Finding the cheapest insurance for a Toyota Camry in Florida is fairly simple, but it relies on many rating factors such as how old the vehicle is, whether or not you have filed claims in the past, and citations on your driving record. Florida drivers pay on average $1,116 a year for Camry insurance, but that figure is an estimate calculated using a 40-year-old single female driver with full physical damage coverage and $1,000 deductibles.
Odds are that you may not be 40 years old (or even female), maybe you are married instead of single, and you want different coverage limits than the example. Have just a small change in rating criteria or coverage limits could end up in a significant change in the coverage rate.
This example demonstrates why the best method for finding cheap car insurance rates for your Toyota is to compare rates from as many companies as possible. Comparing quotes is easy and you will receive price comparisons from some of the cheapest companies that offer coverage in Florida.
The specific trim level tends to have a direct effect on price, so the price to insure a Camry LE trim level will be $188 less than the price to insure the more well-appointed Camry Hybrid version, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Rates do not factor in vehicle location which can lower or raise premium rates significantly.
Establishing which companies have the cheapest insurance rates for a Toyota Camry may require a tad more effort in order to find the best policy. Every insurance company uses different criteria for filing rates in each state, so let’s rank the lowest cost insurance companies in Orlando.
Lowest Insurance Price Quotes for Your Camry
|Rank||Company||Cost Per Year|
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USAA quotes some of the lowest car insurance rates in Orlando at around $948 each year. Amica, Electric, Progressive, and Mercury also qualify as some of the most economical Orlando, FL auto insurance companies.
As shown in the rates above, if you currently have a policy with Mercury and switched to Amica, you may realize annual savings of around $220. Insureds with Travelers may save as much as $251 a year, and Allied customers might reduce rates by $310 a year.
Remember that these rates are averaged across all types of drivers and the different vehicles they drive and and are not calculated with a specific zip code for a Toyota Camry. So the company that has the cheapest rates for you may not even be in the list above. That points out the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
Do you need full coverage?
Paying a lower price for insurance is probably important to the majority of drivers, and a good way to buy cheap insurance for a Toyota Camry is to only buy liability coverage. The diagram below compares insurance costs with and without physical damage coverage. The data assumes a clean driving record, no claims, $1,000 deductibles, marital status is single, and no discounts are applied.
As an overall average, comprehensive and collision coverage on your policy costs an additional $2,362 per year over and above liability only. At some point, about every driver wonders if you should buy full coverage at all. There is no exact formula to exclude comp and collision coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of replacement cost minus your deductible, then you might consider buying liability only.
For example, let’s assume your vehicle’s replacement cost is $10,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $9,000 after the deductible is paid. If you are paying more than $900 a year to have full coverage, then it might be time to buy liability only.
There are some cases where buying only liability insurance is not a good plan. If you still have a lienholder on your title, you have to maintain full coverage in order to keep 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 maintain full coverage.
The example below shows how different deductible levels can influence insurance premiums when researching cheap insurance for a Toyota Camry. The premium estimates are based on a single male driver, full physical damage coverage, and no policy discounts are applied.
The data above shows that a 50-year-old driver could lower rates by $462 a year by changing from a $100 deductible to a $500 deductible, or save $696 by switching to a $1,000 deductible. Even younger drivers, like the age 20 example, could potentially save as much as $1,550 or more just by using higher deductibles. When insureds make the decision to increase the deductibles on their policy, it’s a good idea to have plenty of savings on hand to pay the extra out-of-pocket expense that is associated with using high deductibles.
Who has the cheapest Camry insurance?
Orlando, FL insurance rates are calculated based on many things which can significantly increase or decrease the cost of your policy. Improving your credit score, increasing liability limits, or getting a speeding ticket can trigger changes in premium that can cause some rates to be more affordable than others.
Also, insurers change rates every year or even multiple times each year to ensure their profitability. Higher than normal claims may result in price increases, while lower claims can result in cheaper Camry insurance rates.
To illustrate this point, the chart below compares the cheapest car insurance in Orlando, FL for a 30-year-old female driver with a clean driving record, no accidents, and good credit. Based on her current risk factors, USAA quotes the best car insurance rates in Orlando at $1,215 annually. This is $1,233 less than the average rate paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Allied are the remaining best Orlando, FL auto insurance companies.
The chart below compares rates after we give the driver from the first example an at-fault accident, slightly worse credit, and a stop sign violation. Because each insurer has their own process for filing rates in each state, comparing rates may now show a substantially altered list of companies as shown below.
USAA now has the cheapest car insurance in Orlando with Travelers, Esurance, Auto-Owners, and GEICO now rounding out the top five. This example proves why it is critical to compare many different companies when trying to get cheap car insurance rates for a Toyota Camry.
Prices are calculated by many risk factors and change dramatically, so the cheapest company the last time you checked may now be one of the higher cost companies.
How to find more affordable car insurance for a Toyota Camry
It is possible to find better rates, and here are a few penny-pinching solutions that can help Florida drivers find cheaper coverage.
- Drive vehicles with five-star safety ratings
- Try to pay small claims out-of-pocket
- Avoid accidents and claims
- Home or renters coverage can save on auto insurance
- Full coverage may not be needed on older vehicles
- Serious violations like DUI or reckless driving can increase rates dramatically
- Shop around for cheaper rates regularly
The last idea is certainly significant, as was stressed in this piece. Insurance rates in Orlando go up and down frequently, so drivers shouldn’t be reluctant to buy a policy from a new company if a better deal can be had.
Many drivers have brand loyalty and that’s fine, but we do not recommend it if that loyalty results in overpaying money that could be spent on other things. It only take a few minutes to shop around and find cheaper insurance for a Toyota Camry.