- Average Toyota Camry insurance is $1,678 per year, or $140 per month for full coverage.
- The cheapest Camry to insure is the base LE trim level at an estimated $1,548 per year. The most expensive is the XSE Hybrid at $1,790.
- When compared to the entire midsize car segment, the 2023 Camry ranks second out of 11 total comparison vehicles.
Toyota Camry insurance cost
Toyota Camry insurance costs an average of $1,678 per year. That’s $839 for a 6-month policy, or $140 per month for full coverage. Monthly insurance cost for a Camry ranges from $129 to $149, depending on the trim level being insured.
The chart below shows average Toyota Camry insurance prices for drivers aged 20 to 60 and also for three policy deductible levels. Higher deductibles lower your car insurance bill, while lower deductibles increase the cost. Rates shown are for a 2023 Toyota Camry and averaged for all trim levels.
|Driver Age||Deductible||Annual Cost||Monthly Cost|
Getting older has its perks when buying an auto insurance policy. More mature drivers tend to have fewer at-fault accidents, better credit ratings, and better driving records. All these factors result in lower insurance rates.
Younger drivers pay much higher insurance rates on a Camry. At $3,330 per year, the 20-year-old driver in the chart above pays $1,652 more per year than the 40-year-old driver.
Make sure you compare apples-to-apples coverages when shopping your coverage around. Identical policy deductibles, liability limits, and optional coverages help ensure you find the best deal.
Camry insurance rates by trim level
The Camry with the cheapest car insurance rates is the base LE trim level costing an average of $1,548 per year. The next cheapest model is the SE at $1,584, and coming in third is the LE AWD at $1,588 per year.
In general, as the cost of a vehicle increases, so does the cost of car insurance. The 2023 Camry is no exception, as the pricier XSE Hybrid and XLE Hybrid models cost the most to insure.
The table below shows the average car insurance cost for all trim levels available for the 2023 Toyota Camry, including a monthly rate for budgeting purposes. Average Toyota Camry insurance cost per month ranges from $129 to $149 depending on the trim level.
|Toyota Camry Trim Level||Annual Policy||Six-Month Policy||Per Month|
|SE Nightshade AWD||$1,642||$821||$137|
|SE Hybrid Nightshade||$1,738||$869||$145|
As shown in the table, Camry insurance rates tend to increase right along with the trim level. So if you opt to purchase a model with more options, and hence a higher MSRP, you can expect the price you pay for car insurance to increase as well.
Camry insurance compared to the competition
When comparing the $1,678 annual insurance cost of the 2023 Toyota Camry to all other midsize cars (excluding luxury cars), the Camry ranks second out of 11 vehicles for car insurance affordability.
The average cost of insurance for the entire 2023 midsize sedan segment is $1,800 per year, which means a Camry costs on average $122 less per year to insure.
When compared to the Camry’s two primary competitors, the Honda Accord and the Nissan Altima, insurance on a Camry averages $104 less per year than the Accord and $204 less per year than the Altima.
The table below breaks out all average car insurance rates for the 2023 midsize sedan segment and shows the Camry ranked in second place overall.
|7||Tesla Model 3||$1,804||$126|
The Difference column in the table above shows how much higher or lower the average insurance cost is for each model when compared to the Camry. Green values indicate a cheaper average cost, while red values indicate the model costs more to insure than the Camry.
Comparing average insurance rates for a Toyota Camry to midsize non-luxury car models with similar average MSRP can provide another useful insight.
For the 2023 model year, the average dealer price on a Camry is $30,845, before destination charges and documentation fees.
The four models closest in average price to the Camry are the Hyundai Sonata, Subaru Legacy, Honda Accord, and Nissan Altima.
The list below shows how those models compare to the Toyota Camry by both purchase price and car insurance cost.
- Toyota Camry vs. Hyundai Sonata – Having an average price of $30,856 ($24,950 to $35,700), the Hyundai Sonata costs $11 more than the average MSRP for the Camry. Insuring the Hyundai Sonata costs an average of $288 more per year than the Toyota Camry.
- Toyota Camry vs. Subaru Legacy – Having an average sticker price of $30,825 ($24,395 to $37,695), the 2023 Subaru Legacy costs $20 less than the average MSRP for the Camry. Insuring a 2023 Camry compared to the Subaru Legacy costs an average of $52 more per year.
- Toyota Camry vs. Honda Accord – The 2023 Honda Accord has an average sticker price of $31,964, ranging from $26,520 to $38,450, which is $1,119 more expensive than the average cost of the Camry. The average insurance cost for a 2023 Toyota Camry compared to the Honda Accord is $104 less each year.
- Toyota Camry vs. Nissan Altima – The Nissan Altima has an average MSRP of $29,490 ($25,290 to $34,990), which is $1,355 cheaper than the Camry. The cost to insure a Toyota Camry compared to the Nissan Altima is $204 less each year on average.
View additional car insurance cost comparisons for the Toyota Camry.
Cost of insurance on new and used Camrys
Insurance cost is often a consideration if you’re deciding between buying a new or used model.
As a general rule, insurance rates are cheaper on older models. However, there can be exceptions to this rule, such as when a vehicle manufacturer makes significant improvements to a vehicle’s crash prevention or accident avoidance technologies.
When a newer model comes out with better features than keep occupants safer in an accident, or prevent accidents in the first place, the newer model can actually be cheaper to insure than a model that is a year or two older.
The following table details the average cost to insure a Toyota Camry back to the 2013 model year. Annual rates are shown for drivers aged 20, 40, and 60. Linked models have detailed cost analyses available for that specific model year.
|Model Year and Vehicle||Driver Age 20||Driver Age 40||Driver Age 60|
|2023 Toyota Camry||$3,330||$1,678||$1,500|
|2022 Toyota Camry||$3,232||$1,624||$1,456|
|2021 Toyota Camry||$3,254||$1,636||$1,464|
|2020 Toyota Camry||$3,216||$1,612||$1,442|
|2019 Toyota Camry||$3,032||$1,520||$1,364|
|2018 Toyota Camry||$2,982||$1,494||$1,340|
|2017 Toyota Camry||$2,886||$1,448||$1,296|
|2016 Toyota Camry||$2,730||$1,370||$1,226|
|2015 Toyota Camry||$2,484||$1,258||$1,122|
|2014 Toyota Camry||$2,434||$1,226||$1,096|
|2013 Toyota Camry||$2,298||$1,160||$1,040|
Toyota Camry insurance for teen drivers
The Camry has always been a popular choice for teenagers. Its affordable price and decent safety ratings make it one of the better options for younger drivers.
If you have a newly-licensed driver that you’re adding to your policy, brace yourself for a pretty large premium. Teenagers are by far the most expensive age group to insure.
The chart below breaks down insurance rates for drivers aged 16 to 19 on a 2023 Camry.
|Gender||Driver Age 16||Age 17||Age 18||Age 19|
There probably are not too many 16-year-old drivers cruising around in a new 2023 Camry, so let’s take a look at some alternatives that can help you find cheaper insurance.
Older Camrys are probably the better option for new drivers, as they have already taken a significant depreciation hit so physical damage coverage (comprehensive and collision) will be cheaper.
However, it’s liability insurance that is primarily responsible for the high insurance rates for teen drivers.
The chart below shows average insurance rates for a 2013 Camry, both for full-coverage insurance and liability-only insurance. Dropping full coverage on an older model is a good way to reduce the cost of car insurance.
|Policy Coverage Level||Age 16||Age 17||Age 18||Age 19|
There are a couple of things to note about the data shown in the chart.
First, since we are insuring a 2013 Toyota Camry instead of a new 2023 model, the cost for full coverage is significantly less. The cost for a 16-year-old male driver has decreased from $5,966 on the 2023 model (prior chart) down to $4,418 for the 2013 model.
If we drop full coverage and only insure with liability insurance, the rate decreases by another $1,782 per year.
This is assuming a decent level of liability coverage, which for our example is a split limit of 100/300/100, which means $100,000 of bodily injury liability coverage per person, $300,000 of bodily injury liability coverage per accident, and $100,000 of property damage liability coverage.
If you choose to insure with lower liability limits, like just your state’s minimum mandated liability coverage, then the liability-only rate will be significantly cheaper.
Policy discounts can help you save money
We’ve talked enough about the cost of Camry insurance, let’s shift gears and talk a little about some of the ways you can SAVE money.
Policy discounts are an excellent way to reduce the price you pay to insure your Camry. Every car insurance company offers discounts, but each offers a slightly different selection of discounts you can qualify for.
Many discounts are automatically applied, like if you already have a homeowner’s insurance policy with the same company then you’ll automatically receive a bundling discount.
But some require your input so that your agent or company are aware of your qualification and can apply the discount. Examples of this are your occupation, any professional organizations you may belong to, if you’ve had driver training, if you have a good student on your policy, and things of that nature.
Many insurance companies offer discounts if you are over a certain age and take a defensive driving course. The savings can range from five to ten percent, which is $84 to $168 per year for a 2023 Toyota Camry.
The best thing you can proactively do to ensure you’re receiving all the discounts you’re entitled to is to simply contact your agent or company and ask specifically about the discounts available.
We assembled the top ten best policy discounts to check for in the table below. We also listed the larger car insurers in the U.S. who offer each discount, along with the average savings you could receive when insuring a 2023 Toyota Camry.
|Policy Discount||Larger Companies that Offer this Discount||Average Savings|
|Good Driver Savings of 10% to 30%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers||$235|
|Multi-Policy Bundling Savings of 1% to 17%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers, USAA||$185|
|Usage-based Save up to 30%||Allstate, American Family, Esurance, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, Safeco, State Farm, Travelers, USAA||$156|
|Safety Features Savings of 3% to 20%||American Family, Farmers, GEICO, Liberty Mutual, State Farm||$133|
|Defensive Driving Savings of 5% to 10%||AAA, Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, State Farm, Travelers, USAA||$126|
|Military Savings of 5% to 15%||Alfa, American Family, Direct General, Farmers, GEICO, Liberty Mutual, Shelter, USAA||$117|
|Pay in Full Savings of 5% to 10%||Allstate, Nationwide, Progressive, State Farm, Travelers||$106|
|Multiple Vehicles Savings of 4% to 15%||Allstate, Farmers, GEICO, Liberty Mutual, Nationwide, State Farm, Progressive, Travelers, USAA||$101|
|Student Away at School Savings of 4% to 25%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers, USAA||$97|
|Good Student Savings of 3% to 20%||Allstate, American Family, Farmers, GEICO, Liberty Mutual, Nationwide, Progressive, State Farm, Travelers, USAA||$87|
One important caveat that we want to point out about discounts is that insurance companies don’t allow you to just keep stacking discounts. There is a limit to the amount that discounts will save you.
However, even if you qualify for just a couple of the discounts shown in the table, you could easily be reducing your annual insurance cost by a few hundred bucks.
Frequently asked questions
Shopping for the best Toyota Camry insurance can be difficult when you don’t have all the answers. The next section addresses a few popular questions commonly asked by consumers when buying and insuring a Camry.
As a reminder, if you already own a Camry and have a policy in place, always talk to a licensed insurance agent or customer service representative from your current company for answers to any questions you may have.
How much is Camry insurance?
Camry insurance costs an average of $1,678 per year, or about $140 per month, for a new 2023 model. Cost ranges from $1,548 per year for the Camry LE model up to $1,790 for the XSE Hybrid model. Older models generally cost less to insure, like the 2018 model which averages $1,494 per year.
Is a Camry expensive to insure?
Insurance for a Camry is very affordable. When compared to the U.S. national average car insurance rate of $1,900 per year for all 2023 models, the Camry costs 12.4% less to insure per year. The Toyota Camry ranks second out of 11 other midsize cars for most affordable car insurance rates.
Is car insurance cheaper for a Toyota Camry or a Honda Accord?
When compared to a Honda Accord, insurance for a Toyota Camry averages around $104 less per year. Our complete Camry vs. Accord insurance rate comparison goes into detail for many different model years.
Which Camry has the best insurance rates?
The cheapest Camry to insure will usually be the $25,945 base LE model at a cost of $1,548 per year. Generally speaking, the more a vehicle costs, the more it will cost to insure. As an example, the $33,520 XSE Hybrid model costs $1,790 per year to insure on average.
Is a Camry a good car for a teenager?
From an insurance standpoint, a Camry is a great car for a teen driver. Teenagers are the most expensive drivers to insure on any vehicle, so for drivers aged 16 to 19 you’re looking at between $4,734 and $5,966 per year for full coverage on a new Camry. However, you can reduce this cost by buying an older model, as well as either increasing deductibles or removing physical damage coverage entirely.