How long have you put off shopping around for lower-priced auto insurance rates in Memphis, TN? Memphis buyers have a choice when searching for low-cost Chevy Aveo insurance. They can either waste time calling around trying to get quotes or use the internet to compare rates. There are more efficient ways to shop for auto insurance so we’re going to tell you the proper way to price shop coverage on a Chevy and find the best price possible from both online companies and Memphis agents.
The companies shown below provide free rate quotes in Tennessee. To find cheap car insurance in Memphis, TN, we recommend you visit several of them to get the best price comparison.
Auto insurance data for a Chevy Aveo
The rate table shown below covers a range of insurance costs for Chevy Aveo models. Having a better understanding of how car insurance premiums are calculated is important for you to make smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Aveo LS 4-Dr Hatchback | $204 | $408 | $298 | $18 | $90 | $1,018 | $85 |
| Aveo LS 4-Dr Sedan | $204 | $408 | $298 | $18 | $90 | $1,018 | $85 |
| Aveo LT 4-Dr Hatchback | $230 | $408 | $298 | $18 | $90 | $1,044 | $87 |
| Aveo LT 4-Dr Sedan | $230 | $408 | $298 | $18 | $90 | $1,044 | $87 |
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Data variables include married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Estimates do not factor in the specific area where the vehicle is garaged which can influence insurance rates considerably.
The diagram below illustrates how choosing a deductible and can increase or decrease Chevy Aveo insurance costs for each age group. The data is based on a single female driver, comprehensive and collision coverage, and no additional discounts are factored in.
Chevrolet Aveo liability rates compared to full coverage
The chart below compares Chevy Aveo auto insurance rates when comparing full coverage to liability only. The price estimates are based on no driving violations, no at-fault accidents, $100 deductibles, single marital status, and no discounts are applied.
When to drop comprehensive and collision
There is no clear-cut rule to drop physical damage coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s say your Chevy Aveo replacement value is $9,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after paying the physical damage deductible. If you are paying more than $800 a year to have full coverage, then it might be time to consider dropping full coverage.
There are a few cases where dropping physical damage coverage is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should keep full coverage in place.
Insurance does more than just repair your car
Despite the fact that insurance is not cheap in Memphis, paying for insurance may be mandatory for several reasons.
First, just about all states have mandatory liability insurance requirements which means state laws require a specific level of liability in order to be legal. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
Second, if you took out a loan on your Aveo, most banks will force you to buy insurance to guarantee loan repayment. If you do not keep the policy in force, the bank may buy a policy for your Chevy for a much higher rate and make you pay the higher price.
Third, insurance safeguards both your assets and your Chevy Aveo. It also can pay for medical bills for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, your policy will pay all costs to repair after the deductible has been paid.
The benefits of buying enough insurance more than offset the price you pay, especially for larger claims. But the average American driver is currently overpaying as much as $800 each year so compare rates each time the policy renews to save money.
How to Lower Your Insurance Costs
Multiple criteria are used when you quote your car insurance policy. Most are fairly basic like your driving record, but others are more transparent such as your credit history or your vehicle rating. One of the most helpful ways to save on car insurance is to to have a grasp of the rating factors that play a part in calculating car insurance rates. When you know what positively or negatively influences your rates, this allows you to make good choices that can earn you lower car insurance prices.
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Driver age impacts prices – Inexperience drivers are proven to be easily distracted behind the wheel so car insurance rates are higher. Having to add a teenage driver onto your car insurance will cause a huge premium hike. Older drivers have been proven to be more responsible, cause fewer claims and accidents, and get fewer tickets.
The chart below assumes a single driver, full coverage with $250 deductibles, and no discounts or violations.
- Never let your car insurance expire – Having a lapse in insurance coverage can be a quick way to pay more for car insurance. Not only will you pay more, the inability to provide proof of insurance will get you a fine, jail time, or a revoked license. You may have to submit proof of financial responsibility or a SR-22 with the Tennessee DMV.
- Cars with good safety ratings cost less to insure – Vehicles with high crash test scores get lower rates. The safest vehicles reduce occupant injuries and lower rates of occupant injuries translates into savings for insurance companies which can mean better rates for you. If your Chevy Aveo earned at least four stars on Safercar.gov you may pay a lower rate.
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Gender and car insurance rates – Over time, data shows females are less aggressive when driving. However, this does not mean males are worse at driving than females. They both are responsible for auto accidents in similar percentages, but the males cause more damage and cost insurance companies more money. Men also statistically have more aggressive citations like DWI (DUI) or reckless driving. Male teenagers tend to get in the most accidents and thus pay the highest rates.
The chart below shows the comparison of Chevy Aveo premium costs for male and female drivers. The prices are based on no driving violations, no at-fault accidents, full physical damage coverage, $100 deductibles, single status, and no other discounts are factored in.
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Accidents inflate prices – Being a careful driver has a huge affect on how much you pay. Getting just one speeding ticket may cause rates to rise by as much as thirty percent. Attentive drivers pay lower auto insurance prices than their less careful counterparts. Drivers who have received serious violations like reckless driving, hit and run or driving under the influence may find they need to submit a SR-22 form with their state motor vehicle department in order to continue driving.
The example below demonstrates how citations and at-fault collisions increase Chevy Aveo auto insurance rates for different age groups. The rate quotes are based on a single female driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
- Having a spouse brings a discount – Your spouse can get you a discount when buying car insurance. It usually means you are more financially stable and statistics show being married results in fewer claims.
- Lower rates by increasing comp and collision deductibles – Insurance for physical damage to your car, also called comprehensive and collision insurance, is used to repair damage to your vehicle. A few examples of covered claims would be running into the backend of another car, damage caused by hail, and burglary. The deductibles you choose define how much you are willing to pay before your car insurance pays a claim. The more money you’re willing to pay, the lower your rates will be.
- Extra policy coverages push up rates – There are quite a few additional coverages that you can buy if you aren’t diligent. Coverages like vanishing deductibles, high-cost glass coverage, and term life insurance may not be needed and are just wasting money. They may seem good when buying your policy, but your needs may have changed so remove them from your policy.
Which car insurance company is best in Tennessee?
Selecting the best auto insurance company can be difficult considering how many companies sell insurance in Memphis. The ranking data listed below can help you decide which car insurance companies to look at purchasing a policy from.
Top 10 Memphis Car Insurance Companies Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- Titan Insurance
Top 10 Memphis Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Mercury Insurance – 89%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
You can lower your auto insurance rates
When you buy Memphis car insurance online, make sure you don’t buy poor coverage just to save money. In many instances, an insured dropped liability limits or collision coverage to discover at claim time that they should have had better coverage. Your aim should be to buy enough coverage at a price you can afford, but don’t skip important coverages to save money.
You just read some good ideas how to get a better price on Chevy Aveo insurance in Memphis. The key thing to remember is the more quotes you get, the better your chances of lowering your car insurance rates. You may even find the best rates are with a company that doesn’t do a lot of advertising.
Budget-friendly auto insurance in Memphis is attainable online and from local agencies, so you should compare both to have the best selection. Some auto insurance companies may not offer online quoting and most of the time these smaller companies only sell coverage through local independent agents.
How to find affordable quotes for Chevy Aveo insurance in Memphis
If saving money is your primary concern, then the best way to quote cheaper car insurance rates is to start doing an annual price comparison from insurance carriers in Memphis.
- Get a basic knowledge of car insurance and the things you can change to lower rates. Many factors that increase rates like your driving record and an imperfect credit history can be rectified by making minor changes in your lifestyle.
- Compare price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and State Farm, while agents who are independent can quote prices for a wide range of insurance providers.
- Compare the new rates to your current policy premium to determine if switching companies saves money. If you find a lower rate quote and make a switch, make sure there is no coverage gap between policies.
- Notify your current company to cancel your existing policy. Submit payment and a completed application to your new company or agent. Once coverage is bound, keep the new certificate verifying proof of insurance with your vehicle’s registration.
A good tip to remember is that you’ll want to make sure you compare identical limits and deductibles on each quote and and to get rate quotes from as many car insurance companies as possible. This provides a fair price comparison and a thorough price selection.
Additional detailed information can be found in the articles below:
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- What Insurance is Cheapest for High School Students in Memphis? (FAQ)
- Who Has Cheap Memphis Car Insurance Rates for Nurses? (FAQ)
- Who Has Affordable Auto Insurance for Teenage Females in Memphis? (FAQ)
- Understanding Rental Car Insurance (Insurance Information Institute)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Electronic Stability Control FAQ (iihs.org)