Cheap Insurance for a Toyota Camry in Lexington

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It's a known fact that car insurance companies want to keep your business as long as possible. Consumers who perform rate comparisons are highly likely to move their business because they stand a good chance of finding a policy with better rates. A recent survey found that drivers who faithfully checked for cheaper rates saved on average $860 a year compared to people who never shopped for cheaper rates.

If finding low prices for Toyota Camry insurance is the reason for your visit, then learning a little about how to get price quotes and compare coverages can make it easier to find better rates.

Discount Toyota Camry insuranceThe most effective way to get low-cost Toyota Camry insurance is to start comparing prices yearly from insurance carriers who provide car insurance in Lexington. Rates can be compared by completing these steps.

  • First, take a little time to learn about auto insurance and the modifications you can make to prevent expensive coverage. Many policy risk factors that cause high rates like distracted driving and a low credit score can be rectified by making minor changes in your lifestyle. Keep reading for instructions to get better rates and get additional discounts that may have been overlooked.
  • Second, request rate estimates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like Progressive and State Farm, while independent agencies can provide price quotes from multiple sources.
  • Third, compare the quotes to your existing policy to see if switching to a new carrier will save money. If you can save money and change companies, make sure coverage is continuous and does not lapse.
  • Fourth, notify your current company of your decision to cancel your current car insurance policy and submit a down payment and signed policy application for the new policy. As soon as coverage is bound, store the proof of insurance paperwork in a readily accessible location in your vehicle.

The key thing to know about shopping around is to compare identical coverages on each quote and and to compare as many carriers as you can. This enables a fair price comparison and plenty of rates choose from.

Getting a cheaper price on insurance is pretty simple and can save money. Just take the time getting comparison quotes from different insurance companies.

The providers in the list below have been selected to offer price quotes in Lexington, KY. To locate the cheapest auto insurance in KY, we recommend you click on several of them in order to get a fair rate comparison.

Coverage statistics and figures

The data table shown below showcases detailed analysis of insurance costs for Toyota Camry models. Understanding more about how rate quotes are calculated is important to be able to make smart choices when comparing insurance rates.

Toyota Camry Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $220 $432 $314 $18 $94 $1,078 $90
Camry SE $220 $508 $314 $18 $94 $1,154 $96
Camry XLE $220 $508 $314 $18 $94 $1,154 $96
Camry Hybrid $248 $508 $354 $20 $106 $1,236 $103
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Data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Prices do not factor in specific location which can increase or decrease premiums substantially.

An analysis of deductible level

One of the most common car insurance questions is how high or low should comp and collision deductibles be. The tables below may help to conceptualize the differences in price when you choose different insurance deductibles. The first rate quote example uses a $250 deductible for comp and collision and the second rate table uses a $1,000 deductible.

Toyota Camry insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $252 $426 $326 $20 $98 $1,147 $96
Camry SE $252 $500 $326 $20 $98 $1,221 $102
Camry XLE $252 $500 $326 $20 $98 $1,221 $102
Camry Hybrid $284 $500 $368 $22 $110 $1,309 $109
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Toyota Camry insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $156 $268 $326 $20 $98 $868 $72
Camry SE $156 $316 $326 $20 $98 $916 $76
Camry XLE $156 $316 $326 $20 $98 $916 $76
Camry Hybrid $176 $316 $368 $22 $110 $992 $83
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Premium costs do not factor in your specific Lexington location which can revise coverage rates considerably.

Based on the above data, using a $250 deductible would cost the average driver about $25 more each month or $300 a year than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you go at a minimum 30 months between claim filings, you would save more money if you choose a higher deductible.

How to determine when to raise your deductibles

Average monthly premium for $250 deductibles: $102
Average monthly premium for $1,000 deductibles (subtract): - $77
Monthly savings from raising deductible: $25
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $25
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 30 months

An important sidenote is that higher deductibles results in a higher out-of-pocket expense when you file a claim. You must have some extra savings in the event you have to pay the deductible to have repairs made.

How much more does full coverage cost in Lexington?

The example below illustrates the difference between Toyota Camry premium costs with full coverage and liability only. The costs are based on no accidents, no driving violations, $100 deductibles, single marital status, and no other discounts are factored in.

When to drop full coverage

There is no definitive formula to stop buying comp and collision coverage, but there is a general guideline. If the annual cost of comprehensive and collision coverage is 10% or more of any settlement you would receive from your insurance company, then it's probably a good time to buy liability coverage only.

For example, let's say your Toyota Camry replacement value is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company would pay you is $7,000 after the policy deductible has been paid. If premium cost is more than $700 annually to have full coverage, then it may be the right time to buy liability only.

There are some scenarios where dropping physical damage coverage is not recommended. If you haven't satisfied your loan, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don't have enough money to buy a different vehicle if your current one is damaged, you should not consider dropping full coverage.

Why you need insurance for your Toyota Camry

Even though Lexington Camry insurance rates can get expensive, buying insurance is required in Kentucky but it also protects you in many ways.

  • Just about all states have minimum liability requirements which means state laws require a specific minimum amount of liability in order to license the vehicle. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
  • If you have a loan on your Camry, it's guaranteed your bank will require you to have full coverage to protect their interest in the vehicle. If the policy lapses, the bank or lender will purchase a policy for your Toyota at an extremely high rate and force you to pay much more than you were paying before.
  • Insurance protects not only your vehicle but also your financial assets. It will also pay for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. Liability insurance also covers legal expenses if you are sued as the result of an accident. If mother nature or an accident damages your car, your policy will pay to restore your vehicle to like-new condition.

The benefits of insuring your car definitely exceed the cost, particularly for liability claims. Despite what companies tell you, the average driver is wasting up to $800 each year so you should quote rates each time the policy renews to ensure rates are inline.

Get Cheap Insurance Rates by Understanding These Factors

Consumers need to have an understanding of the different types of things that help calculate insurance rates. When consumers understand what determines premiums, this enables you to make decisions that can help you get big savings. Multiple criteria are considered when you quote your car insurance policy. A few of the factors are predictable like your driving record, although others are less apparent such as whether you are married or your commute time.

The itemized list below are just a few of the factors utilized by car insurance companies to help set your rate level.

  • Consolidate policies and save - Most major insurers allow lower prices to customers who buy several policies from them in the form of a multi-policy discount. Discounts can amount to anywhere from five to ten percent in most cases. Even if you already get this discount, consumers should still compare other company rates to guarantee you are still saving the most.There is a chance you can find a better deal by buying insurance from a different company.
  • Lower rates come with age - More mature drivers are more responsible, tend to file fewer claims, and are safer drivers. Inexperience drivers are proven to be less responsible in a vehicle therefore insurance rates are much higher.

    The data below uses these variables: single driver, full coverage with $250 deductibles, and no discounts or violations.

  • Safer cars are cheaper to insure - Safer cars are cheaper to insure. Highly rated vehicles reduce the chance of injuries and fewer serious injuries means less claims paid and cheaper rates on your policy.
  • More performance means higher costs - The type of car you need insurance for makes a substantial difference in how high your rates are. The most favorable rates are usually found on low performance passenger models, but the cost you end up paying is determined by many additional factors.

    The chart below assumes a single male driver age 30, full coverage with $100 deductibles, and no discounts or violations. It compares Toyota Camry car insurance rates compared to other makes and models that have different performance rating factors.

  • Being married equates to better premiums - Being married actually saves money on your insurance policy. Having a spouse may mean you are more mature and responsible and insurance companies like that married drivers tend to file fewer claims.
  • Save money by raising deductibles - Coverage for physical damage, termed comprehensive and collision coverage on your policy, protects your Toyota from damage. Some coverage claims are collision with another vehicle, flood damage, or theft. The deductibles you choose are the amount of money the insured will be required to pay if a claim is determined to be covered. The larger the amount the insured is willing to pay, the less money you will pay for insurance.
  • Fewer miles means better premiums - Driving a lot of miles in a year the higher your rate. A lot of insurance companies calculate prices based upon how you use the vehicle. Autos that sit idle most of the time receive lower rates compared to those used for work or business. Incorrect rating for your Camry is just wasting money. It's always a good idea to double check that your insurance policy properly reflects how each vehicle is driven.
  • Insurance loss data for a Toyota Camry - Insurers take into consideration insurance loss statistics for every vehicle to help calculate a profitable premium rate. Models that historically have a higher amount or frequency of claims will have a higher cost to insure.

    The table shown below demonstrates the compiled insurance loss statistics for Toyota Camry vehicles. For each coverage type, the loss probability for all vehicles averaged together is equal to 100. Numbers shown that are under 100 imply a favorable loss record, while values that are above 100 indicate higher probability of having a loss or statistically larger losses.

    Car Insurance Loss Data for Toyota Camry Models
    Vehicle 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

    Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Car insurance companies ranked

Buying coverage from the best insurance provider can be rather challenging considering how many companies are available to choose from in Lexington. The ranking data in the lists below may help you select which insurers to look at comparing rates with.

Top 10 Lexington Car Insurance Companies Ranked by Customer Satisfaction

  1. USAA - 91%
  2. AAA Insurance - 90%
  3. Esurance - 90%
  4. Nationwide - 89%
  5. Travelers - 88%
  6. Progressive - 88%
  7. Safeco Insurance - 88%
  8. State Farm - 88%
  9. Allstate - 88%
  10. The Hartford - 87%

Top 10 Lexington Car Insurance Companies Overall

  1. Travelers
  2. USAA
  3. AAA Insurance
  4. Nationwide
  5. Allstate
  6. State Farm
  7. The Hartford
  8. Safeco Insurance
  9. Progressive
  10. American Family

Quote. Compare. Save.

People change insurance companies for a number of reasons such as lack of trust in their agent, poor customer service, denial of a claim or even questionable increases in premium. Whatever your reason, choosing a new company is easier than you think.

In this article, we presented a lot of techniques to save on Toyota Camry insurance in Lexington. The key thing to remember is the more times you quote, the higher the chance of saving money. You may even discover the lowest rates come from a small mutual company.

When searching for affordable Toyota Camry insurance quotes, it's very important that you do not skimp on coverage in order to save money. In many instances, an insured dropped physical damage coverage and learned later that the small savings ended up costing them much more. Your goal is to buy the best coverage you can find at the best possible price and still be able to protect your assets.

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