Buying economical insurance for a Toyota Camry relies on a whole bunch of factors such as driver age, whether or not you garage your vehicle, and the deductible amount you use. Drivers pay on average $587 per year to insure their Camry, but that cost is a projection calculated based on a 30-year-old married female driver with full coverage and $500 deductibles.
There is a good probability you may not be 30 years old (or even female), possibly single instead of married, or maybe your Camry is old enough that it doesn't require full coverage. Auto insurance requires individual risk assessment, so the way we recommend to find cheap insurance prices for your Toyota is to do a thorough rate comparison. Quotes only take a few minutes and you will receive prices from some of the best insurers available.
The trim level of your vehicle will most likely have an effect on the yearly cost, so the price you will be charged to insure a Camry LE trim level will be $100 less than the insurance cost for the higher-end Camry Hybrid model, as shown by the rates below.
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Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Estimates do not factor in specific garaging location which can raise or lower premiums considerably.
Selecting a highly-rated insurer can be challenging considering how many different insurance companies sell coverage in Ohio. The company ratings displayed below could help you select which insurers you want to consider purchasing a policy from.
These rankings are only made up of companies that insure vehicles across America, so companies that have a smaller presence are not included in this list. If you'd like to compare prices from many more Ohio auto insurance companies, click this link.
Top 10 Major Auto Insurers Overall in Columbus
- 21st Century
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- American Family
The chart below shows how choosing a deductible can change insurance premiums when trying to find cheap insurance for a Toyota Camry. The information is based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.
In the chart above, a 30-year-old driver could lower rates by $250 a year by switching from a $100 deductible up to a $500 deductible, or save $378 by switching to a $1,000 deductible. Even younger drivers, such as the 20-year-old example, have the ability to save up to $536 or even more by selecting a higher deductible.
If you do decide to increase your deductibles, it will be necessary to have enough savings set aside to allow you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Full coverage rates vs. liability-only
Saving on car insurance is important to most people, and one way to pay less for insurance for a Toyota Camry is to not buy full coverage. The example below illustrates the comparison of insurance premiums with full physical damage coverage compared to only buying liability only. The information is based on a clean driving record, no at-fault accidents, $100 deductibles, marital status is single, and no additional discounts are factored in.
Averaged out for all age groups, physical damage coverage costs an additional $1,782 per year more than just buying liability insurance. Many of you may wonder if you should buy full coverage at all. There is no written rule for dropping physical damage insurance, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of the vehicle's replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let's pretend your vehicle's settlement value is $4,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $3,500 after the deductible is paid. If premium cost is more than $350 annually for full coverage, then you may want to consider only buying liability coverage.
How to find low-cost car insurance for a Toyota Camry
The list below details many penny-pinching ideas that can help drivers quote low-cost auto insurance.
- Earn discounts for being claim-free
- Drivers with good credit often pay less
- Safe vehicles generally have lower rates
- Save money by insuring your home and auto with the same company
- Raise your physical damage coverage deductibles
- Do not waste money insuring older vehicles for full coverage
- Shop around for lower rates once a year
The last tip in the list is remarkably significant, as we hit on in this piece. Prices charged by car insurance companies can change considerably in a year, so drivers shouldn't be resistant to change insurance companies if a better rate can be found.
Many drivers prefer to stick with one company, but it's not a great idea if your bullheadedness ends up costing you thousands of dollars over the life of your policy. Spend a few minutes and compare rates to find cheaper car insurance for a Toyota Camry in Columbus.