Why does my older Camry cost more for insurance than my newer Camry?

While I was looking at my Allstate policy, I noticed that the premium for my 2016 Toyota Camry is more than for my 2019 Toyota Camry. They both have the same coverage. How is this possible?

Answer
“Many factors play a role in your car insurance premium, not just the year, make, and model of the car.
Usually, each car on the policy is assigned to a driver. Depending on the driver’s history and experience, this can raise or lower the vehicle’s premium.
Annual mileage is another factor. Is one car used for work and the other for pleasure? Is one car used for business, or does one have rideshare insurance attached?
Even though the cars are very similar, your 2019 Camry may have new safety features that decrease the premium associated with bodily injury liability or medical payments coverage.
If you are unhappy with the overall rate of your policy, it may be time to shop for a more cheap car insurance policy. Downloading the free Jerry app is a great place to start! Jerry shops with over 40 carriers and delivers the most affordable quotes right to your phone. “
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Shannon Martin
Answered on May 12, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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