Compare Toyota Camry Insurance Quotes in Memphis

The easiest way to find lower priced auto insurance rates is to start comparing prices regularly from different companies who provide car insurance in Memphis. Price quotes can be compared by following these guidelines.

1. Get a basic knowledge of how companies price auto insurance and the things you can control to drop your rates. Many things that cause rate increases like traffic citations and a negative credit history can be rectified by making minor changes to your lifestyle.
2. Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like Progressive or Farmers Insurance, while independent agencies can provide price quotes for a wide range of insurance providers.
3. Compare the price quotes to your current policy premium to see if cheaper Camry coverage is available. If you can save some money, ensure there is no coverage lapse between policies.
4. Notify your agent or company of your intention to cancel your current coverage. Submit a down payment along with a signed application to the new company. Be sure to put the certificate verifying proof of insurance in an easily accessible location.

One important bit of advice is to try to compare identical limits and deductibles on every quote and and to get quotes from as many companies as feasibly possible. This enables an apples-to-apples comparison and the best price selection.

It’s shocking but about 70% of customers have bought car insurance from the same company for over three years, and just short of a majority have never quoted car insurance rates at all. Consumers in Memphis could save 35% each year just by comparing rates, but they mistakenly think it’s difficult to compare rates online.

If you are already insured or just want cheaper coverage, you can learn to save money without sacrificing coverage. Finding the cheapest coverage in Memphis is actually quite simple. Drivers just have to use how to shop their coverage around over the internet.

The companies shown below are our best choices to provide comparison quotes in Tennessee. If multiple companies are listed, we recommend you compare several of them to get the cheapest price.

Toyota Camry insurance coverage information

The premium information shown next covers detailed analysis of insurance rates for Toyota Camry models. Being able to understand how policy premiums are formulated can help drivers make smart choices when choosing a car insurance company.

Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Price estimates do not factor in specific zip code location which can alter coverage prices noticeably.

Analysis of deductible levels

When buying insurance, a common question is which deductibles should you choose. The figures shown below help summarize the difference in cost when you select higher and lower deductibles. The first price estimate table uses a $100 deductible and the second rate table uses a $500 deductible.

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Rates do not factor in your specific Memphis location which can decrease or increase prices noticeably.

Using the data above, we can ascertain that using a $100 deductible will cost you roughly $21 more each month or $252 for a full year than choosing the higher $500 deductible. Since the policyholder would be required to pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you usually have at a minimum 19 months between claim filings, you would save more money if you opt for a higher deductible.

The diagram below illustrates how your choice of deductibles and can increase or decrease Toyota Camry insurance rates for different age groups. The data assumes a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.

Responsible drivers pay cheaper Memphis insurance rates

The diagram below highlights how speeding tickets and accident claims impact Toyota Camry auto insurance costs for different age groups. The information is based on a married male driver, comp and collision included, $100 deductibles, and no additional discounts are factored in.

Should you buy full coverage?

The example below illustrates the difference between Toyota Camry premium costs when comparing full coverage to liability only. The rates are based on a clean driving record, no at-fault accidents, $100 deductibles, single marital status, and no additional discounts are factored in.

Should you pay for full coverage or liability only?

There is no written rule for eliminating physical damage coverage on your policy, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.

For example, let’s say your Toyota Camry replacement cost is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, you would only receive $5,000 after paying the physical damage deductible. If you are paying in excess of $500 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.

There are a few situations where dropping full coverage is not advised. If you still owe money on your vehicle, you have to keep full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should keep full coverage in place.

Three reasons car insurance is important

Despite the high insurance cost for a Toyota Camry in Memphis, car insurance serves a purpose in several ways.

• The majority of states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific level of liability 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.
• If you took out a loan on your Camry, almost all lenders will require you to buy full coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender may insure your Toyota at a more expensive rate and force you to pay the higher price.
• Car insurance protects not only your Toyota Camry but also your assets. Insurance will pay for medical transport and hospital expenses incurred in an accident. Liability insurance, one of your policy coverages, will also pay for a defense attorney if you are sued as the result of your driving. If your car is damaged in a storm or accident, your car insurance policy will pay all costs to repair after the deductible has been paid.

The benefits of insuring your Camry outweigh the cost, particularly for liability claims. Unknowingly, the average driver is overpaying over $820 a year so compare quotes from several companies every year to save money.

Insurance coverage basics

Learning about specific coverages of insurance helps when choosing appropriate coverage and the correct deductibles and limits. The terms used in a policy can be impossible to understand and reading a policy is terribly boring. Shown next are typical coverage types found on the average insurance policy.

Comprehensive coverage – This will pay to fix damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage protects against claims such as hail damage, a tree branch falling on your vehicle and falling objects. The maximum amount a insurance company will pay at claim time is the actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Uninsured/Underinsured Motorist coverage – Uninsured or Underinsured Motorist coverage gives you protection from other motorists when they are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family as well as damage to your Toyota Camry.

Since a lot of drivers have only the minimum liability required by law (Tennessee limits are 25/50/15), it only takes a small accident to exceed their coverage. So UM/UIM coverage is very important.

Liability auto insurance – This coverage protects you from damage that occurs to other people or property in an accident. This insurance protects YOU from claims by other people. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see values of 25/50/15 which stand for $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a total limit of $15,000 for damage to vehicles and property.

Liability can pay for things such as repair costs for stationary objects, legal defense fees and structural damage. How much coverage you buy is your choice, but you should buy as high a limit as you can afford. Tennessee requires drivers to carry at least 25/50/15 but you should consider buying better liability coverage.

The next chart shows why minimum state limits may not be high enough to cover claims.

Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage provide coverage for bills for rehabilitation expenses, prosthetic devices, ambulance fees and nursing services. They are used in conjunction with a health insurance policy or if you are not covered by health insurance. They cover not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. PIP is not available in all states and may carry a deductible

Collision coverage – Collision coverage will pay to fix damage to your Camry caused by collision with a stationary object or other vehicle. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against things like damaging your car on a curb, driving through your garage door and sustaining damage from a pot hole. Collision is rather expensive coverage, so consider removing coverage from vehicles that are older. It’s also possible to bump up the deductible on your Camry to save money on collision insurance.