Cheapest Toyota Camry Insurance in Anchorage

Insurance quote for Toyota Camry in AnchorageIt’s well known that car insurance companies don’t want policyholders to shop around. Consumers who compare other prices will, in all likelihood, buy a different policy because of the high probability of finding discount prices. A study discovered that drivers who compared rates once a year saved as much as $850 each year compared to drivers who never compared other company’s rates.

If finding the lowest price for Toyota Camry insurance is your ultimate target, then having a good understanding how to get rate quotes and compare cheaper coverage can make it easier to shop your coverage around.

The easiest way to get cheaper car insurance rates is to compare prices annually from providers who sell auto insurance in Anchorage.

Step 1: Take a few minutes and learn about individual coverages and the measures you can control to lower rates. Many things that drive up the price like distracted driving and an unacceptable credit score can be rectified by paying attention to minor details. Continue reading for more ideas to get low prices and find discounts that may have been missed.

Step 2: Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can give quotes from one company like GEICO and Allstate, while agents who are independent can provide prices for many different companies.

Step 3: Compare the new rate quotes to your current policy premium and see if there is a cheaper rate in Anchorage. If you find a lower rate, make sure there is no lapse between the expiration of your current policy and the new one.

Step 4: Notify your current company of your intent to cancel your current car insurance policy and submit a completed application and payment to your new insurance company. As soon as you have the new policy, place the new certificate of insurance along with the vehicle’s registration papers.

One piece of advice is to compare similar limits and deductibles on each quote and and to get prices from every insurance company. This helps ensure a fair price comparison and a complete rate analysis.

Insurance coverage analysis

The information below showcases detailed analysis of prices for Toyota Camry models. Having a good understanding how insurance premiums are calculated is important to be able to make smart choices when buying a car insurance policy.

Toyota Camry Insurance Rates in Anchorage, AK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $202 $414 $286 $16 $86 $1,004 $84
Camry SE $202 $488 $286 $16 $86 $1,078 $90
Camry XLE $202 $488 $286 $16 $86 $1,078 $90
Camry Hybrid $228 $488 $322 $20 $96 $1,154 $96
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Data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Alaska minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Estimates do not factor in your specific Anchorage location which can impact premiums noticeably.

Choosing deductibles

When buying car insurance, a common question is how low should you set your deductibles. The premium rates below can help you understand the price difference of buying low and high coverage deductibles. The first table uses a $100 physical damage coverage deductible and the second set of rates uses a $500 deductible.

Toyota Camry insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $234 $422 $272 $16 $82 $1,051 $88
Camry SE $234 $498 $272 $16 $82 $1,127 $94
Camry XLE $234 $498 $272 $16 $82 $1,127 $94
Camry Hybrid $264 $498 $308 $18 $92 $1,205 $100
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Toyota Camry insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry LE $170 $286 $272 $16 $82 $826 $69
Camry SE $170 $336 $272 $16 $82 $876 $73
Camry XLE $170 $336 $272 $16 $82 $876 $73
Camry Hybrid $192 $336 $308 $18 $92 $946 $79
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Alaska minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Price information does not factor in zip code location which can affect rates greatly.

We can derive from the above data that using a $100 deductible costs roughly $20 more each month or $240 every year than opting for the higher $500 deductible. Because you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at a minimum 20 months between claims, you would more than likely save some money by going with a higher deductible.

Do you need full coverage?

The diagram below illustrates the comparison of Toyota Camry insurance premiums with liability coverage only compared to full coverage. The price estimates are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are applied to the premium.

When to switch to liability coverage only

There is no set guideline for excluding comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is 10% or more of replacement cost minus your deductible, then you might want to think about dropping full coverage.

For example, let’s assume your Toyota Camry replacement cost is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $6,000 after the deductible is paid. If you are paying over $600 a year for your policy with full coverage, then you might consider buying liability only.

There are a few situations where only buying liability is not advised. If you still have a loan on your vehicle, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.

Learn How to Find Car Insurance Cheaper

Lots of things are considered when you get your auto insurance bill. Most are fairly basic like a motor vehicle report, although others are more obscure such as whether you are married or your financial responsibility. An important part of buying insurance is that you know the factors that come into play when calculating car insurance rates. If you have a feel for what controls the rates you pay, this enables you to make decisions that may result in better car insurance rates.

The following are some of the things that factor into your rates.

Do thieves like your car? – Choosing a vehicle that has a built-in theft deterrent system can save you some money. Anti-theft features like vehicle immobilizer systems, OnStar, and tracking devices like LoJack all aid in stopping vehicle theft.

You might get higher rates if you are single – Getting married can get you a discount when buying car insurance. Having a spouse may mean you are more mature and responsible and it’s statistically proven that married couples file fewer claims.

Careless driving means higher prices – Having a clean driving record has a lot to do with how much you pay for insurance. Even one speeding ticket or other violation can increase the cost of insurance forty percent or more. Drivers who don’t get tickets pay lower auto insurance prices than people who have multiple driving citations. Drivers who get flagrant violations such as DUI, reckless driving or excessive speeding may find that they have to to file a SR-22 with their state in order to legally drive a vehicle.

The diagram below shows how violations and at-fault claims raise Toyota Camry auto insurance rates for each different age group. The premiums assume a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are taken into consideration.

Only buy what you need – There are quite a few add-on coverages that you can get tricked into buying if you don’t pay attention. Add-on coverages like rental car coverage, towing coverage, and Farm Bureau memberships are probably not needed. You may think they are a good idea at first, but if you don’t need them consider taking them off your policy.

Where you reside can influence costs – Residing in less populated areas is a positive aspect when buying car insurance. Fewer drivers and short commutes means a lower chance of having an accident and a lower car theft rate. Residents of big cities have more traffic problems and a longer drive to work. Longer commute distances translates into higher accident risk.

Vehicle risk impacts rates – The performance of the vehicle you need insurance for makes a big difference in how high your rates are. The best insurance prices are generally reserved for low performance passenger cars, but your final cost has many other factors.

The next chart is based on a single female driver age 40, full coverage with $500 deductibles, and no discounts or violations. It illustrates Toyota Camry rates compared to other makes and models that have a range of performance rating factors.

The higher your credit rating the lower your costs – Your credit score can be an important factor in your rate calculation. People that have good credit tend to be more responsible than drivers with poor credit scores. If your credit is lower than you’d like, you could save money insuring your Toyota Camry by spending a little time repairing your credit.

Older drivers pay less – Young drivers in Alaska have been known to get distracted easily when driving with friends therefore car insurance rates are much higher. More mature drivers have been proven to be more responsible, cost insurance companies less in claims, and get fewer tickets.

The following chart assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.

Insurance loss probability for a Toyota Camry – Companies include the past claim trends for vehicles to calculate a rate that will offset losses. Models that tend to have a trend towards higher claims will cost more to insure.

The table below shows the actual insurance loss data for Toyota Camry vehicles. For each coverage category, the statistical loss for all vehicles, regardless of manufacturer or model, is equal to 100. Values that are under 100 represent a good loss history, while values that are above 100 indicate higher probability of having a loss or an increased likelihood of larger losses.

Car Insurance Loss Data for Toyota Camry Models
Make and 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

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Which car insurance company is best in Alaska?

Selecting a highly-rated company is difficult considering how many companies there are in Anchorage. The information in the lists below can help you decide which providers you want to consider shopping your coverage with.

Top 10 Anchorage Car Insurance Companies by A.M. Best Rank

  1. USAA – A++
  2. State Farm – A++
  3. GEICO – A++
  4. Esurance – A+
  5. Allstate – A+
  6. Progressive – A+
  7. The Hartford – A+
  8. The General – A-
  9. AAA Insurance – A
  10. Liberty Mutual – A

Top 10 Anchorage Car Insurance Companies Ranked by Customer Service

  1. State Farm
  2. GEICO
  3. The Hartford
  4. Progressive
  5. The General
  6. Allstate
  7. American Family
  8. AAA Insurance
  9. Liberty Mutual
  10. Farmers Insurance

Cheaper car insurance premiums are out there

As you restructure your insurance plan, don’t be tempted to buy lower coverage limits just to save a few bucks. There are many occasions where someone dropped physical damage coverage only to find out that the small savings ended up costing them much more. Your focus should be to buy enough coverage at an affordable rate and still be able to protect your assets.

In this article, we covered many ways to lower your Toyota Camry insurance rates in Anchorage. It’s most important to understand that the more companies you get auto insurance rates for, the more likely it is that you will get a better rate. You may even discover the best price on car insurance is with a small mutual company. They may have significantly lower auto insurance rates on certain market segments than the large multi-state companies such as State Farm or Progressive.

Additional car insurance information can be read at the links below