Toyota Camry Insurance FAQ
Given its popularity, it comes as no surprise that we're always asked about Toyota Camrys when discussing various insurance companies and factors. There are so many Camry's on the road in so many different conditions that the data from insurance companies can seem a bit skewed unless you're an expert on how auto insurance rates work. Here are some answers to the common questions we frequently receive.
How Much is Insurance on a 2020 Camry?
Like Honda's competing model, the Accord, the 2020 Camry was a 2020 IIHS Top Pick. This rating was given based on factors such as the car's reliability, dependability, overall value for the money, safety features, and customer satisfaction. Often, the most satisfying cars don't come cheap when it comes to auto insurance.
However, the 2020 Toyota Camry is priced very similarly to the Accord and even the smaller Toyota Corolla. The average cost to insure a 2020 Camry per year is just over $1,400 per year. This number assumes that you're between 30 and 40-years-old and have a clean driving record. Also, keep in mind that your rates could vary, depending on your zip code, credit score, and other factors.
Is Camry Expensive to Insure?
The average cost of full-coverage auto insurance in the United States is $1,674. The most expensive Camry on the market costs around $1,400, meaning that the Camry is actually less expensive to insure than most Americans pay. For most, this is just another great incentive to purchase the vehicle.
Does Toyota Camry Hybrid Insurance Cost More or Less?
A Hybrid version costs more to insure. For example, the 2020 Hybrid Camry costs around $1,500 per year to insure, which is $100 more than the standard gas version of the Camry. On average, most drivers pay 7% extra in premium fees to insure a hybrid vehicle.
The reason why insurance companies typically charge extra to purchase auto insurance on a hybrid is due to two key reasons:
Although many dealerships do offer special deals to buyers purchasing hybrid vehicles, they also tend to hold their value for longer. Additionally, the parts to fix a hybrid vehicle tend to be more expensive than that of a standard gas Camry. These two factors alone are enough to increase the premium instated by the insurance company.
However, an additional piece of data is that hybrid vehicles are generally driven more often than their gas counterparts. The extra time on the road means that the driver's risk level goes up. This is usually reflected in the cost of the insurance premiums.
Is Toyota or Honda Cheaper to Insure?
Both Toyota and Honda produce high-quality sedans, SUVs, trucks, and compact cars. However, their price tags are very similar. For example, both the 2020 Camry and the 2020 Honda Accord cost $24,000 brand-new. This means that they pretty much cost the exact same to insure.
Why is Toyota Camry so Expensive?
You may remember the Toyota Camry as an affordable economy car in the late-1990s and early-2000s. However, the past two decades have seen the brand completely transform. The Camry now comes equipped with more safety features and luxury add-ons than most of its American and German counterparts. Even its smaller counterpart, Toyota Corolla, is loaded with modernized features.
The reliability and safety ratings have continued to capture the eye of auto magazines as well. All in all, Toyota Camrys (and most other Toyotas, for that matter) hold their value very well, leading to higher-than-expected prices for used cars.
