Buying cheaper car insurance for a Toyota Camry can be pretty simple, but it is dependent upon a fairly complex equation with a lot of factors such as whether you are married or single, the condition of your credit, and your motor vehicle report. Drivers in New Mexico will pay around $912 each year for Camry insurance, but that price is an estimate using a 50-year-old married male driver with both comprehensive and collision coverage and $100 deductibles.
But there is a good chance that you are not 50 and maybe not even a male, possibly single instead of married, and you may just want the cheapest liability coverage you can find. There is no one cookie-cutter policy that works for everyone, so the only way to find cheap auto insurance rates for your Toyota is to do a thorough rate comparison. Get your free quotes now and you can get rates from some of the cheapest companies in New Mexico.
Find Cheaper Toyota Camry Insurance
The trim level of your Toyota tends to impact price, so the price you will pay to insure a Camry LE trim level will cost $158 less than the price to insure the higher-end Camry Hybrid trim level, as shown by the rates below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $216 | $426 | $310 | $18 | $92 | $1,062 | $89 |
| Camry SE | $216 | $502 | $310 | $18 | $92 | $1,138 | $95 |
| Camry XLE | $216 | $502 | $310 | $18 | $92 | $1,138 | $95 |
| Camry Hybrid | $244 | $502 | $350 | $20 | $104 | $1,220 | $102 |
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Data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include claim-free, multi-policy, homeowner, multi-vehicle, and safe-driver. Rate quotes do not factor in specific zip code location which can lower or raise premium rates noticeably.
Buying coverage from the top insurance provider can be rather challenging considering how many choices you have in New Mexico. The ranking information in the lists below could help you select which auto insurance companies you want to consider comparing prices from. These ratings are only comprised of the largest companies in the United States, so companies that focus mainly on New Mexico business will not be included in the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
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Data Source: Insure.com Best Car Insurance Companies
The illustration below demonstrates how choosing different deductibles can influence insurance costs when researching cheap insurance for a Toyota Camry. The prices are based on a single female driver, full physical damage coverage, and no discounts are factored in.
In the chart above, a 50-year-old driver could save $344 a year by changing from a $100 deductible to a $500 deductible, or save $518 by changing to a $1,000 deductible. Youthful drivers, like the 20-year-old example, could roll back prices $884 annually by using higher deductibles when buying full coverage. When insureds make the decision to increase the deductibles on their policy, it is essential to have plenty of discretionary funds to enable you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Careless driving habits raise insurance rates
One of the best ways to score good insurance prices for a Camry is to drive safe and avoid getting tickets or having accidents. The diagram below demonstrates how speeding tickets and accidents can impact yearly insurance costs for different ages of insureds. The costs are based on a single female driver, full coverage, $100 deductibles, and no discounts are applied.
The data in the chart shows the average cost of auto insurance in New Mexico per year with no violations or accidents is $2,230. Add in one speeding ticket and the average cost surges to $2,526, an increase of $297 each year. Next add two accidents along with the one speeding ticket and the yearly cost of insurance for a Toyota Camry jumps again to an average of $4,980. That’s an increase of $2,750, or $229 per month, just for not being attentive to the road!
Does it make sense to buy full coverage?
Finding the cheapest insurance is probably important to the majority of drivers, and one easy way to pay less for insurance for a Toyota Camry is to only buy liability coverage. The information below visualizes the comparison of premium costs with and without full coverage. The rate quotes are based on no claims or driving citations, $500 deductibles, drivers are single, and no additional discounts are factored in.
As an average for all age groups, physical damage insurance costs an additional $1,910 per year more than insuring for liability only. That is a big expense that brings up the question if physical damage coverage is worth the money. There is no definitive rule that works best for making the decision to drop physical damage insurance, but there is a general convention. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.