9 | USAA | $1,553 |
| 10 | Mercury | $1,651 |
| 11 | Amica | $1,813 |
| 12 | Esurance | $1,838 |
| 13 | Progressive | $1,881 |
| 14 | MetLife | $1,951 |
| 15 | State Farm | $2,160 |
| 16 | GEICO | $2,240 |
| 17 | Encompass | $2,303 |
| 18 | Liberty Mutual | $2,920 |
| 19 | Hanover | $4,027 |
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21st Century normally has some of the cheapest car insurance rates in Newark at around $1,100 per year. Travelers, New Jersey Manufacturers, Penn National, and Palisades would also make the list of some of the lowest-priced Newark, NJ insurance companies.
As illustrated above, if you are currently insured with Palisades and switched to Travelers, you may realize an annual premium reduction of roughly $226. Customers with California Casualty might save as much as $281 a year, and The Hartford customers might realize rate reductions of up to $335 a year.
Understand that those prices are averaged for all types of insureds and vehicles and do not take into consideration a specific vehicle garaging location for a Toyota Corolla. So the auto insurance company that fits you best may not even be in the top 19 companies in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
The illustration below illustrates how your deductible choice can affect premium costs when searching for cheap insurance for a Toyota Corolla. The premiums are based on a single male driver, full physical damage coverage, and no discounts are applied.
As shown above, a 50-year-old driver could lower their policy premium by $552 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $830 by changing to a $1,000 deductible. Young drivers, like the 20-year-old, can cut up to $1,820 annually by using a higher deductible.
When raising deductibles, it will be necessary to have additional savings on hand to enable you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Discount Newark insurance
Auto insurance companies that offer quotes for a Toyota Corolla may also give you premium discounts that could lower prices by as much as 35% or more if you meet specific criteria. Popular insurance companies and some of their more popular discounts are included below.
- State Farm has discounts for Steer Clear safe driver discount, defensive driving training, driver’s education, student away at school, multiple autos, and passive restraint.
- Progressive offers discounts for online quote discount, online signing, homeowner, multi-policy, and multi-vehicle.
- Progressive may offer discounts for multi-policy, online signing, homeowner, online quote discount, multi-vehicle, continuous coverage, and good student.
- MetLife may have discounts that include defensive driver, multi-policy, good student, accident-free, good driver, claim-free
- Farm Bureau offers discounts including multi-policy, multi-vehicle, youthful driver, driver training, 55 and retired, and safe driver.
- GEICO includes discounts for defensive driver, daytime running lights, military active duty, membership and employees, multi-vehicle, and emergency military deployment.
- SAFECO policyholders can earn discounts including anti-lock brakes, bundle discounts, homeowner, drive less, anti-theft, and multi-car.
The example below shows the difference between insurance rates with and without discounts applied to the premium. Data assumes a male driver, no claims or driving citations, New Jersey state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with defensive driving course, passive restraint, anti-theft, marriage, claim-free, and multiple policy discounts applied. When these discounts are applied to the policy premium, theamount saved on insurance for a Toyota Corolla is 28% or $900.
Low rates today, overpriced tomorrow
Newark, NJ insurance rates are impacted by many things that can increase the price you have to pay. Improving your credit rating, having a teenage driver, or getting a ticket for careless driving can trigger price changes resulting in some companies being cheaper than before.
Not only may your situation change, but insurers change prices at least once a year in order to maintain liquidity for claims. Heavy losses can cause higher prices, while better underwriting may produce lower-priced Corolla insurance rates.
The bar chart below shows rates for the cheapest car insurance in Newark, NJ for a 35-year-old male driver with no prior accidents, a clean driving record, and solid credit. If we estimate prices based on his current situation, 21st Century has the cheapest car insurance rates in Newark at $1,624 per year. This is $228 less than the average rate paid by New Jersey drivers of $1,852. Travelers, New Jersey Manufacturers, Palisades, and Penn National are the rest of the best Newark, NJ auto insurance companies.
The example below compares rates after we give the driver in the first example an accident claim, a lower credit rating, and a speeding ticket. Since each auto insurer has a proprietary method for setting prices, comparing rates may now result in a slightly different list of the cheapest companies as shown below.
The Hartford now has the cheapest price in Newark with Allstate, USAA, Mercury, and Travelers now being in the top five. This illustrates why it is so important to shop around with many companies when trying to find the lowest auto insurance quotes for a Toyota Corolla. Prices are made up of many factors and can decrease or increase without notice, so the cheapest company a year ago may now be one of the more expensive options.
How to find the cheapest auto insurance for a Toyota Corolla
Below you’ll find a few thrifty suggestions that can help you buy lower-cost auto insurance.
- Violations and traffic tickets increase rates
- At-fault accidents can raise rates significantly
- Vehicles with good safety ratings are usually cheaper to insure
- Raise your deductibles
- Increase your credit score
- Compare prices frequently to find the best deal
The final tip is notably critical, as we hit on in this piece. Coverage rates can be adjusted at any time, so drivers shouldn’t be reluctant to buy a policy from a new company if a better deal can be had.
Having a favorite company is fine, but it isn’t a good idea if that devotion results in you overpaying money that could be spent on other things. Now is a great time to compare prices to find cheaper auto insurance for a Toyota Corolla in Newark.
If you would rather have a consultation when comparing insurance rates for a Corolla, the insurance agencies listed below are willing to help you decide which is the best policy. To locate a Newark car insurance agency close to you, click the button after the list.
N J Insurance Underwriting
744 Broad St # 1100 – Newark, NJ 07102 – (973) 622-3838
Preferred Choice Insurance Agency
225 Newark Ave – Jersey City, NJ 07302 – (201) 616-7644
State Farm: Zanetta Glover
570 Broad St #114 – Newark, NJ 07102 – (973) 648-0699
International Fidelity Insurance Co
1111 Raymond Blvd – Newark, NJ 07102 – (973) 624-7200