Buying cheap auto insurance for a Toyota Camry in Florida doesn’t take a ton of time, but it hinges on a very complex rating algorithm that uses multiple factors such as the safety rating of your vehicle, your credit history, and whether or not you are a good driver. Drivers pay on average $1,157 per year for Camry insurance, but that is based on a 50-year-old married female driver with full physical damage coverage and $100 deductibles.
If we were betting, you’re not a 50-year-old female, maybe you are single instead of married, or maybe you prefer liability limits higher than required by Florida state law. Having what appears to be a very minor change in the criteria used to calculate rates could result in a significant change in policy price.
Everyone has unique insurance needs, and this illustrates why the only way to find the most affordable coverage for your Toyota is to compare as many rates as you can.
The specific model of Camry has an effect on the annual cost of coverage, so the price you will be charged to insure a Camry LE model will be $200 cheaper than the insurance cost for the more well-appointed Camry Hybrid model, as shown in 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 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Price information does not factor in specific zip code location which can influence premiums considerably.
Determining which company offers the cheapest auto insurance rates for a Toyota Camry calls for a little more work in order to find the lowest price quote. Each auto insurer has a proprietary method for determining rates, so let’s take a look at the most budget-friendly auto insurance companies in Florida.
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|Rank||Company||Cost Per Year|
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USAA normally has some of the best car insurance rates in Jacksonville at around $986 each year. Electric, Amica, Progressive, and Travelers also qualify as some of the more affordable Jacksonville, FL auto insurance companies.
In the above example, if you are a customer of Progressive and switched to USAA, you may realize a yearly savings of in the vicinity of $789. Florida drivers with Travelers may save as much as $883 a year, and Mercury policyholders might reduce rates by $928 a year.
Bear in mind that those premium estimates are averages across all types of drivers and the different vehicles they drive and are not factoring in a specific location for a Toyota Camry. So the car insurance company that fits your situation best may not even be in the top 21 companies in the list above. That point stresses why you need to get car insurance quotes using your own driver and vehicle profiles.
How much more does full coverage cost?
Paying less for auto insurance is the goal of most drivers, and an effective way to pay lower rates for insurance for a Toyota Camry is to not buy full coverage. The example below shows the comparison of auto insurance rates with full physical damage coverage compared to only buying liability only. The information is based on no claims, a clean driving record, $1,000 deductibles, single marital status, and no discounts are factored in.
Averaged for all age groups, comprehensive and collision coverage on your policy costs an additional $2,179 per year over and above liability only. That amount may make you wonder if buying full coverage is worth the money. There is no definitive formula to drop physical damage coverage on your policy, but there is a broad guideline. If the yearly cost of comp and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
There are a few cases where buying only liability insurance is not advised. If you still have a lienholder on your title, you have to carry full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not drop full coverage.
Irresponsible driving raises your rates
The ideal way to maintain the best auto insurance prices for a Camry is to pay attention while driving and have a clean driving record. The example below shows how speeding tickets and accident claims impact insurance prices for different ages of insureds. The price estimates are based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of a car insurance policy in Florida per year with no accidents and a clean driving record is $1,973. Receive two speeding tickets and the average cost surges to $2,629, an increase of $656 each year. Then add one accident along with the two speeding tickets and the 12-month cost of auto insurance for a Toyota Camry increases to an average of $3,298. That’s an increase of $1,325, or $110 per month, just for a couple of infractions!
Low rates today, overpriced tomorrow
Florida auto insurance rates are impacted by many factors which can significantly increase or decrease the price of coverage. Getting older, buying a different home, or having an at-fault accident can trigger changes in premium that may make certain companies cheaper than before.
In addition to those changes, auto insurance companies file new rates as often as every quarter to adjust for heavy claims or excess profits. Unexpectedly high claims can result in price increases, while less frequent claims can result in cheaper Camry insurance rates.
As an example, the bar chart below shows a variety of companies that have the cheapest car insurance in Jacksonville, FL for a 30-year-old female driver with no accidents, a clean driving record, and a good credit history. If we estimate rates based on her current risk profile, USAA may have the lowest car insurance rates in Jacksonville at $1,199 a year. This is $1,249 less than the average policy premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers are also included in the most affordable Jacksonville, FL auto insurance companies.
Let’s now give the driver from the first set of rates an accident claim, a lower credit rating, and a speeding ticket. Since each auto insurer uses a different method for determining rates, analyzing rates most likely will result in a different set of affordable companies as shown below.
USAA now has the cheapest rate in Jacksonville, FL with Allied, Esurance, Auto-Owners, and State Farm now rounding out the top five. This example demonstrates why Florida drivers need to perform an extensive rate comparison to find the most budget-friendly auto insurance quotes for a Toyota Camry.
Insurance rates are made up of many risk factors and change substantially, so the cheapest option a year ago may now not even be in the top five.
How to find the cheapest auto insurance for a Toyota Camry
The list below summarizes some of the better thrifty ideas that can help you buy low-cost auto insurance.
- Get cheaper liability coverage by choosing a safer vehicle
- Save money by observing traffic laws and speed limits
- Increase your comprehensive and collision deductibles
- Clean up your credit
- Save money by only buying liability coverage for older vehicles
- Avoid having at-fault accidents
- Shop around and save
The last tip in the list is extremely necessary, as was discussed in the article above. Prices charged by car insurance companies in Jacksonville change frequently, so you should be ready to switch carriers if a cheaper price is available.
Brand loyalty is great, but is isn’t recommended if that stubbornness costs you potentially thousands of dollars a year. Now is a great time to compare prices and find cheaper insurance for a Toyota Camry.
The Jacksonville, FL, insurance agents below can most likely provide answers to your questions and help you determine which insurance coverage will be best for you, as some drivers wish to get some professional input when comparing insurance rates for a Toyota Camry. It’s not always simple to find the cheapest car insurance policy, so insurance agents can add comfort knowing you have adequate coverage if you have an accident or claim. To locate an agency using an interactive map, click the button below the list or click here to compare rates now.
GEICO Insurance Agent
1003 Atlantic Blvd – Jacksonville, FL 32233 – (904) 246-8650
Chris Bedford – State Farm Insurance Agent
3943 Baymeadows Rd #1 – Jacksonville, FL 32217 – (904) 730-4300
A and B Insurance Agency, Inc
2153 Blanding Blvd – Jacksonville, FL 32210 – (904) 388-6446
Chris Nickas – State Farm Insurance Agent
9542 Argyle Forest Blvd #12 – Jacksonville, FL 32222 – (904) 854-4700