Save Money on Toyota Camry Insurance in Virginia Beach

It’s easy to assume that insurance companies don’t want you shop around. Insureds who shop rates annually are likely to switch car insurance companies because there is a high probability of finding lower prices. A recent survey found that consumers who compared prices once a year saved on average $70 a month compared to other drivers who never compared prices.

If finding budget-friendly rates on insurance is your objective, then having some knowledge of the best way to quote and compare insurance coverage can help simplify the process.

Truthfully, the best way to find affordable auto insurance rates is to compare prices regularly from insurance carriers that sell auto insurance in Virginia Beach. Price quotes can be compared by following these guidelines.

• First, try to learn about what is in your policy and the factors you can control to prevent high rates. Many risk factors that increase rates such as traffic citations, accidents, and poor credit history can be remedied by making minor driving habit or lifestyle changes.
• Second, compare prices from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can give quotes from one company like Progressive or State Farm, while independent agents can quote rates from multiple insurance companies.
• Third, compare the new quotes to your current policy and determine if cheaper Camry coverage is available in Virginia Beach. If you find a lower rate quote and switch companies, make sure there is no coverage gap between policies.
• Fourth, notify your company or agent to cancel your existing policy. Submit the required down payment along with the signed application to the new insurer. As soon as coverage is bound, place the new certificate verifying coverage with the vehicle registration.

One thing to point out is to try to compare identical coverages on each quote request and and to get rates from as many carriers as you can. This ensures a fair rate comparison and a complete selection of prices.

The companies in the list below have been selected to offer quotes in Virginia Beach, VA. If your goal is to find cheaper car insurance in VA, we recommend you click on several of them in order to get a fair rate comparison.

Insurance just makes sense

Despite the fact that insurance is not cheap in Virginia Beach, maintaining insurance serves an important purpose.

• Almost all states have mandatory insurance requirements which means you are required to carry specific minimum amounts of liability if you drive a vehicle. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
• If you have a loan on your Toyota, almost every bank will require that you have comprehensive coverage to guarantee payment of the loan. If the policy lapses, the lender will be forced to insure your Toyota for a lot more money and force you to pay the higher premium.
• Insurance preserves both your car and your personal assets. It will also provide coverage for hospital and medical expenses that are the result of an accident. As part of your policy, liability insurance will also pay attorney fees if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive coverages will cover the repair costs.

The benefits of insuring your Camry are definitely more than the cost, especially with large liability claims. An average driver in America is overpaying more than $825 a year so compare rates at every renewal to be sure current rates are still competitive.

Data for Toyota Camry insurance

The table displayed next outlines estimates of coverage prices for Toyota Camry models. Learning a little about how auto insurance prices are figured helps drivers make smart choices when selecting a policy.

Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Virginia minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Price estimates do not factor in vehicle location which can increase or decrease premiums considerably.

Deductible analysis

One of the more difficult decisions when buying auto insurance is how high should the physical damage coverage deductibles be. The figures shown below can help illustrate how much more rates are between high and low physical damage coverage deductibles. The first rate table uses a $250 comprehensive and collision deductible and the second set of prices uses a $500 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Virginia minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Price estimates do not factor in the specific area where the vehicle is garaged which can lower or raise coverage rates significantly.

Based on this data, using a $250 deductible costs about $11 more each month or $132 for a full year than opting for the higher $500 deductible. Since the policyholder would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you average at a minimum 23 months between claims, you would probably be better off if you choose a higher deductible.

Drive safe and save

The chart below highlights how traffic violations and at-fault fender-benders increase Toyota Camry insurance prices for different ages of insureds. The premiums are based on a single male driver, full coverage, $250 deductibles, and no discounts are factored in.

Auto insurance prices based on gender

The illustration below illustrates the difference between Toyota Camry yearly insurance costs for male and female drivers. The premiums assume no tickets, no at-fault accidents, full coverage, $250 deductibles, single marital status, and no discounts are applied.

Difference between liability only and full coverage rates

The chart below compares Toyota Camry annual premium costs with liability coverage only compared to full coverage. The costs are based on no claims or violations, $1,000 deductibles, drivers are not married, and no policy discounts are applied.

When to drop comp and collision

There is no definitive formula to stop buying full coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your Toyota Camry settlement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would receive is $3,000 after the policy deductible has been paid. If you are paying over $300 a year to have full coverage, then you might want to think about dropping full coverage.

There are a few cases where dropping full coverage is not financially feasible. If you still have a lienholder on your title, you have to maintain full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should not remove full coverage.

Get cheaper Toyota Camry insurance in Virginia Beach with discounts

Insurance is not cheap nor is it fun to buy but there could be significant discounts that may help make it more affordable. Certain discounts will be applied at the time of quoting, but once in a while a discount must be manually applied prior to receiving the credit. If you check and find you aren’t receiving every discount available, you could be saving more on your insurance.

• Professional Memberships – Belonging to certain professional organizations is a simple method to lower premiums on your next insurance statement.
• Anti-lock Brakes – Vehicles that have anti-lock braking systems have fewer accidents and qualify for as much as a 10% discount.
• Discounts for Safe Drivers – Insureds who avoid accidents can get discounts for up to 45% lower rates than less cautious drivers.
• Discount for Life Insurance – Not all insurance companies offer life insurance, but some may give you a break if you buy some life insurance in addition to your auto policy.
• Driver Education Discount – Teen drivers should successfully complete driver’s ed class in school.
• Low Mileage Discounts – Low mileage vehicles may allow you to get discounted premium rates on garaged vehicles.
• Data Collection Discounts – Insureds that choose to allow driving data collection to look at driving habits by using a telematics device in their vehicle such as Progressive’s Snapshot and State Farm’s In-Drive may get a rate reduction as long as the data is positive.
• Early Payment Discounts – By making one initial payment rather than paying in monthly installments you can actually save on your bill.
• One Accident Forgiven – This one is not really a discount per se, but certain companies will forgive one accident before your rates go up if you are claim-free for a certain period of time.
• Mature Driver Discount – Drivers over the age of 55 may qualify for a small discount on rates.

Policy discounts save money, but most credits do not apply to the entire policy premium. Most only apply to individual premiums such as comprehensive or collision. Even though it may seem like you can get free auto insurance, that’s just not realistic.

The chart below shows the difference between Toyota Camry car insurance rates with and without some available policy discounts. The data is based on a female driver, no driving violations, no at-fault accidents, Virginia state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-car, safe-driver, homeowner, multi-policy, and marriage discounts applied.

To locate insurance companies with discount insurance rates in Virginia Beach, click here to view.