How to Save on Toyota Camry Insurance in San Francisco

It’s an obvious conclusion that car insurance companies want to keep your business as long as possible. Consumers who get price quotes annually will most likely move their business because there is a great chance of finding lower prices. A study discovered that drivers who compared rates regularly saved as much as $70 a month compared to people who never shopped around for cheaper prices.

If finding the cheapest price on car insurance in San Francisco is your intention, then knowing the best ways to shop for insurance rates can make shopping around easier.

Insurance for Toyota CamryTo save the most money, the best way to find cheaper quotes for Toyota Camry insurance is to start doing an annual price comparison from different companies who can sell car insurance in San Francisco. Rates can be compared by following these steps.

  1. Read and learn about how auto insurance works and the modifications you can make to keep rates down. Many factors that drive up the price like accidents, careless driving, and a less-than-favorable credit history can be remedied by paying attention to minor details. This article gives more ideas to help reduce prices and get discounts that may be available to you.
  2. Compare price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from a single company like GEICO or Allstate, while independent agencies can provide rate quotes from multiple insurance companies.
  3. Compare the new quotes to the price on your current policy and determine if there is any savings. If you can save money, ensure there is no coverage lapse between policies.
  4. Give proper notification to your current agent or company of your decision to cancel the current policy and submit the signed application along with the required initial payment to your new carrier. As soon as you have the new policy, put the new certificate verifying proof of insurance with your registration paperwork.

One thing to point out is to make sure you enter the same amount of coverage on every quote and and to get prices from as many companies as feasibly possible. This guarantees a fair price comparison and and a good selection of different prices.

Coverage analysis

The coverage information shown next covers different prices for Toyota Camry models. Being more informed about how auto insurance prices are established is important to be able to make smart choices when choosing a car insurance company.

Toyota Camry Insurance Rates in San Francisco, CA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $390 $576 $578 $34 $174 $1,752 $146
Camry SE $390 $678 $578 $34 $174 $1,854 $155
Camry XLE $390 $678 $578 $34 $174 $1,854 $155
Camry Hybrid $440 $678 $654 $38 $196 $2,006 $167
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Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and California minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Premium costs do not factor in specific location information which can alter auto insurance rates considerably.

Where to set your deductibles

A question often asked by San Francisco drivers is which deductibles should you choose. The tables below illustrate the cost difference when you choose different physical damage deductibles. The first rate table uses a $100 deductible for comp and collision and the second price table uses a $500 deductible.

Toyota Camry insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $380 $686 $442 $26 $132 $1,691 $141
Camry SE $380 $810 $442 $26 $132 $1,815 $151
Camry XLE $380 $810 $442 $26 $132 $1,815 $151
Camry Hybrid $430 $810 $500 $30 $150 $1,945 $162
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Toyota Camry insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $278 $464 $442 $26 $132 $1,342 $112
Camry SE $278 $546 $442 $26 $132 $1,424 $119
Camry XLE $278 $546 $442 $26 $132 $1,424 $119
Camry Hybrid $314 $546 $500 $30 $150 $1,540 $128
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and California minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-policy, and multi-vehicle. Table data does not factor in zip code location which can influence auto insurance rates considerably.

Based on the data above, we can derive that using a $100 deductible will cost you approximately $31 more each month or $372 annually averaged for all Camry models than selecting the higher $500 deductible. Since you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you normally average more than 13 months between claims, you would probably come out ahead going with the higher deductible.

Comparison of car insurance rates by age and gender in San Francisco

The diagram below shows the comparison of Toyota Camry insurance premiums for male and female drivers. The data assumes no violations or claims, comprehensive and collision coverage, $250 deductibles, drivers are not married, and no discounts are taken into consideration.

Full coverage or liability only

The diagram below illustrates the comparison of Toyota Camry annual premium costs with and without full coverage. The premiums are based on no claims, a clean driving record, $250 deductibles, marital status is single, and no discounts are applied.

When to stop buying comprehensive and collision coverage

There is no exact formula for dropping physical damage coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

For example, let’s assume your Toyota Camry book value is $4,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $3,000 after paying the physical damage deductible. If you are paying more than $300 annually for physical damage coverage, the it may be a good time to stop paying for full coverage.

There are some situations where eliminating full coverage is not a good plan. If you haven’t paid off your loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not opt for liability only.

Why You Might Pay Lower Rates in San Francisco

Multiple criteria are considered when pricing auto insurance. Some of the criteria are obvious such as your driving history, but others are not quite as obvious such as whether you are married or your financial responsibility.

The list below includes a partial list of the pieces utilized by car insurance companies to help set rates.

Policy lapses lead to higher rates – Allowing your auto insurance policy to lapse will be a fast way to increase your auto insurance rates. In addition to paying higher premiums, getting caught without coverage could earn you fines and jail time.

Amount of liability – A critical coverage on your policy, liability insurance provides coverage in the event that you are responsible for personal injury or accident damage. Your policy’s liability insurance provides legal defense coverage to attempt to prove you were not liable. Liability insurance is quite affordable as compared to coverage for physical damage, so do not skimp.

Does your job cost you more? – Did you know your occupation can influence how much you pay for auto insurance? Jobs such as judges, executives, and emergency personnel generally have the highest average rates in part from job stress and lots of time spent at work. On the flip side, jobs such as scientists, athletes and performers pay lower than average rates.

Small coverages can add up – There are many add-on coverages that can waste your money if you aren’t diligent. Add-on coverages like coverage for rental cars, death and dismemberment, and term life insurance are probably not needed. They may seem good initially, but your needs may have changed so eliminate the coverages to reduce your premium.

See if your company offers a multi-policy discount – The majority of companies provide lower prices to people that have more than one policy such as combining an auto and homeowners policy. Even if you qualify for this discount already, it’s always a smart idea to compare other San Francisco Camry insurance rates to make sure you are getting the best deal.There is a chance you can find a better deal even if you have your coverage with different companies

High credit means lower prices – Credit score is a big factor in determining premium rates. People with very high credit ratings tend to be better risks to insure than drivers with bad credit. If your credit rating is lower than you’d like, you could potentially save money when insuring your Toyota Camry by spending a little time repairing your credit.

Toyota Camry claim statistics – Car insurance companies use past insurance losses to help calculate premium costs. Vehicles that historically have higher losses will cost more to insure. The table below outlines the insurance loss data used by companies for Toyota Camry vehicles.

For each coverage category, the statistical loss for all vehicles averaged together is represented as 100. Numbers shown that are under 100 are indicative of better than average losses, while values over 100 show a trend for more claims or an increased probability of a larger loss.

Toyota Camry Insurance Claim Statistics
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Toyota Camry 110 94 102 148 145 107
Toyota Camry Hybrid 124 100 110 118 127 96

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

One last note

When getting San Francisco auto insurance quotes online, never buy less coverage just to save a little money. There have been many cases where an insured dropped collision coverage only to discover later they didn’t purchase enough coverage. The aim is to buy the best coverage you can find at the best price, not the least amount of coverage.

We covered some good ideas how you can save on Toyota Camry insurance in San Francisco. The most important thing to understand is the more rate comparisons you have, the higher your chance of finding the cheapest Toyota Camry rate quotes. You may even find the best rates are with the least-expected company. These companies can often provide lower car insurance rates in certain areas than their larger competitors like Allstate, GEICO and Progressive.

Budget-friendly auto insurance in San Francisco is attainable both online as well as from insurance agents, and you need to price shop both in order to have the best price selection to choose from. Some insurance companies may not have the ability to get quotes online and these small insurance companies only sell through local independent agencies.

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