Finding economical insurance for a Toyota Camry is pretty simple for most people to do, but it is dependent upon a lot of rating factors such as how safe your vehicle is, whether or not you garage your vehicle, and if you have tickets or violations. Drivers will pay around $832 per year to insure their Camry, but that price is an estimate using a 40-year-old married female driver with full coverage and $250 deductibles.
But there is a high likelihood that you are not 40 and maybe not even a female, possibly single instead of married, or maybe you have a speeding ticket or two that will increase rates. This shows why the best method for finding cheap insurance prices for your Toyota is to do your own rate comparisons.
The trim level of your Camry will influence the yearly cost, so the price you will be charged to insure a Camry LE trim level will be $142 cheaper than the price to insure the high end Camry Hybrid version, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Table data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Table data does not factor in specific zip code location which can modify prices significantly.
Determining which companies quote the lowest-priced car insurance rates for a Toyota Camry takes more time in order to find the lowest price. Each insurer has their own unique process to set premium rates, so let’s take a look at the car insurance companies that tend to have lower prices in Memphis.
Cheap Insurance Rates for Your Camry
|Rank||Company||Cost Per Year|
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Utica National normally has some of the cheapest car insurance rates in Memphis at around $744 annually. This is $584 less than the average policy premium paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Penn National, and Tennessee Farmers would also be considered some of the best Memphis, TN car insurance companies.
As shown in the table above, if you currently have coverage with Cincinnati Insurance and switched to Utica National, you may realize a yearly savings of upwards of $114. Insureds with Auto-Owners may save as much as $117 a year, and Penn National insureds might realize rate reductions of up to $182 a year.
These prices are averaged for all insureds and vehicles and and are not figured with an exact location for a Toyota Camry. So the auto insurance company that fits your age and vehicle best may not even be in the list above. That underscores the importance of why you need to get rate quotes from many companies using your own individual information.
Discounts on Memphis auto insurance rates
Insurance providers that provide policies for a Toyota Camry may additionally offer price discounts that could potentially reduce rates by 25% or more if you meet eligibility requirements. Popular car insurance companies and a partial list of their discounts include:
- Progressive may offer discounts for online quote discount, online signing, multi-policy, multi-vehicle, homeowner, and continuous coverage.
- SAFECO may include discounts for teen safety rewards, teen safe driver, drive less, safe driver, accident prevention training, and bundle discounts.
- American Family offers premium reductions for bundled insurance, defensive driver, TimeAway discount, early bird, multi-vehicle, and accident-free.
- MetLife includes discounts for accident-free, multi-policy, defensive driver, good student, good driver, claim-free
- GEICO policyholders can earn discounts including air bags, seat belt use, good student, federal employee, daytime running lights, and five-year accident-free.
- The Hartford has discounts for anti-theft, bundle, defensive driver, air bag, vehicle fuel type, and driver training.
The chart below illustrates the comparison of auto insurance rates with and without discounts being applied to the rates. The rate quotes are based on a male driver, no driving violations, no at-fault accidents, Tennessee state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with multiple vehicle, homeowner, anti-theft, vehicle safety, safe-driver, and claim-free discounts applied. In this example, the average savings per year on car insurance for a Toyota Camry is 28% or $586.
Do you need full coverage?
Lowering the price of car insurance should be important to the majority of vehicle owners, and one of the fastest ways to find cheaper insurance for a Toyota Camry is to only buy liability coverage. The chart below illustrates the comparison of auto insurance rates with liability coverage only compared to full coverage. The rate quotes are based on no tickets, no at-fault accidents, $1,000 deductibles, marital status is single, and no additional discounts are factored in.
On average, full coverage costs an additional $1,515 per year more than just insuring for liability. Lot’s of drivers question if buying full coverage is worth the expense. There is no definitive rule of when to exclude comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is 10% or more of any settlement you would receive from your insurance company, then you might consider buying liability only.
For example, let’s pretend your vehicle’s book value is $11,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company will settle for is $10,500 after the policy deductible has been paid. If you are paying over $1,050 a year for comprehensive and collision coverage, then it might be time to consider dropping full coverage.
There are some cases where only buying liability is not recommended. If you still owe a portion of the original loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.
Here’s why you should shop around
Tennessee car insurance rates are determined by lots of factors which can significantly increase or decrease the price you have to pay. Simply turning a year older, marrying your spouse, or getting a ticket for running a stop sign may cause policy rate changes resulting in some companies being more affordable than the competition.
In addition to those changes, companies change the rates they charge in Tennessee as often as every quarter in order to be able to pay unexpected claims. Unexpectedly high claims may result in a rate increase, while lower claim expenses can cause cheaper Camry insurance rates.
To help illustrate this point, the bar chart below analyzes the cheapest car insurance in Memphis, TN for a 30-year-old female driver with no violations or accidents, and a decent credit rating. If we look at prices based on her current risk factors, Utica National may offer the best car insurance rates in Memphis at $1,070 each year. This is $258 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers are also included in the cheapest Memphis, TN auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison an accident surcharge, a lower credit score, and a speeding ticket. Since each company has a proprietary formula for establishing rates, analyzing rates most likely will result in a different list of affordable companies as shown below.
Erie now has the cheapest insurance rate in Memphis, TN with Nationwide, Allied, Westfield, and GEICO also having competitive pricing. This demonstrates why it is critical to compare lots of rates to get the best insurance rates for a Toyota Camry. Rates can be determined by many different factors and can change without notice, so the most affordable company the last time you shopped around may now be costing you a lot of money.
How to find economical insurance for a Toyota Camry
It’s not impossible to find cheaper rates, and here are some of the better money-saving suggestions that can help Tennessee drivers quote more affordable coverage.
- Maintain a safe distance and avoid accidents
- Higher deductibles save money
- Clean up your credit rating
- Tickets and violations raise rates
- Vehicles with good safety ratings are usually cheaper to insure
- If your vehicles are older, consider dropping full coverage
- Ensure you have the best deal by shopping around regularly
That last piece of advice is highly crucial, as we discussed in the prior information. Rates can change considerably in a year, so don’t be hesitant to switch carriers if a lower price can be found. Staying with the same car insurance company is fine, but it’s not recommended if it’s costing you hundreds of dollars a year. In less than five minutes you could compare rates and find cheaper insurance for a Toyota Camry in Memphis.
The insurance agencies listed below are willing to help you determine which car insurance company is the best fit, as some drivers wish to get some guidance when trying to find lower insurance rates for a Camry. It can be challenging to find the cheapest auto insurance company, and a professional agent can add peace of mind knowing your policy gives you adequate coverage if you have an accident or claim. To locate an agency close to where you live, click the button below the list or click here to compare price quotes.
- Ruby Williams – State Farm Insurance Agent
3624 Austin Peay Hwy #5 – Memphis, TN 38128 – (901) 388-0000
- Clay and Land Insurance, Inc.
866 Ridgeway Loop Rd #200 – Memphis, TN 38120 – (901) 767-3600
- Derrick Hodges – State Farm Insurance Agent
7249 Winchester Rd – Memphis, TN 38125 – (901) 572-1985