Sad but true, nearly 70% of consumers kept their policy with the same company for over three years, and nearly 40% of drivers have never taken the time to shop around. Most drivers in Lincoln can cut their rates by roughly $388 a year just by getting comparison quotes, but they don’t believe the amount of money they would save if they changed companies.
The easiest way to get cheaper auto insurance rates is to compare quotes once a year from insurance carriers that sell auto insurance in Lincoln. Rate comparisons can be done by following these steps.
- Read and learn about auto insurance and the measures you can take to prevent rate increases. Many factors that drive up the price like distracted driving and an imperfect credit score can be improved by paying attention to minor details.
- Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from one company like Progressive or State Farm, while agents who are independent can quote rates for many different companies.
- Compare the new rate quotes to your current policy premium and see if you can save money. If you find better rates and change companies, make sure coverage is continuous and does not lapse.
- Provide notification to your current company to cancel your current policy. Submit a down payment along with a completed application for the new policy. Be sure to place your new certificate verifying proof of insurance in an easily accessible location.
One important bit of advice is that you’ll want to compare similar deductibles and liability limits on every price quote and and to get rate quotes from as many different companies as possible. Doing this enables an accurate price comparison and the best price quote selection.
The providers in the list below are our best choices to provide free quotes in Nebraska. To get the cheapest car insurance in Lincoln, NE, it’s a good idea that you compare several of them to get the best price comparison.
Premium rates and analysis
The price information displayed below showcases estimates of insurance rates for Toyota Camry models. Learning how auto insurance policy rates are figured is important for making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Camry LE | $146 | $268 | $288 | $18 | $86 | $806 | $67 |
| Camry SE | $146 | $316 | $288 | $18 | $86 | $854 | $71 |
| Camry XLE | $146 | $316 | $288 | $18 | $86 | $854 | $71 |
| Camry Hybrid | $166 | $316 | $326 | $20 | $98 | $926 | $77 |
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Prices based on married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Nebraska minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Prices do not factor in garaging location in Lincoln which can lower or raise coverage prices considerably.
The example below demonstrates how deductibles and can influence Toyota Camry insurance rates for different age groups. The costs are based on a married female driver, comprehensive and collision coverage, and no additional discounts are factored in.
Liability only or full coverage
The illustration below shows the difference between Toyota Camry annual premium costs with and without full coverage. The price estimates are based on a clean driving record, no claims, $500 deductibles, drivers are single, and no discounts are applied.
When to drop comprehensive and collision coverage
There is no definitive rule for phasing out physical damage coverage on your policy, but there is a guideline you can consider. If the yearly cost for physical damage coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
For example, let’s say your Toyota Camry replacement cost is $6,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $5,000 after paying the physical damage deductible. If you are paying in excess of $500 annually for physical damage coverage, then it could be time to drop full coverage.
There are some circumstances where removing full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should maintain full coverage.
How You Can Control Toyota Camry Insurance Prices
Consumers need to have an understanding of a few of the rating criteria that help calculate your policy premiums. If you have a feel for what impacts premium levels, this enables you to make decisions that will entitle you to much lower annual insurance costs. Many things are used when premium rates are determined. Some factors are common sense like your driving record, although some other factors are more obscure like your continuous coverage or your commute time.
Big cities have higher rates – Choosing to live in a small town has definite advantages when insuring your vehicles. City drivers have to deal with more road rage incidents and more severe claims. Lower population means a lower chance of having an accident in addition to fewer liability claims.
Pay less after the wedding – Getting married may earn you lower rates when buying auto insurance. Having a spouse usually means you are more mature than a single person and it’s statistically proven that married drivers tend to have fewer serious accidents.
Keep policy claims to a minimum – If you’re an insured who likes to file claims you can look forward to much higher rates or policy non-renewal. Auto insurance companies in Nebraska generally give the best rates to drivers who do not file claims often. Your car insurance is intended to be relied upon for larger claims.
Pleasure use or commuting – The higher the mileage driven in a year the higher the price you pay to insure it. Many insurance companies charge rates determined by how the vehicle is used. Cars used primarily for pleasure use cost less to insure than those used for commuting. Having the wrong rating on your Camry may be costing you higher rates. Verify your auto insurance declarations sheet is showing annual mileage.
Alarm systems save money – Choosing to buy a car with an alarm system can help lower your rates. Theft prevention features such as OnStar, LoJack tracking, and tamper alarms can help prevent your car from being stolen.
Insurance losses for a Toyota Camry – Insurance companies study historical loss data as a tool for profitable underwriting. Models that statistically have higher claim amounts or frequency will be charged more to insure.
The table shown below demonstrates the loss history for Toyota Camry vehicles. For each type of coverage, the claim probability for all vehicles combined as an average is set at 100. Values under 100 mean the vehicle has better than average losses, while numbers that are greater than 100 point to more frequent losses or tendency to have larger claims.
| Vehicle 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: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why you need car insurance
Despite the potentially high cost of Toyota Camry insurance, buying car insurance is required in Nebraska but it also protects you in many ways.
- The majority of states have minimum liability requirements which means you are required to carry specific minimum amounts of liability insurance coverage if you don’t want to risk a ticket. In Nebraska these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you bought your Camry with a loan, it’s most likely the lender will stipulate that you have insurance to guarantee loan repayment. If you do not pay your insurance premiums, the bank or lender will purchase a policy for your Toyota at a much higher rate and force you to pay a much higher amount than you were paying before.
- Car insurance preserves both your vehicle and your personal assets. It will also provide coverage for most medical and hospital costs incurred in an accident. As part of your policy, liability insurance will also pay for a defense attorney if anyone sues you for causing an accident. If your car is damaged in a storm or accident, comprehensive and collision coverage will cover the repair costs.
The benefits of having insurance more than offset the price you pay, especially when you need to use it. On average, a vehicle owner in Lincoln overpays as much as $810 a year so you should quote and compare rates every year to ensure rates are competitive.