Want to learn a better way to compare more competitive insurance rates in Richmond, VA? Richmond consumers have many options when looking for affordable Toyota Camry insurance. They can either spend hours struggling with agents trying to get quotes or utilize the internet to find the lowest rates.
There is a better way to buy insurance so you're going to learn the best way to price shop coverage for your Toyota and obtain the lowest price from Richmond insurance agents and online providers.
It's a good idea to compare rates occasionally since insurance prices are rarely the same from one policy term to another. If you had the best deal on Toyota Camry insurance in Richmond at your last renewal there is a good chance you can find better rate quotes now. Forget anything you know (or think you know) about insurance because we're going to demonstrate how to use the internet to find better coverage on Toyota Camry insurance in Richmond at a better price.
We hope to instruct you on how car insurance quotes work and how to save the most money. If you are already insured, you will most likely be able to cut your premiums using this strategy. Vehicle owners just have to understand the quickest way to shop their coverage around from many different companies online.
Smart Consumers Can Lower Insurance Rates
Multiple criteria are used in the calculation when you quote your car insurance policy. Some factors are common sense such as traffic violations, although others are more transparent such as your credit history or how financially stable you are. Part of the auto insurance buying process is learning the factors that play a part in calculating the level of your policy premiums. If you understand what impacts premium levels, this enables informed choices that could help you find better auto insurance rates.
The items below are a few of the "ingredients" companies use to determine your prices.
- Always keep your auto insurance policy in place - Having a gap between insurance policy dates is a sure-fire way to increase your renewal premiums. Not only will you pay higher rates, the inability to provide proof of insurance might get you a fine, jail time, or a revoked license. Then you may be required to file a SR-22 with the Virginia department of motor vehicles.
- Gender matters - Statistics show women are more cautious behind the wheel. The data does not necessarily mean that females are better at driving than males. Women and men cause at-fault accidents in similar numbers, but males have costlier accidents. In addition to higher claims, males also receive more costly citations like driving under the influence (DUI).
- Excellent credit means lower premiums - An insured's credit score factor in calculating your premium rate. Drivers with excellent credit tend to be better risks to insure than drivers who have lower ratings. If your credit could use some work, you may save money insuring your Toyota Camry by taking the time to improve your credit score.
- Lower premiums for safer cars - Vehicles that have high safety ratings tend to have lower insurance rates. Vehicles engineered for safety reduce the chance of injuries and lower rates of occupant injuries means your insurance company pays less and cheaper rates on your policy. If your Toyota Camry scored better than an "acceptable" rating on the Insurance Institute for Highway Safety website you may qualify for a discount.
- Consider raising comp and collision deductibles - Insurance for physical damage to your car, also called comprehensive and collision insurance, is used to repair damage to your vehicle. Some instances where coverage would apply are running into the backend of another car, vandalism, and rolling your vehicle. Comp and collision deductibles are the amount of money you are willing to pay out-of-pocket before your auto insurance pays a claim. The more expense you're willing to pay, the less your auto insurance will be.
- Better rates with anti-theft devices - Driving a car that has an advanced theft prevention system can save you a little every year. Advanced theft deterrents like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping vehicle theft.
- Toyota Camry claim probability - Insurance companies include the past claim trends for vehicles in order to profitably underwrite each model. Vehicles that tend to have higher claim frequency or loss amount will have a higher premium rate. The data below shows the loss history for Toyota Camry vehicles.
For each insurance policy coverage type, the statistical loss for all vehicles as a whole is represented as 100. Values that are below 100 represent a good loss history, while percentage values above 100 indicate more frequent claims or tendency to have larger claims.
Toyota Camry Insurance Claim Statistics
Specific Toyota Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Camry 110 94 102 148 145 107 Toyota Camry Hybrid 124 100 110 118 127 96
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Lowering your Toyota Camry insurance rates is an easy way to save money. You just have to spend a few minutes comparing price quotes provided by online insurance companies.
The companies shown below provide free rate quotes in Virginia. If multiple companies are shown, we suggest you get rates from several of them to get the most affordable price.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Prices based on married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Virginia minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Premium costs do not factor in your specific Richmond location which can impact premium rates noticeably.
Comparison of full coverage and liability-only policies
The illustration below shows the difference between Toyota Camry insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premium estimates are based on a clean driving record, no at-fault accidents, $100 deductibles, married female driver, and no discounts are factored in.
When to drop comp and collision
There is no definitive formula that works best for making the decision to drop comp and collision coverage, but there is a guideline you can consider. If the yearly cost of full coverage is more than about 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let's pretend your Toyota Camry settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $8,000 after you pay the deductible. If it's costing you more than $800 a year for physical damage coverage, then you might consider buying liability only.
There are some conditions where dropping physical damage coverage is not in your best interest. If you still have a loan on your vehicle, you have to carry full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not consider dropping full coverage.
Can switching companies really save?
Consumers in Virginia can't get away from ads that claim the cheapest rates from companies such as 21st Century, Allstate and State Farm. They all make the same claim that you'll save big just by moving your coverage.
How does each company charge you a lower premium? It's all in the numbers.
Auto insurance companies give the best rates for the type of customer they prefer to insure. For example, a profitable risk profile may be between the ages of 40 and 55, has no claims, and has great credit. Anyone that matches those criteria gets the lowest rates and most likely will save some money.
People who are not a match for those criteria may be required to pay more expensive rates and this can result in business not being written. If you listen to the ad wording, they say "drivers who switch" not "everyone that quotes" save money. That's the way insurance companies can confidently lure you into getting a quote.
This really illustrates why it's extremely important to get Richmond auto insurance quotes as often as possible. It's impossible to know with any certainty which company will have the best prices for your profile.
Three main reasons to buy auto insurance
Even though it can be expensive, maintaining insurance is required in Virginia but also provides important benefits.
- Almost all states have compulsory liability insurance requirements which means you are required to buy a specific minimum amount of liability coverage if you want to drive legally. 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 lien on your vehicle, most lenders will stipulate that you have full coverage to guarantee payment of the loan. If you let the policy lapse, the lender may insure your Toyota for a lot more money and require you to pay the higher price.
- Auto insurance preserves both your assets and your Toyota Camry. It will also cover all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, will also pay for a defense attorney in the event you are sued. If your Toyota gets damaged, comprehensive and/or collision insurance will pay to repair the damage.
The benefits of insuring your car more than cancel out the cost, especially for larger claims. But the average driver in Virginia is wasting up to $820 a year so compare rate quotes at every policy renewal to ensure rates are inline.
Car insurance quotes and discounts
The cost of insuring your cars can be expensive, but there may be some discounts that could help you make your next renewal payment. Some discounts apply automatically when you complete an application, but a few must be specifically requested prior to receiving the credit.
- Save with a New Car - Buying a new car model can save up to 30% since newer models are generally safer.
- Discount for Low Mileage - Low mileage vehicles could earn discounted premium rates on garaged vehicles.
- Anti-lock Brakes - Cars that have steering control and anti-lock brakes are much safer to drive so you can save 10 percent or more.
- Discount for Life Insurance - Insurance companies who offer life insurance give a break if you buy some life insurance in addition to your auto policy.
- Safe Driver Discounts - Insureds who avoid accidents can save up to 40% or more on their Richmond auto insurance quote than drivers with accident claims.
- Data Collection Discounts - Insureds that choose to allow companies to track driving habits by using a telematic data system such as Progressive's Snapshot may see discounts if their driving habits are good.
- Waiver for an Accident - Not really a discount, but a few companies such as GEICO, Allstate and Liberty Mutual will turn a blind eye to one accident before your rates go up so long as you haven't had any claims for a certain period of time.
- Homeowners Savings - Owning a home in Richmond can help you save on car insurance because maintaining a house is proof that your finances are in order.
A little disclaimer on discounts, most discounts do not apply to the overall cost of the policy. The majority will only reduce the price of certain insurance coverages like liability and collision coverage. Despite the fact that it seems like it's possible to get free car insurance, nobody gets a free ride.
Popular car insurance companies and the discounts they provide are detailed below.
- Progressive offers discounts for multi-policy, multi-vehicle, online quote discount, continuous coverage, good student, and homeowner.
- Farmers Insurance includes discounts for youthful driver, business and professional, alternative fuel, switch companies, and teen driver.
- Farm Bureau offers premium reductions for renewal discount, multi-vehicle, youthful driver, safe driver, 55 and retired, and good student.
- State Farm may offer discounts for student away at school, safe vehicle, anti-theft, passive restraint, and multiple policy.
- GEICO may include discounts for air bags, anti-lock brakes, multi-vehicle, emergency military deployment, multi-policy, and membership and employees.
- SAFECO has savings for teen safety rewards, bundle discounts, teen safe driver, anti-theft, multi-car, and safe driver.
- Liberty Mutual may have discounts that include hybrid vehicle, new graduate, newly married, safety features, preferred payment discount, multi-policy, and teen driver discount.
If you need inexpensive Richmond auto insurance quotes, ask every company to apply every possible discount. Some credits may not apply in your state. If you would like to view companies with discount car insurance rates in Richmond, follow this link.
Local agents and insurance
Many drivers just prefer to sit down with an agent and that is just fine! Good insurance agents will help you protect your assets and will help you if you have claims. One of the best bonuses of comparing insurance online is the fact that you can find the lowest rates and still buy from a local agent. Buying from local agencies is important especially in Richmond.
Upon completion of this simple form, the coverage information is emailed to local insurance agents in Richmond who will give competitive quotes and help you find cheaper coverage. There is no reason to search for any insurance agencies because prices are sent to you instantly. If you have a need to get a rate quote from a specific insurance provider, you can always find their quoting web page and fill out the quote form the provide.
Finding the right insurance company requires more thought than just the premium amount. The answers to these questions are important, too.
- How long has their agency been in business in Richmond?
- How much training do they have in personal risk management?
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- What kind of financial rating does the company have?
- Are there any hidden costs in their price quote and does it include driving and credit history?
- Can glass repairs be made at your home?
Persistent drivers can save
When buying insurance coverage, you should never buy poor coverage just to save money. Too many times, an accident victim reduced liability limits or collision coverage only to find out that they should have had better coverage. Your objective should be to find the BEST coverage for the lowest price while still protecting your assets.
We've covered some good ideas how to compare Toyota Camry insurance premium rates in Richmond. It's most important to understand that the more times you quote, the better chance you'll have of finding affordable Richmond auto insurance quotes. You may even be surprised to find that the best price on auto insurance is with the least-expected company.
More affordable auto insurance in Richmond is definitely available on the web as well as from independent agents in Richmond, so you need to shop Richmond auto insurance with both to have the best selection. Some auto insurance companies do not provide rates over the internet and usually these small, regional companies sell through local independent agents.
More detailed auto insurance information can be read at these sites:
- Avoiding Deer Collisions (Insurance Information Institute)
- How Much is Car Insurance for Police Officers in Virginia? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for High School Students in Virginia? (FAQ)
- What Insurance is Cheapest for Electric Cars in Virginia? (FAQ)
- What Auto Insurance is Cheapest in Chesapeake, Virginia? (FAQ)
- Who Has Cheap Virginia Auto Insurance Rates for Homeowners? (FAQ)
- Five Tips to Save on Auto Insurance (Insurance Information Institute)
- Teen Driving Statistics (iihs.org)