Buying economical insurance for a Toyota Camry is normally pretty easy, but it relies on a complex formula that considers things such as how old the Camry is, the condition of your credit, and the deductible amount you use. Drivers pay around $712 a year for Camry insurance, but that price is a valuation based on a 40-year-old married female driver with both comprehensive and collision coverage and $1,000 deductibles.
It’s more than likely you are not 40 and maybe not even a female, you might be single instead of married, or maybe you’re a renter instead of a homeowner. Just a very minor change in rating criteria or coverage limits can result in a big discrepancy in the amount insurance costs for a Toyota Camry.
Auto insurance requires individual risk assessment, so the best way to find the cheapest coverage for your Toyota is to compare rates from as many companies as possible.
The specific model of Camry will have an impact the yearly cost, so the rate you pay to insure a Camry LE model will be $118 less than the insurance cost for the higher-end Camry Hybrid trim level, as shown by the rates below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $130 | $254 | $334 | $20 | $100 | $838 | $70 |
| Camry SE | $130 | $300 | $334 | $20 | $100 | $884 | $74 |
| Camry XLE | $130 | $300 | $334 | $20 | $100 | $884 | $74 |
| Camry Hybrid | $146 | $300 | $376 | $22 | $112 | $956 | $80 |
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Table data represents married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Premium costs do not factor in vehicle garaging location which can increase or decrease auto insurance rates noticeably.
Selecting the best insurance provider can be rather challenging considering how many companies provide coverage in Minnesota. The ranking data displayed below may help you choose which companies to look at when shopping your coverage around. The rankings below are only comprised of the largest companies in the United States, so smaller companies are not included in the list.
Top 10 Large Car Insurance Companies Overall in Minneapolis
- USAA
- 21st Century
- GEICO
- Nationwide
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- Travelers
- American Family
Discount Minneapolis car insurance rates
Insurers that provide coverage for a Toyota Camry may also offer price discounts that could potentially reduce rates by 40% or more if you qualify for them. A few popular companies and their offered discounts include:
- The Hartford offers discounts including anti-theft, good student, air bag, bundle, and vehicle fuel type.
- American Family may have discounts that include good driver, air bags, early bird, mySafetyValet, and TimeAway discount.
- Progressive may include discounts for online quote discount, multi-vehicle, online signing, continuous coverage, multi-policy, homeowner, and good student.
- Travelers policyholders can earn discounts including early quote, payment discounts, hybrid/electric vehicle, home ownership, IntelliDrive, save driver, and student away at school.
- Farmers Insurance includes discounts for business and professional, youthful driver, early shopping, teen driver, pay in full, and alternative fuel.
- USAA has savings for loyalty savings, multi-policy, driver training, new vehicle, safe driver, multi-vehicle, and defensive driver.
- Liberty Mutual offers discounts for preferred payment discount, teen driver discount, multi-policy, new move discount, and safety features.
The chart below shows the comparison of insurance rates with and without discounts applied. The premiums are based on a male driver, a clean driving record, no at-fault accidents, Minnesota state minimum liability limits, comp and collision included, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with vehicle safety, passive restraint, safe-driver, claim-free, anti-theft, and defensive driving course discounts applied. In this example, theamount saved on car insurance for a Toyota Camry is 28% or $645.
Driving violations and accidents
The recommended way to maintain low car insurance premiums in Minneapolis for a Camry is to be a safe driver and avoid traffic citations and accidents. The diagram below shows how speeding tickets and at-fault fender-benders drive up insurance premiums for different age groups. The premiums assume a single male driver, comp and collision included, $500 deductibles, and no discounts are factored in.
The data in the chart shows the average cost of car insurance per year with no accidents and a clean driving record is $1,771. Factor in one speeding ticket and the average cost swells to $1,997, an increase of $225 each year. Now add in one accident along with the one speeding ticket and the 12-month cost of car insurance for a Toyota Camry goes up to an average of $2,626. That’s an increase of $855, or $71 per month, just for not driving carefully!
Can you find cheaper Camry insurance?
Minneapolis car insurance rates are influenced by many factors that can increase the price of coverage. Getting older, becoming a homeowner, or getting a ticket for careless driving can cause premium changes that can cause some rates to be cheaper in comparison to the competition.
Not only that, but insurers change prices as often as every three months in order to offset underwriting gains or losses. A period of higher than normal claims can cause more expensive prices, while less frequent claims can result in cheaper Camry insurance rates.
The graph below shows rates for the cheapest car insurance in Minneapolis, MN for a 35-year-old female driver with a good driving record, no prior claims, and good financial standing. When comparing rates based on her current risk factors, Travelers may have the best car insurance rates in Minneapolis at $886 annually. This is $535 less than the average policy premium paid by Minnesota drivers of $1,421. Farm Bureau Mutual, USAA, Western National, and The Hartford also make the list of the top five cheapest Minneapolis, MN auto insurance companies.
Let’s now give the driver from the first set of rates a claim, a little lower credit rating, and a traffic citation. Because each insurer has a proprietary formula for setting rates, analyzing rates could result in a significantly different list of companies as shown below.
Farm Bureau Mutual now has the cheapest auto insurance in Minneapolis with USAA, Allied, American Family, and Western National also having competitive pricing. This example proves why consumers need to shop around when trying to find cheap insurance quotes for a Toyota Camry. Insurance rates can be altered by many factors and can increase or decrease at any time, so the cheapest company the last time you shopped your coverage around may now be an over-priced policy.
How to find economical auto insurance for a Toyota Camry
It is possible to find better rates, and here are some of the better money-saving solutions that can help Minnesota drivers locate lower-cost coverage.
- Good credit can help you save money
- Vehicles with good safety ratings have lower liability rates
- Do not waste money insuring older vehicles for full coverage
- Bundle car and home insurance and save money
- Avoid accidents
- Comparison shop at least every other year
That last idea is particularly critical, as was noted in the prior article. Car insurance prices vary greatly, so don’t be unwilling to change to a new company if you find a better deal. Having a favorite company is fine, but it’s not recommended if that loyalty results in overpaying money that could be used for better things. It only take a few minutes to compare rates and find cheaper auto insurance for a Toyota Camry in Minneapolis.
The auto insurance agents in Minneapolis shown below can help you make a decision which auto insurance policy fits you best, since some drivers wish to get help from a professional when buying car insurance for a Camry. It’s not always easy to find coverage yourself, and a licensed agent can give you comfort knowing your coverage gives you decent coverage if you have a claim. To find a Minneapolis insurance agent near you, click the button at the bottom of the list or click here to compare prices now.
Shamrock Agencies
1 Groveland Terrace #102 – Minneapolis, MN 55403 – (952) 474-0929
Allstate Insurance: Mohamud Isse
331 E Lake St – Minneapolis, MN 55408 – (612) 353-6667
AAA Minneapolis Insurance
5400 Auto Club Way – Minneapolis, MN 55416 – (952) 927-2518