The Toyota Camry is incredibly reliable and is consistently one of the longest-lasting cars. This year they were even named the 2020 Best Midsized Car for the Money. Buying this car is a smart financial decision and a good investment. However, buying a car is only half the battle. You also need to make sure you have the proper auto insurance. Car insurance can be confusing though, and the information can be hard to find. That’s why we’ve compiled this guide to find the cost of Toyota Camry insurance.
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How Much Does It Cost To Insure A Toyota Camry?
The national average Toyota Camry car insurance cost is $146 a month ($1,752 per year). That doesn’t necessarily represent the amount you’ll pay. The average Toyota Camry insurance cost will depend on several factors. We always recommend you get auto insurance quotes from a few different insurance companies to find out who has the best auto insurance rates. Some factors that influence price include:
- The Vehicle Year: What year your Toyota Camry is will change the cost of your car insurance. Generally speaking, your Toyota Camry car insurance cost will be higher the older the vehicle is.
- Location: Every state and even city can have different insurance costs. For example, on average, the more densely populated the city, the higher the costs will be per year due to the higher likelihood of having an accident.
- Driving Record: Your driving record will affect insurance premiums because if you’ve had many collisions in the past you may have more in the future.
Average Cost Of Toyota Camry Insurance By Model Year
Every model year will represent a slightly different Toyota Camry insurance cost. The relationship between model year and insurance cost is a complex one. Your 10 year old Camry may need less collision insurance because they’ll cost less to repair and are more likely to be paid off and not require collision coverage, however, newer cars will have better safety ratings due to more safety features that make accidents less likely. While it’s hard to definitively pinpoint the affect that age will have, generally speaking, Toyota Camry insurance cost goes up as the age rises. Here are some example years and corresponding car insurance costs:
- 2012: $215
- 2016: $114
- 2020: $113
Average Cost Of Toyota Camry Insurance By State
Where you live can also affect the cost of your auto insurance. This can happen for a number of reasons. These factors can cause your car insurance to change if you even move to the next zip code. Let’s go over some location-based factors that influence your Toyota Camry insurance cost.
- Population Density: The more people driving in a given area, the more likely they are to bump into each other.
- Weather: If you live in an area prone to snow and ice, you’re statistically more likely to get into an accident than someone in a warmer climate.
- Crime Rate: Since the insurance companies have to cover the cost of any damage if the car is vandalized, broken into, or stolen, they will charge more for areas with a higher incidence of crime.
- Road Conditions: Even the conditions of the local roads can affect the cost of your car insurance.
Here are some cities and the corresponding Toyota Camry insurance cost:
| City | Progressive | State Farm | Mercury | Nationwide | Elephant | Average Per Month |
|---|---|---|---|---|---|---|
| El Paso, TX | $70 | $119 | $101 | $164 | $98 | $110 |
| Chicago, IL | $97 | $165 | $124 | NA | $111 | $124 |
| Norwalk, CA | $88 | $149 | NA | $199 | NA | $145 |
| Queens, NY | $185 | $313 | NA | NA | NA | $249 |
| Columbus, OH | $39 | $67 | NA | NA | 125 | $77 |
Does Insuring A Toyota Camry Cost More Or Less If You Lease?
Many people believe insurance rates are higher if you lease a car, however, it’s a bit more complicated than that. When you own a car outright, you get to decide how much coverage to get. If you want full coverage or the minimum coverage required, you can do that. With a lease, on the other hand, you have to get the amount of coverage that the lender requires. They often want an insurance policy that’s more robust to protect their investment. Auto insurance rates aren’t just higher for Camry insurance when you lease if you have the same full coverage policy as someone who owns though.
| Ownership | Average Insurance Cost |
|---|---|
| Own | $113 |
| Lease | $115 |
What Auto Insurance Do You Need For A Toyota Camry?
Every state has different laws regarding what types of insurance and how much coverage you need.
Bodily Injury Liability and Property Damage Insurance
Almost everywhere requires liability coverage though. Most states will require at least $25,000 in body injury liability insurance and $10,000 in property damage liability insurance. It is higher in several states however.
Comprehensive and Collision Insurance
To protect yourself from repair costs after an accident, you’ll want collision coverage. Comprehensive and collision insurance are no-fault, meaning you can use them to repair damages to your own Toyota even if the accident was your fault or not caused by another driver.
You should weigh the cost of the insurance policy against the car’s value however. Sometimes the insurance will be worth more than the car, and you’ll end up losing money.
Personal Injury Protection (PIP)
Some states require personal injury insurance too. It will depend heavily on your location and personal decisions. Speak to an insurance company about the laws and needs of your state.