Finding the cheapest coverage for a Toyota Camry in California relies on a complex formula that considers things such as whether you are male or female, whether or not you have filed claims in the past, and driving violations and tickets. Drivers in California pay approximately $890 annually to insure their Camry, but that cost is a projection using a 50-year-old married male driver with both comprehensive and collision coverage and $1,000 deductibles.
If we were betting, you may not be 50 years old (or even male), possibly single instead of married, and you don’t want the same coverages and limits as the example. Auto insurance is not the same for everyone, so the way we recommend to find the cheapest rates for your Toyota is to do your own rate comparisons.
Your Toyota’s trim level will have an impact the yearly cost, so the price you pay to insure a Camry LE trim level will be $152 cheaper than the price to insure the more costly Camry Hybrid version, as shown in the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Table data represents married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and California minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Premium amounts do not factor in vehicle garaging location which can decrease or increase premiums considerably.
Buying coverage from a high-quality insurance provider can be a challenge considering how many different companies there are to choose from in San Francisco. The company ratings shown below can help you select which insurers to look at when trying to find cheaper insurance for a Toyota Camry. The ratings below include companies that insure vehicles across America, so companies without a large exposure are not included in these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|AAA of Southern California||91||94||97||92%||A+||94.1|
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Data Source: Insure.com Best Car Insurance Companies
Difference between liability only and full coverage rates
Reducing the cost of car insurance should be important to most people, and one common way to buy cheaper insurance for a Toyota Camry is to not insure for full coverage. The information below illustrates the difference between auto insurance costs with full coverage compared to only the California minimum liability coverage. The information is based on no claims or driving citations, $250 deductibles, marital status is single, and no discounts are applied.
If we average all the age groups together, comp and collision coverage costs $3,147 per year over liability only. That may make you wonder if buying full coverage is worth the money. There is no definitive guideline for excluding comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is 10% or more of the settlement you would receive from your company, then it may be the right time to buy liability only.
The diagram below illustrates how choosing a deductible can change yearly insurance costs when getting quotes for cheap insurance for a Toyota Camry. The costs are based on a single male driver, comp and collision included, and no other discounts are factored in.
As shown above, a 50-year-old driver could lower their policy premium by $436 a year by switching from a $100 deductible up to a $500 deductible, or save $656 by using a $1,000 deductible. Young drivers, like the Age 20 chart data, could potentially save as much as $1,432 annually just by using higher deductibles. When increasing deductibles, it’s a good idea to have enough spare savings to enable you to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Low rates can quickly become overpriced
California car insurance rates are calculated based on many things that will increase or decrease the price you have to pay for coverage. Simply turning a year older, increasing liability limits, or having a fender bender can cause premium changes that may make certain companies cheaper than competitors.
Not only that, but insurers file new California auto insurance rates at least once a year in order to maintain liquidity for claims. Unexpectedly high claims can result in a rate increase, while lower claim levels may result in cheaper Camry insurance rates.
For example, the bar chart below shows the cheapest car insurance in San Francisco, CA for a 45-year-old male driver with a clear driving record, no claims, and good credit. If we compare prices based on his personal profile, USAA may have the best car insurance rates in San Francisco at $1,484 a year. This is $167 less than the average price paid by California drivers of $1,651. Wawanesa, CSAA, Nationwide, and Century National round out the rest of the cheapest San Francisco, CA auto insurance companies.
The next chart shows rates after we give the driver in the first chart a couple of claims, a lower credit score, and a few blemishes on his driving record. Since each insurance company has their own process for setting prices, comparing rates may now show a significantly different list of affordable San Francisco car insurance companies as shown below.
Grange now has the cheapest auto insurance in San Francisco, CA with Progressive, Allstate, Mercury, and Allied also being competitive. This example demonstrates why it is critical to take the time to shop around to get the most budget-friendly auto insurance quotes for a Toyota Camry. Insurance rates can be altered by many factors and change frequently, so the best price two years ago may now be priced much higher than other options.
How to find more affordable car insurance for a Toyota Camry
The list below summarizes some of the recommended thrifty ideas that can help drivers find more affordable coverage.
- Earn discounts for being claim-free
- Better credit rating means better rates
- Increase your deductibles
- Violations like speeding or DUI increase rates
- Being accident-free can lower rates significantly
- Buying car and homeowners insurance together can save money
- Ensure you have the best deal by shopping around regularly
That last tip is incredibly valuable, as was discussed in this piece. Car insurance rates adjust often, so don’t be unwilling to buy a policy from a new company if you find a cheaper price. Brand loyalty is not necessarily bad, but it’s not recommended if that stubbornness costs you potentially thousands of dollars a year. In just a few minutes you could compare prices to find cheaper insurance for a Toyota Camry in San Francisco.