How many times have you said it's time to compare cheaper Toyota Camry insurance in Chicago? Searching for cheaper insurance for a Toyota Camry in Illinois can normally be a lot of work, but you can learn these tips and make it easy.
There are more efficient ways to find car insurance online so we're going to tell you the proper way to quote coverages for a Toyota and obtain the lowest possible price from both online companies and Chicago agents.
If you have insurance now or just want cheaper coverage, you can use this information to cut your premiums while maximizing coverage. Comparing rates for the lowest-priced insurance policy in Chicago is not as confusing as people think. Smart shoppers only have to learn the quickest method to shop their coverage around from multiple carriers.
The Toyota Camry Insurance Rate Equation
Many different elements are considered when quoting car insurance. Some factors are common sense like an MVR report, but other criteria are less apparent such as whether you are married or your commute time.
Shown below are some of the most common factors car insurance companies consider when setting premiums.
Traffic violations can be expensive - Whether or not you get tickets has a huge affect on how much you pay. Attentive drivers pay lower auto insurance prices as compared to careless drivers. Even one chargeable violation may increase your cost forty percent or more. People who have dangerous violations like DUI, reckless driving or excessive speeding may be required to submit a SR-22 or proof of financial responsibility with their state DMV in order to drive a vehicle legally.
Prices go up with performance - The make and model of the car you drive makes a substantial difference in determining your rates. The lowest rates are usually for the lowest performance passenger vehicles, but the final cost of insurance is determined by many other factors. Since the Toyota Camry is classified as a sedan, insuring your vehicle will cost about the same than the average rate where you live in Chicago.
Stay claim-free and save - Companies in Illinois award the lowest premiums to people who do not file claims often. If you are the type of insured that files lots of claims you can expect higher premiums or even policy non-renewal. Auto insurance is intended for claims that pose a financial burden.
Teenage drivers pay more - More experienced drivers tend to be more responsible, are lower risk to insure, and tend to be get fewer driving tickets.Drivers with little experience tend to be inattentive when behind the wheel therefore car insurance rates are much higher.
Protect yourself with liability - Your policy's liability coverage is the coverage that protects you when a jury decides you are liable for physical damage or personal injury to other. It provides for a legal defense to attempt to prove you were not liable. Liability insurance is quite affordable when compared with rates for comp and collision, so insureds should have plenty of protection for their assets.
Insurance loss statistics a Toyota Camry - Insurers analyze historical claim data to determine a price that will be profitable for them. Vehicles that statistically have higher prevalence or dollar amount of losses will have increased rates.
The next table illustrates the historical loss data for Toyota Camry vehicles. For each coverage category, the statistical loss for all vehicles averaged together is set at 100. Percentage numbers below 100 mean the vehicle has better than average losses, while percentage numbers above 100 point to more frequent losses or larger claims.
Car Insurance Loss Data for Toyota Camry Models
| Specific Toyota 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: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Finding a better price on car insurance is actually easier than you may think. You just have to spend a little time comparing rate quotes online from several insurance companies.
The companies shown below offer quotes in Illinois. If multiple companies are listed, it's highly recommended you visit two to three different companies to get a more complete price comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $142 | $268 | $274 | $16 | $82 | $782 | $65 |
| Camry SE | $204 | $440 | $268 | $16 | $80 | $1,008 | $84 |
| Camry XLE | $196 | $392 | $266 | $16 | $80 | $950 | $79 |
| Camry Hybrid | $110 | $214 | $284 | $16 | $84 | $708 | $59 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Table data does not factor in specific location information which can impact prices significantly.
Physical damage deductible comparison
The example below shows how choosing a deductible and can affect Toyota Camry insurance premiums for different ages of insureds. The rates are based on a single male driver, full coverage, and no discounts are applied to the premium.
Rate comparison for different deductibles
A question often asked by Chicago drivers is how low should you set your deductibles. The data tables below sum up the difference in cost between high and low deductibles. The first price estimate table uses a $100 deductible for comp and collision and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $224 | $406 | $262 | $16 | $78 | $1,011 | $84 |
| Camry SE | $224 | $478 | $262 | $16 | $78 | $1,083 | $90 |
| Camry XLE | $224 | $478 | $262 | $16 | $78 | $1,083 | $90 |
| Camry Hybrid | $254 | $478 | $294 | $18 | $88 | $1,157 | $96 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $164 | $274 | $262 | $16 | $78 | $794 | $66 |
| Camry SE | $164 | $322 | $262 | $16 | $78 | $842 | $70 |
| Camry XLE | $164 | $322 | $262 | $16 | $78 | $842 | $70 |
| Camry Hybrid | $186 | $322 | $294 | $18 | $88 | $908 | $76 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Illinois minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Price information does not factor in Chicago location which can decrease or increase auto insurance rates substantially.
Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you about $19 more each month or $228 each year than quoting the higher $500 deductible. Since you would pay $400 more if you turn in a claim with a $500 deductible as compared to a $100 deductible, if you normally average at least 21 months between claim filings, you would save money by going with a higher deductible.
How to calculate deductible break even period
| Average monthly premium for $100 deductibles: | $90 |
| Average monthly premium for $500 deductibles (subtract): | - $71 |
| Monthly savings from raising deductible: | $19 |
| Difference between deductibles ($500 - $100): | $400 |
| Divide difference by monthly savings: | $400 / $19 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 21 months |
An important thing to remember is that raising deductibles means you will have to pay more out-of-pocket when you have a physical damage claim. That will necessitate enough disposable savings in the event you have to pay the deductible for vehicle repair.
Will you really save $443 on insurance?
Illinois consumers can't avoid all the ads for insurance savings from the likes of State Farm, Allstate and GEICO. They all seem to convey the message about saving some big amount if you change to their company.
But how can every company charge lower premium rates? Here is how they do it.
All companies have strict underwriting profiles for the type of driver that will be a good risk. For instance, a profitable customer could possibly be over the age of 50, has never had a policy lapse, and drives less than 5,000 miles a year. A propective insured who meets those qualifications will get the preferred prices in Chicago and will most likely save some money.
Consumers who do not fit the ideal profile may be required to pay more expensive rates and this can result in the prospect going elsewhere. The trick companies use is to say "people who switch" but not "everyone who gets a quote" can save as much as they claim. This is how insurance companies can confidently make it sound like they have such great car insurance rates.
This emphasizes why you absolutely need to compare quotes as often as possible. You cannot predict which insurance company will have the lowest rates for your situation.
Insuring your Toyota vehicle just makes sense
Even though Chicago Camry insurance rates can get expensive, maintaining insurance is required in Illinois but it also protects you in many ways.
- Most states have mandatory liability insurance requirements which means you are required to buy specific limits of liability if you drive a vehicle. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you bought your Toyota with a loan, almost every bank will require you to buy full coverage to guarantee their interest in the vehicle. If you let the policy lapse, the bank may insure your Toyota for a much higher rate and require you to fork over for the much more expensive policy.
- Insurance preserves not only your Toyota Camry but also your financial assets. It will also pay for medical bills for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, will also pay for a defense attorney if you cause an accident and are sued. If you have damage to your Toyota as the result of the weather or an accident, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of carrying adequate insurance are definitely more than the cost, specifically if you ever have a liability claim. The average driver in America is overpaying more than $869 every year so it's important to compare rates every year to make sure the price is not too high.
Companies offer many discounts on Toyota Camry insurance in Chicago
Some insurers don't necessarily list the entire discount list in a way that's easy to find, so we took the time to find both the well known in addition to some of the lesser obvious auto insurance savings. If you're not getting every credit you qualify for, you could be getting lower rates.
- Auto/Home Discount - When you combine your home and auto insurance with the same insurance company you could get a discount of 10% to 20% off each policy.
- No Claims - Drivers who don't have accidents pay much less in comparison to insureds who have frequent claims or accidents.
- Accident Waiver - This one is not really a discount per se, but certain companies will let one accident slide without the usual rate increase so long as you haven't had any claims for a specific time period.
- Sign Online - Some of the larger companies will provide an incentive get Chicago auto insurance on your computer.
- Club Memberships - Being in a professional or civic organization is a simple method to lower premiums on your next auto insurance statement.
A little disclaimer on discounts, most of the big mark downs will not be given to all coverage premiums. Some only apply to the cost of specific coverages such as liability and collision coverage. Just because it seems like all those discounts means the company will pay you, it just doesn't work that way.
To find insurers that offer discounts in Chicago, follow this link.
Buying from insurance agencies
Many people would prefer to visit with an insurance agent and we recommend doing that Experienced insurance agents can answer important questions and help submit paperwork. One of the great benefits of comparing rate quotes online is that you can obtain better rates and still have a local agent. And supporting neighborhood agents is definitely important in Chicago.
Once you complete this form (opens in new window), your insurance data gets sent to insurance agents in Chicago that can provide free Chicago auto insurance quotes for your business. You never need to search for an agent because quoted prices will be sent immediately to your email address. If for some reason you want to compare prices for a specific company, you just need to go to their quote page to submit a rate quote request.
If you need to find local Chicago agents, it's helpful to know the different types of agencies and how they function. Agents are classified as either independent agents or exclusive agents depending on their employer. Both sell insurance policies, but it's good to learn the difference in how they write coverage because it may have an impact on the selection process.
Independent Insurance Agencies
These type of agents are not locked into one company and that allows them to write policies with any number of different companies and find you cheaper rates. If your premiums go up, your policy is moved internally and you stay with the same agent.
When comparing insurance prices, we highly recommend that you include rate quotes from several independent agencies to have the most options to choose from. Many can place coverage with small mutual carriers that can offer cheaper rates than bigger companies.
Listed below is a partial list of independent agents in Chicago that may be able to give free price quotes.
- Amigo Insurance Agency
5902 W Fullerton Ave - Chicago, IL 60639 - (877) 999-2644 - View Map - Talro Insurance Agency
4900 W Belmont Ave - Chicago, IL 60641 - (773) 205-8255 - View Map - Skyline Insurance Agency, Inc.
2302 W Belmont Ave - Chicago, IL 60618 - (773) 525-7500 - View Map
Exclusive Insurance Agencies
Exclusive agents write business for a single company like AAA, Allstate, and State Farm. They usually cannot place coverage with different providers so they have to upsell other benefits. Exclusive agencies are very knowledgeable on sales techniques and that enables them to sell even at higher rates. Consumers frequently use the same exclusive agent partially due to the prominent brand name rather than low price.
The following are exclusive agencies in Chicago willing to provide rate quotes.
- Roni Siegel - State Farm Insurance Agent
860 N Clark St - Chicago, IL 60610 - (312) 751-0500 - View Map - GEICO Insurance Agent
8549 S Cicero Ave - Chicago, IL 60652 - (773) 582-2886 - View Map - Judith Gleason - State Farm Insurance Agent
2643 N Harlem Ave - Chicago, IL 60707 - (773) 637-8547 - View Map
Finding the right car insurance agent requires more thought than just the premium amount. Get answers to these questions too.
- What are the financial ratings for the companies they represent?
- How many years of experience in personal auto insurance do they have?
- Which insurance company do they prefer to write with?
- Do they see any coverage gaps in your plan?
- What companies can they write with?
- Who is covered by the car insurance policy?
- Is there a local claims center in Chicago?
Persistence pays off
The cheapest Toyota Camry insurance in Chicago can be bought on the web and also from your neighborhood Chicago agents, so you should compare both to have the best chance of lowering rates. There are still a few companies who may not have internet price quotes and usually these regional carriers only sell through local independent agents.
You just learned some good ideas how you can reduce Toyota Camry insurance auto insurance rates online in Chicago. It's most important to understand that the more times you quote, the better likelihood of getting affordable Toyota Camry insurance quotes. Drivers may even discover the most savings is with some of the lesser-known companies.
Consumers leave their current company for any number of reasons including policy cancellation, poor customer service, an unsatisfactory settlement offer and even delays in responding to claim requests. Regardless of your reason for switching companies, finding a new company is not as difficult as it may seem.
To read more, feel free to browse these articles:
- Car Insurance FAQ (Trusted Choice)
- Who Has Cheap Auto Insurance Quotes for High Risk Drivers in Chicago? (FAQ)
- Who Has the Cheapest Auto Insurance for Active Military in Chicago? (FAQ)
- Who Has Affordable Car Insurance for Teenage Males in Chicago? (FAQ)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)
- Help Your Teen Be a Better Driver (State Farm)
- Winter Driving (Insurance Information Institute)