Toyota Camry insurance cost image courtesy of QuoteInspector.com
Finding cheap coverage for a Toyota Camry is pretty easy for most people, but it hinges on an enormous amount of factors such as how many miles you drive each year, the performance level of your vehicle, and any driving offenses on your record. Maryland drivers pay around $1,096 each year to insure their Camry, but that cost is an approximation calculated based on a 50-year-old single male driver with both comprehensive and collision coverage and $500 deductibles.
This brings up the issue that more than likely you are not 50 years old and maybe not even male, you might be married instead of single, or maybe you want different physical damage deductibles. Auto insurance requires individual risk assessment, so the best way to find the cheapest coverage for your Toyota is to just take the time to compare rates yourself. Quotes are always free and you will receive prices from the best companies that sell coverage in Maryland.
The trim level of your Toyota will influence the insurance rate, so the cost to insure a Camry LE trim level will be $186 cheaper than the price to insure the higher-end Camry Hybrid trim level, as shown in the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $220 | $440 | $458 | $28 | $138 | $1,284 | $107 |
| Camry SE | $220 | $518 | $458 | $28 | $138 | $1,362 | $114 |
| Camry XLE | $220 | $518 | $458 | $28 | $138 | $1,362 | $114 |
| Camry Hybrid | $248 | $518 | $518 | $30 | $156 | $1,470 | $123 |
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Price estimates do not factor in specific location information which can lower or raise auto insurance rates greatly.
Determining which companies offer the cheapest auto insurance rates for a Toyota Camry involves a little more effort in order to find the best policy. Each auto insurance company uses a slightly different approach for determining rates in each state, so we'll take a look at the auto insurance companies that tend to have lower prices in Baltimore, MD.
Best Auto Insurance Prices for Your Camry
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $930 |
| 2 | Liberty Mutual | $1,114 |
| 3 | Penn National | $1,137 |
| 4 | Erie | $1,149 |
| 5 | State Auto | $1,226 |
| 6 | Amica | $1,295 |
| 7 | Travelers | $1,384 |
| 8 | Nationwide | $1,421 |
| 9 | GEICO | $1,428 |
| 10 | MetLife | $1,428 |
| 11 | California Casualty | $1,544 |
| 12 | Allstate | $1,596 |
| 13 | State Farm | $1,696 |
| 14 | Progressive | $2,086 |
| 15 | Encompass | $2,592 |
| 16 | Victoria | $2,963 |
| Quote Your Rates Go | ||
USAA may have some of the best car insurance rates in Baltimore at around $930 each year. This is $629 less than the average premium paid by Maryland drivers of $1,559. Liberty Mutual, Penn National, Erie, and State Auto also are some of the most economical Baltimore, MD car insurance companies.
As depicted above, if you currently have a policy with Erie and switched to Liberty Mutual, you could realize a yearly price reduction of in the neighborhood of $35. Maryland drivers with State Auto may save as much as $112 a year, and Amica customers might realize rate reductions of up to $181 a year.
These premium estimates are averages for all ages of drivers and types of vehicles and and are not calculated with a specific zip code for a Toyota Camry. So the car insurance company that can offer you the lowest price may not even be in the top 16 companies in the list above. That emphasizes why you need to quote rates from many companies using your own driver information and specific vehicle type.
The information below shows how choosing a deductible can increase or decrease insurance costs when trying to find cheap insurance for a Toyota Camry. The data assumes a single male driver, full coverage, and no additional discounts are factored in.
As shown above, a 30-year-old driver could lower their policy premium by $524 a year by switching from a $100 deductible up to a $500 deductible, or save $788 by using a $1,000 deductible. Young drivers, like the age 20 example, could reduce their rates up to $1,540 or more just by using higher deductibles. When raising deductibles, it is necessary to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
How to get discounts on Baltimore auto insurance rates
Car insurance companies that provide policies for a Toyota Camry may also provide policy discounts that could lower prices by 25% or more if you meet eligibility requirements. The best auto insurance companies and some of the discounts are outlined below.
- American Family policyholders can earn discounts including Steer into Savings, good driver, early bird, TimeAway discount, multi-vehicle, mySafetyValet, and air bags.
- State Farm offers premium reductions for good driver, Steer Clear safe driver discount, safe vehicle, multiple autos, good student, and accident-free.
- 21st Century includes discounts for good student, teen driver, defensive driver, 55 and older, and automatic seat belts.
- Travelers offers discounts including new car, home ownership, multi-car, driver training, payment discounts, and early quote.
- GEICO has discounts for military active duty, membership and employees, emergency military deployment, multi-vehicle, and daytime running lights.
The illustration below visualizes the comparison of yearly insurance costs with and without some available policy discounts. The data is based on a male driver, a clean driving record, no at-fault accidents, Maryland state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with passive restraint, defensive driving course, vehicle safety, marriage, multiple policy, and safe-driver discounts applied. In this example, theamount saved on auto insurance for a Toyota Camry is 28% or $822.
Cost of full coverage in Baltimore
Buying cheaper auto insurance is probably important to the majority of people, and one way to pay lower rates for insurance for a Toyota Camry is to not buy full coverage. The chart below shows the difference between car insurance costs with liability coverage only compared to full coverage. The premium estimates are based on no accidents or driving violations, $1,000 deductibles, single marital status, and no additional discounts are factored in.
On average, full coverage costs an extra $2,011 per year more than carrying just liability coverage. That is a big expense that brings up the question if paying for full coverage is worth it. There is no set rule for phasing out physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than about 10% 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 $9,000 and you have $1,000 deductibles. If your vehicle is totaled, the most your company will settle for is $8,000 after you pay the deductible. If you are paying over $800 a year for physical damage coverage, then it may be the right time to buy liability only.
If you aren't clear which coverage you need and would like to have some advice when trying to find lower insurance rates for a Camry, the insurance agencies below can most likely help you make a decision which is the best policy. To find a Baltimore insurance agent closest to you, click the button following the list.
- Vince Vanneman - State Farm Insurance Agent
1055 Taylor Ave Ste 112 - Baltimore, MD 21286 - (410) 321-0101 - John Stein - State Farm Insurance Agent
6630 Baltimore National Pike #100b - Baltimore, MD 21228 - (410) 744-7733 - Allstate Insurance: Donald White
733 W 40th St #311 - Baltimore, MD 21211 - (410) 467-9600