Finding affordable auto insurance for a Toyota Camry in Colorado is pretty easy for most people to do, but it is dependent upon a complex formula that considers things such as age of the driver, whether or not you have prior claims, and blemishes on your driving record. Drivers pay around $929 a year for Camry insurance, but that price is an approximation calculated based on a 50-year-old single female driver with full coverage and $500 deductibles.
The issue with using an average estimated rate is the likelihood you are not 50 and maybe not even a female, married instead of single, or maybe you need higher liability limits than the state minimum. Auto insurance is unique to each driver, so the only real way to find the cheapest rates for your Toyota is to just compare rates yourself.
The specific model of Camry can impact the annual cost of coverage, so the price to insure a Camry LE will be $158 less than the cost to insure the more costly Camry Hybrid version, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Colorado minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Estimates do not factor in vehicle garaging location which can impact premium rates greatly.
Deciphering which insurers offer the most affordable car insurance rates for a Toyota Camry in Colorado takes a little more effort in order to find the lowest price. Every insurance company uses a slightly different approach for determining rates, so we'll take a look at the car insurance companies with the overall cheapest rates in Colorado.
Best Car Insurance Prices for Your Camry
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,592|
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The Hartford has some of the most affordable car insurance rates in Colorado at around $825 per year. This is $753 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are also some of the cheapest Colorado car insurance companies.
As the example above demonstrates, if you are insured with USAA and switched to The Hartford, you could realize yearly savings of in the neighborhood of $214. Policyholders with Nationwide could save as much as $296 a year, and GEICO customers might lower prices by $316 a year.
Bear in mind that those premium estimates are averaged across all types of insureds and vehicles and do not factor in a specific rate value for a Toyota Camry. So the car insurance company that fits your situation best may not even be in the list above. That emphasizes why you need to get rate quotes using your own driver data and vehicle information.
Get discounts on Colorado car insurance rates
Car insurance companies that offer coverage for a Toyota Camry could also offer rate discounts that could reduce prices by 30% or more if you are eligible for them. Companies and a selection of discounts can be found below.
- Farm Bureau offers premium reductions for multi-vehicle, renewal discount, multi-policy, driver training, and good student.
- MetLife offers discounts including multi-policy, accident-free, good student, claim-free, good driver, and defensive driver.
- Progressive offers discounts for multi-vehicle, continuous coverage, good student, homeowner, and online quote discount.
- AAA may have discounts that include good driver, good student, multi-car, AAA membership discount, anti-theft, and education and occupation.
- American Family discounts include mySafetyValet, air bags, bundled insurance, Steer into Savings, multi-vehicle, good student, and good driver.
- GEICO policyholders can earn discounts including multi-policy, membership and employees, multi-vehicle, federal employee, and five-year accident-free.
- State Farm has savings for Drive Safe & Save, good student, anti-theft, good driver, and passive restraint.
The example below compares premium costs with and without discounts. Data assumes a female driver, no claims or driving violations, Colorado state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with passive restraint, marriage, homeowner, accident-free, defensive driving course, and claim-free discounts applied. When drivers take advantage of discounts, the average savings per year on car insurance for a Toyota Camry is 28% or $662.
Here's why you should shop around
Colorado car insurance rates are determined by lots of factors that control the price you pay for coverage. Simply having another birthday, increasing liability limits, or getting a driving violation can trigger changes in premium that can make some companies cheaper than competitors.
In addition, insurance companies change premium rates multiple times each year to help ensure profitability. Unexpectedly high claims can result in higher rates, while a profitable period can produce cheaper Camry insurance rates.
As an example, the bar chart below shows the cheapest car insurance in Colorado for a 30-year-old male driver with no violations or accidents, and a good credit rating. If we compare prices based on his personal risk profile, The Hartford offers the most affordable car insurance rates in Colorado at $825 each year. This is $753 less than the average premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and Auto-Owners round out the rest of the most affordable Colorado auto insurance companies.
In the next rate comparison, we'll give the driver from the first rate comparison a chargable accident, a little lower credit rating, and a few traffic violations. Because every insurance company has their own formula to set premium rates, getting updated rate quotes may now present a new list of the cheapest companies as shown below.
Travelers now has the best price in Colorado with State Farm, American Family, Progressive, and Grange now rounding out the top five. This demonstrates why it is so important to take the time to shop around to get the cheapest auto insurance quotes for a Toyota Camry. Insurance prices are calculated by many risk factors and can change substantially, so the cheapest company when you last compared rates may now be wasting a lot of money.