Toyota Camry insurance cost image courtesy of QuoteInspector.com
Buying the cheapest insurance for a Toyota Camry in Illinois relies on a complex formula that considers things such as whether you are male or female, if you have a tendency to file claims, and driving citations. Drivers pay around $975 per year to insure their Camry, but that is a valuation calculated using a 40-year-old single female driver with full physical damage coverage and $100 deductibles.
When projecting a rate like this, the problem is that you are not 40 and maybe not even a female, maybe you are married instead of single, and you need different coverage limits than the sample rates. Having different needs demonstrates why the best way to find the cheapest insurance price for your Toyota is to just compare rates yourself.
Your Toyota's trim level will influence price, so the rate you pay to insure a Camry LE trim level will be $168 lower than the price to insure the more costly Camry Hybrid trim level, as shown in the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $216 | $458 | $340 | $20 | $102 | $1,136 | $95 |
| Camry SE | $216 | $540 | $340 | $20 | $102 | $1,218 | $102 |
| Camry XLE | $216 | $540 | $340 | $20 | $102 | $1,218 | $102 |
| Camry Hybrid | $244 | $540 | $384 | $22 | $114 | $1,304 | $109 |
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Illinois minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Price estimates do not factor in specific Chicago garaging location which can influence prices considerably.
Picking the top company is hard considering how many companies sell insurance in Illinois. The company rank data shown below may help you choose which insurers you want to consider when shopping your coverage around. The rankings below are only made up of companies that insure vehicles across America, so companies that focus mainly on Illinois business are not included in the list.
Top 10 Large Car Insurance Companies in Chicago Ranked by Customer Service
- Mercury Insurance
- Nationwide
- State Farm
- Safeco Insurance
- American Family
- Titan Insurance
- Travelers
- Liberty Mutual
- GEICO
- Erie Insurance
Top 10 Large Car Insurance Companies in Chicago Ranked by A.M. Best Rating
- USAA - A++
- GEICO - A++
- Travelers - A++
- State Farm - A++
- Titan Insurance - A+
- Progressive - A+
- Erie Insurance - A+
- Mercury Insurance - A+
- The Hartford - A+
- Nationwide - A+
Full coverage versus liability only rates
Saving money on car insurance is probably important to most people, and one of the best ways to buy cheaper insurance for a Toyota Camry is to only buy liability coverage. The illustration below shows the difference between car insurance rates with full physical damage coverage and with liability coverage only. The price estimates are based on a clean driving record, no claims, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.
If we average the cost for ages 20 through 70, physical damage insurance costs $1,488 per year more than just buying liability only. That raises the question if it's a good idea to buy full coverage. There is no clear-cut rule of when to phase out comp and collision coverage, but there is a guideline you can use. If the yearly cost of full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to buy liability only.
There are some situations where buying only liability insurance is not in your best interest. If you haven't satisfied your loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage.
The example below illustrates how choosing a deductible can raise or lower premium costs when searching for cheap insurance for a Toyota Camry. The costs are based on a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.
A 50-year-old driver could lower rates by $290 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $436 by choosing a $1,000 deductible. Younger drivers, like the Age 20 chart data, could reduce their rates as much as $968 annually by selecting a higher deductible. When raising deductibles, it's a good idea to have additional funds squirreled away to satisfy the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Discounts on Chicago auto insurance
Auto insurance companies that offer coverage for a Toyota Camry may also provide special discounts that may potentially lower prices by as much as 25% or more if you are eligible for them. Larger car insurance companies and some of their more popular discounts include:
- AAA may offer discounts for multi-policy, good student, education and occupation, multi-car, AAA membership discount, good driver, and anti-theft.
- Progressive has savings for multi-vehicle, online quote discount, multi-policy, good student, and online signing.
- State Farm may have discounts that include good driver, defensive driving training, multiple autos, multiple policy, and safe vehicle.
- Esurance includes discounts for good driver, defensive driver, online quote, good student, and DriveSense.
- Nationwide discounts include business or organization, good student, anti-theft, multi-policy, easy pay, and defensive driving.
The illustration below illustrates the comparison of insurance rates with and without discounts applied to the policy premium. The costs are based on a male driver, no driving violations, no at-fault accidents, Illinois state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with safe-driver, defensive driving course, multiple vehicle, homeowner, anti-theft, and claim-free discounts applied. When these discounts are applied to the policy premium, theamount saved on car insurance for a Toyota Camry is 28% or $528.