How Much Does Insurance Cost for a Toyota Camry in Tennessee?

Our content editors always give us grief that when writing about auto insurance, the words “affordable” or “cheap” should never be used anywhere in the article as a descriptor for auto insurance rates. Despite the oxymoron, cheap auto insurance for a Toyota Camry can be hard, if not impossible, to find. Don’t let that discourage you, because we can show you some ways you can find auto insurance that is easier on your budget.

Buying the best cheap coverage for a Toyota Camry in Tennessee relies on a whole bunch of factors such as annual vehicle mileage, if you have ever let your coverage lapse, and citations or violations on your driving record. Tennessee drivers will pay around $850 each year for Camry insurance, but that figure is using cost data for a 30-year-old married male driver that included comprehensive and collision coverage and $250 deductibles.

When estimating a car insurance rate like we just did, the issue is that you are not a 30-year-old male, single instead of married, or maybe you’re a renter instead of a homeowner. Car insurance coverage is unique to each driver, so this is why the only way to find affordable rates for your Toyota is to shop your policy around at every renewal.

Your Toyota’s trim level can impact the yearly cost, so the rate you pay to insure a Camry LE model will be $148 cheaper than the insurance cost for the higher-end Camry Hybrid model, as shown in the chart below.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Premium costs do not factor in the specific area where the vehicle is garaged which can decrease or increase auto insurance rates noticeably.

Finding out which companies have the most affordable insurance rates for a Toyota Camry takes a bit more work in order to find the most economical policy.

Every car insurance company has their own process for determining rates in each state, so let’s take a look at the most budget-friendly insurance companies in Tennessee. It’s important to understand that Tennessee insurance rates are impacted by many things which can significantly increase or decrease the policy price. Simply having another birthday, buying a home instead of renting, or getting into an accident can trigger price changes resulting in some rates now being more affordable than competitors.

Utica National may offer some of the cheapest car insurance rates in Tennessee at around $744 per year. Auto-Owners, Cincinnati Insurance, Penn National, and USAA would also be considered some of the cheaper Tennessee insurance companies.

As shown in the table above, if you are currently insured with Auto-Owners and switched to Utica National, you may see savings of in the neighborhood of $108. Customers with Cincinnati Insurance might save as much as $140 a year, and Penn National insureds might reduce prices by as much as $164 a year.

To discover how much you can save, click here to get a free quote or quote prices from the following companies.

Understand that those rates are averages across all types of insureds and vehicles and are not factoring in a specific rating modification for a Toyota Camry. So the car insurance company that can offer you the best rate may not even be included in the above list. That is why you need to quote rates from as many companies as possible using your own personal information and vehicle type.

The diagram below highlights how deductible choice can impact insurance rates when quoting cheap insurance for a Toyota Camry. The premiums assume a single male driver, full physical damage coverage, and no discounts are applied.

As shown above, a 40-year-old driver could save $284 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $428 by changing to a $1,000 deductible. Younger drivers, like the Age 20 category, could save $936 annually just by using higher deductibles.

When choosing a higher deductible, it is a good idea to have enough savings set aside to enable you to cover the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Full coverage rates vs. liability-only in Tennessee

Finding cheap insurance for a Toyota Camry in Tennessee is probably important to most drivers, and one of the quickest ways to find cheap insurance is to only buy liability insurance. The example below shows the difference between insurance prices with and without full coverage. The premiums assume no violations or accidents, $250 deductibles, drivers are single, and no discounts are applied to the premium.

If all age groups are averaged, full coverage on your policy costs $1,801 per year more than insuring for liability only. At some point, every insured wonders if it’s a good idea to buy full coverage. There isn’t a written rule for dropping 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 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

There are some circumstances where eliminating full coverage is not a good idea. If you still owe money on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not remove full coverage.

Progressive vs Geico vs Allstate vs State Farm

If you are shopping around for insurance for a Camry in Tennessee, some of the largest companies to start with are Progressive, Geico, Allstate, and State Farm. The following table ranks ratings and policy coverage options that are available for buyers.