Want to learn the secrets to finding the cheapest Toyota Camry insurance in Memphis? Wish you could get out of overpriced Toyota Camry insurance in Memphis? Don't sweat it because you're not the only one.
Sadly, the vast majority of consumers in Tennessee kept their coverage with the same car insurance company for well over three years, and almost half have never shopped around. Drivers in America could save themselves about $859 a year just by getting comparison quotes, but they just assume it takes a lot of time to shop around. Multiple insurers compete for your hard-earned dollar, and because of this it can be hard to compare insurers to find the cheapest price on Toyota Camry insurance in Memphis.
The method we recommend to compare insurance rates in your area takes advantage of the fact most of the bigger providers provide online access to compare rate quotes. To start a quote, the only thing you need to do is give them rating details such as whether your vehicle is owned or leased, if a SR-22 is required, if you are currently licensed, and what your job is. That rating data is automatically sent to all major companies and you receive quotes with very little delay.
If you would like to start a quote now, click here and complete the quick form.
The companies shown below offer comparison quotes in Tennessee. If multiple companies are listed, we recommend you visit several of them to get a more complete price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-vehicle, and multi-policy. Rate information does not factor in garaging location in Memphis which can raise or lower premiums considerably.
Full coverage versus liability only rates
The illustration below illustrates the difference between Toyota Camry auto insurance costs with full coverage and liability only. The data is based on no claims, a clean driving record, $100 deductibles, single male driver, and no discounts are applied.
When to stop paying for full coverage
There is no clear-cut rule to drop physical damage coverage, but there is a broad guideline. If the yearly cost for physical damage 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 Toyota Camry replacement value is $4,000 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $3,000 after the deductible is paid. If you are paying more than $300 annually for comprehensive and collision coverage, then you might consider buying liability only.
There are a few cases where only buying liability is not a good idea. If you haven't paid off your loan, you have to carry full coverage to protect the lienholder's interest. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not consider dropping full coverage.
Drive responsibly or pay higher rates
The diagram below illustrates how speeding tickets and accident claims drive up Toyota Camry insurance premiums for different age groups. The premium estimates are based on a married female driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
Get cheaper Toyota Camry insurance in Memphis with discounts
Auto insurance companies don't list their entire list of discounts very clearly, so the following list contains a few of the more well known and the more hidden discounts that you can inquire about if you buy Memphis auto insurance online.
- Passive Restraint Discount - Factory options such as air bags or automatic seat belts may get savings of 25 to 30%.
- Responsible Driver Discount - Insureds without accidents may save up to 50% more than less cautious drivers.
- Discount for Life Insurance - Companies who offer life insurance give a lower price if you buy some life insurance in addition to your auto policy.
- Seat Belts Save - Requiring all passengers to buckle their seat belts may be able to save a few bucks off the medical payments premium.
- New Car Discount - Buying a new car instead of a used Camry can save you some money because newer models keep occupants safer.
- Student Driver Training - Teen drivers should enroll in driver's education in school or through a local driver safety program.
- Resident Student - College-age children who live away from home to go to college and don't have a car can receive lower rates.
- Military Deployment Discount - Being deployed with a military unit may lower your prices slightly.
We need to note that most discounts do not apply to all coverage premiums. Some only reduce the cost of specific coverages such as comp or med pay. So even though you would think it's possible to get free car insurance, car insurance companies aren't that generous.
Companies and a summarized list of policyholder discounts are detailed below.
- Farm Bureau includes discounts for youthful driver, renewal discount, driver training, 55 and retired, multi-policy, multi-vehicle, and good student.
- MetLife policyholders can earn discounts including good driver, multi-policy, defensive driver, good student, claim-free, and accident-free.
- Progressive may have discounts that include homeowner, continuous coverage, online signing, multi-policy, online quote discount, and good student.
- AAA offers discounts including good driver, pay-in-full, multi-car, education and occupation, multi-policy, and AAA membership discount.
- American Family offers discounts for accident-free, good driver, defensive driver, bundled insurance, air bags, and good student.
- GEICO offers premium reductions for emergency military deployment, five-year accident-free, daytime running lights, anti-theft, defensive driver, multi-vehicle, and federal employee.
- State Farm discounts include student away at school, Steer Clear safe driver discount, safe vehicle, defensive driving training, accident-free, passive restraint, and multiple autos.
Before you buy a policy, ask every prospective company how you can save money. Some of the earlier mentioned discounts might not be available to policyholders in Memphis. To choose companies with the best Toyota Camry insurance discounts in Memphis, click here to view.
Auto insurance is available from your local insurance agencies
Certain consumers still like to talk to a local agent and we recommend doing that Good insurance agents can answer important questions and help in the event of a claim. One of the benefits of comparing insurance prices online is that you can find cheap rate quotes but also keep your business local.
To make it easy to find an agent, after completing this simple form, your coverage information is emailed to local insurance agents that provide free Memphis auto insurance quotes for your business. It simplifies rate comparisons since you won't have to find an agent as quotes are delivered immediately to you. If you want to compare prices from a particular provider, just jump over to their website and fill out the quote form the provide.
Deciding on an provider is decision based upon more than just the premium amount. Before buying a policy in Memphis, get answers to these questions.
- What are the financial ratings for the companies they represent?
- Can you use your own choice of collision repair facility?
- Is there a 24/7 contact number?
- Is their price quote a firm figure or are their hidden costs?
- Which insurance company do they prefer to write with?
- Does the company have a local claim office in Memphis?
If you are wanting to purchase auto insurance from a reliable agent, it's helpful to know the different agency structures that differ in how they can insure your vehicles. Agents in Memphis can be classified as either independent agents or exclusive agents. Both types of agents can sell affordable auto insurance policies, but it's important to point out the difference in how they write coverage because it can factor into buying decisions.
Exclusive Auto Insurance Agencies
Agents that choose to be exclusive can only provide one company's prices and some examples include Allstate, Farmers Insurance or State Farm. Exclusive agents cannot provide other company's prices so always compare other rates. These agents are usually quite knowledgeable in insurance sales which helps overcome the inability to quote other rates.
Listed below is a list of exclusive agents in Memphis willing to provide rate quotes.
Independent Agencies or Brokers
Agents that elect to be independent do not write with just one company so they have the ability to put coverage through lots of different companies and find the cheapest rate. If they quote lower rates, they simply switch companies in-house which requires no work on your part. If you need cheaper auto insurance rates, you absolutely need to include rate quotes from multiple independent agents to maximize your price options.
Shown below is a list of independent agents in Memphis who can help you get rate quotes.
Auto insurance can be complex
When it comes to choosing coverage, there is no "perfect" insurance plan. Everyone's situation is a little different and your auto insurance should unique, too. Here are some questions about coverages that might help in determining whether you will benefit from professional help.
- When should I remove my kid from my policy?
- Is my Toyota Camry covered if I use it for business?
- Do I get a pro-rated refund if I cancel my policy early?
- Does my liability insurance cover pulling a trailer or camper?
- Why do I need rental car insurance?
- What is the difference between comprehensive and collision coverage?
- What if an uninsured driver hits me?
- Are my custom wheels covered?
- Why am I be forced to buy a membership to get insurance from some companies?
- Should I rate my vehicle as business use?
If you can't answer these questions but a few of them apply, you may need to chat with an agent. To find an agent in your area, complete this form or click here for a list of auto insurance companies in your area. It is quick, free and you can get the answers you need.
How do Insurers Determine Toyota Camry Insurance Premiums?
Lots of factors are taken into consideration when you quote your car insurance policy. Some of the criteria are obvious such as your driving record, but other factors are not quite as obvious like your vehicle usage or how financially stable you are. When buying car insurance it's important to understand the rating factors that help determine your car insurance rates. When consumers understand what influences your rates, this allows you to make educated decisions that may result in lower premium levels.
Shown below are some of the factors that factor into premiums.
Lower rates for married couples - Having a wife or husband may cut your premiums on car insurance. Marriage demonstrates that you tend to be more mature it has been statistically shown that drivers who are married file infrequent claims.
Liability coverage safeguards assets - Your car insurance policy's liability coverage will afford coverage in the event that you are determined to be liable for physical damage or personal injury to other. Liability insurance provides you with a defense in court to attempt to prove you were not liable. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so do not skimp.
Teenagers are high risk - More mature drivers are shown to be more cautious, tend to file fewer claims, and are safer drivers.Youthful drivers tend to be less responsible in a vehicle so car insurance rates are higher.
Your career may increase rates - Do you have a high-stress occupation? Occupations such as lawyers, airline pilots, and stock brokers tend to pay higher premiums than the average policyholder due to stressful work requirements and long work hours. Conversely, professions such as farmers, historians and performers get better rates.
Policy add-ons add up - Insurance policies have a lot of optional add-on coverages you can purchase but may not be useful. Coverages like replacement cost coverage, better glass coverage, and term life insurance could be just wasting money. You may think they are a good idea initially, but if you've never needed them in the past consider taking them off your policy.
Toyota Camry claim statistics - Companies use past loss statistics for each vehicle to help set a rate to offset losses. Vehicles that tend to have a trend towards higher claims will cost more for specific coverages. The table shown below demonstrates the insurance loss data used by companies for Toyota Camry vehicles.
For each policy coverage type, the statistical loss for all vehicles, regardless of manufacturer or model, is set at 100. Numbers under 100 represent a good loss history, while percentage values above 100 indicate higher probability of having a loss or an increased likelihood of larger losses.
Insurance Loss Ratings for Toyota Camry Vehicles
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Toyota Camry Hybrid||124||100||110||118||127||96|
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Here's why insurance is not optional
Even though Memphis Camry insurance rates can get expensive, paying for insurance serves a purpose in several ways.
First, almost all states have mandatory liability insurance requirements which means the state requires a minimum amount of liability insurance coverage in order to drive the car. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
Second, if you bought your vehicle with a loan, almost all lenders will force you to have insurance to guarantee loan repayment. If you do not keep the policy in force, the bank or lender will purchase a policy for your Toyota at a much higher premium rate and require you to fork over a much higher amount than you were paying before.
Third, insurance protects not only your car but also your assets. It also can pay for all forms of medical expenses for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, will also pay to defend you if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your Camry more than cancel out the cost, especially with large liability claims. The average driver in America is overpaying more than $855 a year so you should quote and compare rates at every renewal to ensure rates are inline.
One last thing to lower rates
Lower-priced Toyota Camry insurance in Memphis is attainable from both online companies and from local insurance agents, and you should compare rates from both so you have a total pricing picture. Some companies may not provide rates over the internet and usually these smaller companies work with independent agencies.
While you're price shopping online, don't be tempted to reduce needed coverages to save money. Too many times, an insured cut physical damage coverage only to find out that it was a big mistake. Your goal is to buy the best coverage you can find at the best cost while not skimping on critical coverages.
Much more information about insurance in Tennessee can be read at these links:
- How Can I Save Money on Auto Insurance? (Insurance Information Institute)
- How Much are Auto Insurance Rates for College Graduates in Tennessee? (FAQ)
- Who Has the Cheapest Car Insurance Rates for a GMC Acadia in Tennessee? (FAQ)
- Who Has Affordable Auto Insurance Quotes for 4x4 Vehicles in Tennessee? (FAQ)
- Front crash protection reduces rear-end crashes (Insurance Institute for Highway Safety)
- Determining Your Vehicle's Value and Repair Cost (Insurance Information Institute)
- Auto Insurance for Teen Drivers (Insurance Information Institute)