Best Ways to Save on Madison Toyota Camry Hybrid Insurance

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Discount Toyota Camry Hybrid insuranceTo save the most money, the best way to find discount Toyota Camry Hybrid insurance is to make a habit of comparing prices annually from providers that insure vehicles in Madison.

Step 1: Take a little time to learn about how insurance works and the things you can control to keep rates low. Many policy risk factors that result in higher prices like multiple speeding tickets and a substandard credit score can be eliminated by making minor changes in your lifestyle. This article provides more details to help prevent high rates and get additional discounts.

Step 2: Get rate quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give prices from a single company like Progressive or State Farm, while agents who are independent can provide prices for a wide range of insurance providers. View rates

Step 3: Compare the price quotes to the premium of your current policy and determine if cheaper Camry Hybrid coverage is available in Madison. If you find better rates and switch companies, make sure coverage does not lapse between policies.

An important bit of advice to remember is to try to use the same liability limits and deductibles on every price quote and and to compare every company you can. This ensures an apples-to-apples comparison and and a good selection of different prices.

Unfortunately, nearly 70% of consumers kept their coverage with the same car insurance company for at least four years, and almost half have never compared rates from other carriers. With the average premium in Wisconsin being $1,300, drivers can save hundreds of dollars each year just by shopping around, but they just assume it's a time-consuming process to compare rates.

Insurance coverage analysis

The rate information shown next outlines a range of insurance policy prices for Toyota Camry Hybrid models. Learning as much as possible about how insurance policy premiums are calculated is important for drivers to make decisions when choosing a new policy provider.

Toyota Camry Hybrid Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry Hybrid $172 $346 $272 $16 $82 $888 $74
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Premium data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Premium amounts do not factor in garaging location in Madison which can affect price quotes greatly.

Policy deductibles

One of the more difficult decisions when buying insurance is which comprehensive and collision deductibles to buy. The tables below illustrate how much more rates are between low and high physical damage coverage deductibles. The first rate table uses a $100 deductible and the second rate table uses a $1,000 deductible.

Toyota Camry Hybrid insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry Hybrid $224 $422 $260 $16 $78 $1,025 $85
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Toyota Camry Hybrid insurance premium estimates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Camry Hybrid $124 $222 $260 $16 $78 $700 $58
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Rate information does not factor in vehicle location which can revise auto insurance rates noticeably.

Based on the above data, using a $100 deductible would cost the average driver about $27 more each month or $324 for a full year than buying the higher $1,000 deductible. Because you would be required to pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to have at a minimum 33 months between claims, you would more than likely save some money going with the higher deductible.

How to decide to raise your deductibles

Average monthly premium for $100 deductibles: $85
Average monthly premium for $1,000 deductibles (subtract): - $58
Monthly savings from raising deductible: $27
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $27
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 33 months

One big caveat is that a higher deductible level means you will have to pay more out-of-pocket when you have a physical damage claim. You need some extra savings in the event you need to pay the deductible to have repairs made.

The diagram below demonstrates how deductible levels and can increase or decrease Toyota Camry Hybrid insurance premiums for different age categories. Data assumes a single female driver, full coverage, and no discounts are taken into consideration.

Informed Consumers Can Reduce Their Insurance Costs

Lots of factors are taken into consideration when quoting car insurance. Some are pretty understandable like your driving record, although some other factors are not quite as obvious like your vehicle usage or your vehicle rating.

  • Insurance rates in urban areas - Residing in small towns and rural areas may provide you with better prices when buying auto insurance. Fewer drivers and short commutes means fewer accidents and lower theft and vandalism rates. People in densely populated areas regularly have much more traffic and more time behind the wheel. The longer drive time means more chance of being in an accident.
  • Costs also based on gender - Over the last 30 years, statistics show that men are more aggressive behind the wheel. This data doesn't prove that women are BETTER drivers than men. Males and females are responsible for at-fault accidents in similar percentages, but the men tend to have higher claims. Not only are claims higher, but men get ticketed for serious violations like driving under the influence (DUI). Males from age 16 to 21 are most likely to cause an accident and therefore are the most expensive to insure.

    The illustration below shows the difference between Toyota Camry Hybrid auto insurance costs for male and female drivers. The premiums assume no claims or driving violations, comprehensive and collision coverage, $250 deductibles, drivers are not married, and no discounts are applied to the premium.

  • Certain employers raise rates - Do you work in a high-stress field? Occupational choices like military personnel, business owners, and stock brokers generally pay higher premiums than the average policyholder attributed to intense work requirements and lots of time spent away from family. On the other hand, jobs such as farmers, athletes and performers pay the least.
  • What type of car do you drive? - The performance level of the car, truck or SUV you need to insure makes a significant difference in the rate you pay. The lowest base rates are for the lowest performance passenger models, but there are many factors that impact the final cost.

    The next chart is based on a married male driver age 20, full coverage with $250 deductibles, and no discounts or violations. It compares Toyota Camry Hybrid policy rates compared to other vehicles that have different risk factors.

  • Responsible drivers pay less - Having a clean driving record has a big impact on rates. Getting just one chargeable violation can boost insurance rates to the point where it's not affordable. Drivers who don't get tickets pay less for auto insurance compared to bad drivers. Drivers with license-revoking violations such as hit and run, DWI or reckless driving convictions are required to complete a SR-22 with their state in order to drive a vehicle legally.

    The illustration below shows how violations and accidents can affect Toyota Camry Hybrid annual premium costs for each age group. The costs are based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.

  • Marriage reduces risk - Having a spouse can actually save you money on auto insurance. Marriage generally demonstrates drivers are more mature and responsible it has been statistically shown that drivers who are married are more cautious.
  • Older drivers pay less - Older drivers have been proven to be more responsible, are lower risk to insure, and are safer drivers. Inexperience drivers tend to get distracted easily with other occupants in the car so they pay higher auto insurance rates.

    The following chart assumes a single driver, full coverage with $500 deductibles, and no discounts or violations.

  • Low mileage costs less - The more miles you rack up on your Toyota in a year the more it will cost to insure it. Most insurance companies calculate prices based on how the vehicle is used. Cars left parked in the garage receive lower rates than those used for commuting. It's a good idea to make sure your auto insurance policy is rated on how each vehicle is driven, because improper ratings can cost you money. Having the wrong rating on your Camry Hybrid may be costing you higher rates.
  • Toyota Camry Hybrid statistical loss data - Auto insurance companies factor in insurance loss information to help calculate premium rates. Vehicles that statistically have higher number or severity of losses will have a higher cost to insure. The table below illustrates the insurance loss data used by companies for Toyota Camry Hybrid vehicles.

    For each coverage type, the statistical loss for all vehicles averaged together equals 100. Values that are 100 or less mean the vehicle has better than average losses, while numbers that are greater than 100 point to more losses or larger claims.

    Insurance Loss Ratings for Toyota Camry Hybrid Vehicles
    Specific Toyota Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Toyota Camry Hybrid 124 100 110 118 127 96

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

How to find a good Madison auto insurance company

Finding a highly-rated auto insurance provider can be difficult considering how many companies sell coverage in Madison. The rank data displayed below can help you analyze which auto insurance companies you want to consider shopping prices with.

Top 10 Madison Car Insurance Companies Ranked by Customer Service

  1. State Farm
  2. Nationwide
  3. Safeco Insurance
  4. American Family
  5. Travelers
  6. Liberty Mutual
  7. GEICO
  8. Allstate
  9. Erie Insurance
  10. The Hartford

Do the work, save more money

Insureds switch companies for any number of reasons including denial of a claim, extreme rates for teen drivers, lack of trust in their agent or even an unsatisfactory settlement offer. It doesn't matter what your reason, switching auto insurance companies can be easier than you think.

We've covered many ideas to reduce Toyota Camry Hybrid insurance prices online in Madison. The key thing to remember is the more companies you get rates for, the better your comparison will be. Consumers may even find the lowest prices are with the least-expected company.

Cost effective Toyota Camry Hybrid insurance is attainable on the web and also from your neighborhood Madison agents, and you need to comparison shop both to have the best selection. Some insurance providers may not have online rate quotes and most of the time these regional carriers prefer to sell through independent insurance agencies.

Additional detailed information can be read in the articles below: