Buying economical car insurance for a Toyota Camry in Florida is usually pretty straightforward, but it is dependent upon a lot of things such as your birth date, where you live, and any prior driving citations you have received. Drivers in Florida will pay on average $1,084 annually for Camry insurance, but that price is an estimate based upon a 40-year-old single male driver with full physical damage coverage and $1,000 deductibles.
The issue that arises when projecting rates is that it’s very likely that you are not 40 years old and maybe not even male, maybe you are married instead of single, or maybe you prefer higher deductibles. Different coverage needs are the reason why the only real way to find the most affordable coverage for your Toyota is to compare rates from as many companies as possible.
The specific trim level tends to have a direct effect on the coverage cost, so the rate you pay to insure a Camry LE trim level will be $182 cheaper than the price to insure the higher-end Camry Hybrid trim level, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Rates do not factor in specific garaging location which can decrease or increase coverage rates significantly.
Selecting the highest-rated insurance company can be difficult considering how many companies provide coverage in Miami. The rank data displayed below may help you decide which auto insurance companies to look at when looking for cheaper rates. The ratings below include the largest companies in America, so smaller regional companies are not taken into consideration for these rankings.
Top 10 Large Auto Insurance Providers in Miami Ranked by Value
- Mercury Insurance
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- The General
- 21st Century
Top 10 Large Auto Insurance Providers in Miami Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
Difference between liability only and full coverage rates
Finding the cheapest insurance is the goal of the majority of people, and one good way to pay less for insurance for a Toyota Camry is to not buy full coverage. The chart below illustrates the difference between car insurance rates with full physical damage coverage compared to only buying liability only. The price estimates are based on no violations or accidents, $250 deductibles, marital status is single, and no additional discounts are factored in.
If averaged out across all ages, physical damage coverage on your policy costs an additional $2,771 per year more than carrying just liability coverage. Many drivers may wonder when is it safe to stop buying full coverage. There is no definitive guideline that is best for determining when to drop full coverage on your policy, but there is a general guideline you can use. If the annual cost of coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
There are some circumstances where eliminating full coverage is not recommended. If you haven’t paid off your loan, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not drop full coverage.
Discount Miami insurance rates
Auto insurance companies that offer coverage for a Toyota Camry may also offer policy discounts that could potentially reduce rates by as much as 35% if you meet eligibility requirements. A list of insurance companies and some of the discounts include:
- Progressive has discounts for multi-policy, homeowner, multi-vehicle, continuous coverage, online quote discount, good student, and online signing.
- GEICO offers discounts including daytime running lights, anti-theft, military active duty, multi-vehicle, emergency military deployment, defensive driver, and seat belt use.
- State Farm may have discounts that include multiple policy, multiple autos, anti-theft, student away at school, and safe vehicle.
- Esurance offers premium reductions for Pac-12 alumni, anti-lock brakes, good student, good driver, and anti-theft.
- The Hartford discounts include air bag, driver training, vehicle fuel type, defensive driver, and bundle.
The chart below visualizes the comparison of premium costs with and without discounts. The price estimates are based on a female driver, no claims or driving citations, Florida state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with multiple policy, vehicle safety, passive restraint, multiple vehicle, claim-free, and homeowner discounts applied. When taking advantage of discounts, theamount saved on insurance for a Toyota Camry is 28% or $581.
Are you paying too much for car insurance?
Florida insurance rates are impacted by many factors that control your annual premium. Simply having a birthday, moving to a new city, or having a fender bender may prompt premium changes resulting in some companies being much cheaper than others.
In addition to those changes, car insurance companies modify rates every year or even multiple times each year to adjust for unexpected claims or profits. An extended period of higher than normal claims may cause more expensive premiums, while profitable underwriting may cause cheaper Camry insurance rates.
For example, the graph below demonstrates which company has the cheapest car insurance in Miami, FL for a 40-year-old male driver with no accidents or violations, and good financial standing. If we estimate prices based on his personal risk profile, USAA quotes the best car insurance rates in Miami at $1,829 per year. This is $619 less than the average policy premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers round out the rest of the most affordable Miami, FL auto insurance companies.
In the next rate comparison, we’ll give the driver from above some claims, bad credit, and a traffic citation. Because each insurer has their own unique process to determine rates, getting updated rate quotes will most likely result in a different list of companies as shown below.
USAA now has the best price in Miami, FL with Allied, Esurance, GEICO, and State Farm also being competitive. This illustrates why drivers need to perform an extensive rate comparison to get cheap car insurance rates for a Toyota Camry.
Prices are influenced by many different factors and change dramatically, so the best price six months ago may now be quite expensive.
How to find economical insurance for a Toyota Camry
It’s not impossible to find cheaper rates, and here are a few thrifty ideas that can help Florida drivers get low-cost car insurance.
- Avoid accidents
- Improve your credit score
- Safer vehicles generally have cheaper insurance rates
- Be a cautious driver
- Higher deductibles mean lower rates
- Compare prices frequently to find the best deal
That final tip is highly important, as was noted in the prior information. Coverage rates change frequently, so don’t be afraid to switch to a new company if a better rate can be found. We understand brand loyalty, but it isn’t a good idea if that stubbornness costs you hundreds of dollars a year. Take a couple minutes and shop around and find cheaper auto insurance for a Toyota Camry in Miami.