Buying the cheapest auto insurance for a Toyota Camry depends on a pretty complex algorithm that uses a lot of factors such as how safe your vehicle is, if you are a frequent claim filer, and any driving offenses on your record. Drivers in Pennsylvania pay approximately $842 per year to insure their Camry, but that amount is an estimation calculated using a 40-year-old married female driver with full coverage and $500 deductibles.
It’s highly likely you’re not a 40-year-old female, possibly single instead of married, or maybe you live in a different area as the quoted rates. Even a slight change in rating variables or coverage information can make a large difference in the policy rate.
Car insurance coverage is unique to each driver, so this is why the best way to find the most affordable coverage for your Toyota is to compare as many rates as possible.
Vehicle trim level will influence price, so the price you pay to insure a Camry LE will be $144 less expensive the insurance cost for the more costly Camry Hybrid version, as shown in the table below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $178 | $338 | $346 | $20 | $104 | $986 | $82 |
| Camry SE | $178 | $400 | $346 | $20 | $104 | $1,048 | $87 |
| Camry XLE | $178 | $400 | $346 | $20 | $104 | $1,048 | $87 |
| Camry Hybrid | $200 | $400 | $390 | $24 | $116 | $1,130 | $94 |
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Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Pennsylvania minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rate information does not factor in Philadelphia location which can influence coverage prices considerably.
Locating cheap car insurance is not most people’s favorite thing to do, and finding out which companies have the cheapest auto insurance rates for a Toyota Camry takes additional perseverance.
Every insurance provider uses a different method for determining rates in each state, so we’ll take a look at the auto insurance companies with the overall best prices in Philadelphia. Keep in mind that Philadelphia, PA auto insurance rates are influenced by many factors that control the price of your policy. Simply turning a year older, becoming a homeowner, or getting a few speeding tickets can trigger rate changes that can cause some rates to be more expensive than others.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | General Casualty | $718 |
| 2 | Penn National | $808 |
| 3 | Travelers | $811 |
| 4 | USAA | $817 |
| 5 | Erie | $824 |
| 6 | Auto-Owners | $973 |
| 7 | Amica | $982 |
| 8 | Atlantic States | $1,016 |
| 9 | Donegal Mutual | $1,058 |
| 10 | GEICO | $1,123 |
| 11 | California Casualty | $1,186 |
| 12 | Allied | $1,190 |
| 13 | State Farm | $1,210 |
| 14 | State Auto | $1,279 |
| 15 | Encompass | $1,385 |
| 16 | Harleysville | $1,396 |
| 17 | Mutual Benefit Group | $1,411 |
| 18 | Progressive | $1,429 |
| 19 | Nationwide | $1,433 |
| 20 | Chubb | $1,583 |
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General Casualty normally has some of the cheapest car insurance rates in Philadelphia at around $718 a year. This is $939 less than the average price paid by Pennsylvania drivers of $1,657. Penn National, Travelers, USAA, and Erie also make the cut as some of the most economical Philadelphia, PA car insurance companies.
As depicted above, if you currently have coverage with USAA and switched to General Casualty, you might realize an annual savings of approximately $99. Customers with Erie might save as much as $106 a year, and Auto-Owners policyholders might cut rates by $255 a year.
Be aware that those prices are averages across all types of insureds and vehicles and are not factoring in an exact location for a Toyota Camry. So the company that is most affordable for your situation may not even be in the top 30 companies in the list above. That helps illustrate why you need to get car insurance quotes using your own personalized driver profile and vehicle information.
Irresponsible driving raises your rates
The obvious way to receive the cheapest auto insurance premiums in Philadelphia for a Camry is to pay attention while driving and not get tickets or have accidents. The example below demonstrates how speeding tickets and at-fault accidents can impact insurance prices for each age group. The premium estimates are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.
In the prior example, the average cost of auto insurance in Pennsylvania per year with a clean driving record and no accidents is $1,852. Get written up for one speeding ticket and the average cost swells to $2,154, an increase of $302 each year. Now get two accidents along with the one speeding ticket and the yearly cost of auto insurance for a Toyota Camry jumps again to an average of $4,660. That’s an increase of $2,808, or $234 per month, just for being a careless driver!
Full coverage or liability only
Buying cheaper auto insurance is the goal of the majority of drivers, and one of the fastest ways to pay lower rates for insurance for a Toyota Camry is to buy only liability coverage. The illustration below illustrates the comparison of insurance rates with full physical damage coverage compared to only buying liability only. The data is based on no claims or driving citations, $100 deductibles, drivers are not married, and no discounts are applied.
Averaged for all age groups, physical damage coverage costs $2,572 per year more than just buying liability insurance. That is a significant amount which raises the question if buying full coverage is a waste of money. There is no definitive formula to eliminate physical damage coverage, but there is a general convention. If the annual cost of coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s replacement cost is $4,500 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $3,500 after paying your deductible. If it’s costing you more than $350 a year for physical damage coverage, then you may need to consider dropping full coverage.
There are a few situations where dropping physical damage coverage is not a good plan. If you still owe money on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage.
Low rates today, overpriced tomorrow
Philadelphia, PA auto insurance rates are influenced by many factors that can increase the cost of having a policy. Simply improving your credit, increasing deductibles, or having an accident can trigger price changes that can cause some rates to be cheaper than competitors.
Not only may things change on your end, but companies modify rates as often as every quarter to help ensure profitability. A period of increased losses may result in price increases, while lower claim levels may cause cheaper Camry insurance rates.
The data below compares the cheapest car insurance in Philadelphia, PA for a 35-year-old male driver with no violations or accidents, and a good credit rating. If we estimate prices based on his current risk factors, General Casualty quotes the most affordable car insurance rates in Philadelphia at $1,634 annually. This is $23 less than the average policy premium paid by Pennsylvania drivers of $1,657. Travelers, Erie, USAA, and Penn National round out the rest of the top five cheapest Philadelphia, PA auto insurance companies.
The chart below compares rates after we give the driver from the first set of rates an accident surcharge, a lower credit rating, and a speeding ticket. Due to the fact that every insurance company uses a different method for filing rates in each state, analyzing rate quotes may result in a substantially altered list of affordable companies as shown below.
Atlantic States now has the lowest price on auto insurance in Philadelphia, PA with Amica, Travelers, Donegal Mutual, and GEICO now being in the top five. This example demonstrates why drivers need to compare as many rates as possible when trying to get the lowest insurance quotes for a Toyota Camry.
Insurance rates can be determined by many different factors and can increase or decrease at any time, so the best option the last time you checked may now be priced much higher than other options.
How to find economical car insurance for a Toyota Camry
It is possible to find better rates, and here are some of the recommended money-saving solutions that can help you get more affordable auto insurance.
- Maintain a clean driving record
- Higher deductibles mean lower rates
- Vehicles with safetly features generally cost less to insure
- Save money by insuring older vehicles for liability only
- Better credit scores save money
- Do not get into accidents
- Look for cheaper rates once a year by shopping around
The last tip in the list is incredibly vital, as we hit on in the prior article. Coverage rates can change considerably in a year, so don’t be unwilling to change to a new company if you can save money.
Many drivers have brand loyalty and that’s fine, but it’s not a good idea if that dedication is costing a lot of money. It takes less than five minutes to compare prices and find cheaper auto insurance for a Toyota Camry in Philadelphia.