Buying cheap auto insurance for a Toyota Camry in Indiana is usually pretty straightforward, but it depends on a complicated formula that considers factors such as age of the vehicle, your credit rating, and citations or violations on your driving record. Drivers in Indiana will pay on average $666 a year to insure their Camry, but that is based upon a 50-year-old single male driver with full physical damage coverage and $1,000 deductibles.
There's a high likelihood you are not 50 and maybe not even a male, maybe you are married instead of single, or maybe you're a renter instead of a homeowner. Even a slight change in rating factors or requested coverage amount may result in significant differences in the price of a policy.
Auto insurance is not the same for everyone, so the way we recommend to find cheap insurance prices for your Toyota is to compare rates from as many companies as possible.
The trim level of your Toyota will influence the cost of coverage, so the price you will be charged to insure a Camry LE model will be $116 cheaper than the insurance cost for the fancier Camry Hybrid version, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Premium amounts do not factor in specific location information which can affect coverage prices greatly.
Indiana auto insurance company ratings
Ending up with a highly-rated auto insurance provider can be challenging considering how many different companies sell coverage in Indiana. The company information below could help you select which auto insurers to look at when comparing auto insurance rates for a Toyota Camry. These rankings are only comprised of large insurance companies, so smaller companies that only insure vehicles in Indiana are not factored into this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
The chart below demonstrates how deductible levels can influence insurance premiums when quoting cheap insurance for a Toyota Camry in Indiana. The data is based on a married female driver, full physical damage coverage, and no additional discounts are factored in.
A 50-year-old driver could save $260 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $390 by changing to a $1,000 deductible. Young drivers, like the Age 20 category, could potentially save as much as $638 every year by choosing a higher deductible.
If you do decide to increase your deductibles, it will be required to have additional funds squirreled away to allow you to cover the extra out-of-pocket expense, which is the main drawback of higher deductibles.
How to get discounts on Indiana insurance rates
Insurance companies that offer quotes for a Toyota Camry could also offer policy discounts that could potentially reduce rates by as much as 35% if you qualify. Larger auto insurance companies and some of the premium reductions they offer are shown below.
- Farm Bureau may have discounts that include 55 and retired, safe driver, multi-vehicle, driver training, and renewal discount.
- MetLife discounts include good driver, multi-policy, defensive driver, claim-free, accident-free, good student
- Progressive offers premium reductions for online signing, multi-policy, homeowner, online quote discount, good student, multi-vehicle, and continuous coverage.
- AAA has discounts for anti-theft, education and occupation, good student, AAA membership discount, pay-in-full, and good driver.
- American Family may offer discounts for air bags, good student, early bird, multi-vehicle, bundled insurance, and Steer into Savings.
- GEICO offers discounts including multi-vehicle, anti-lock brakes, good student, daytime running lights, five-year accident-free, and defensive driver.
- State Farm policyholders can earn discounts including defensive driving training, driver's education, safe vehicle, Drive Safe & Save, passive restraint, multiple policy, and Steer Clear safe driver discount.
The illustration below shows the difference between insurance costs with and without discounts applied to the premium. The costs are based on a female driver, no claims, a clean driving record, Indiana state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with claim-free, accident-free, passive restraint, homeowner, anti-theft, and multiple policy discounts applied. With discounts applied, the the amount saved on auto insurance for a Toyota Camry is 28% or $392.
Should you buy full coverage?
Paying less for auto insurance is the goal of the majority of people, and one of the best ways to find cheaper insurance for a Toyota Camry in Indiana is to only pay for liability coverage. The information below illustrates the difference between annual premium costs with liability coverage only compared to full coverage. The price estimates are based on no claims or violations, $500 deductibles, marital status is single, and no additional discounts are factored in.
As an average, comp and collision coverage costs $1,668 per year more than buying just liability insurance. That is a significant amount which raises the question if paying for full coverage is a waste of money. There is no definitive guideline for dropping full coverage on your policy, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of replacement cost minus your deductible, then you might want to consider buying only liability coverage.
For example, let's say your vehicle's replacement cost is $12,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, you would only receive $11,000 after paying your policy deductible. If you are paying more than $1,100 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.