Unfortunately, nearly 70% of consumers have remained with the same insurance company for over three years, and 38% of drivers have never quoted rates to find cheap coverage. The average driver in Tennessee could save approximately $475 every year by just comparing quotes, but they mistakenly think it’s difficult to do a rate comparison.
The best way we recommend to find low-cost auto insurance rates in Memphis is to compare prices at least once a year from companies in Tennessee. Price quotes can be compared by following these guidelines.
- First, try to understand how insurance works and the things you can change to lower rates. Many rating criteria that cause high rates like accidents, traffic tickets, and a low credit rating can be rectified by improving your driving habits or financial responsibility.
- Second, obtain price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can give quotes from a single company like Progressive or Allstate, while independent agents can provide prices from multiple sources.
- Third, compare the new rates to the price on your current policy and see if there is a cheaper rate in Memphis. If you find a better price and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Fourth, notify your company or agent of your intention to cancel the current policy. Submit a down payment and signed policy application for your new coverage. Make sure you place the new certificate of insurance in your glove compartment.
The most important part of this process is to compare identical limits and deductibles on every price quote and and to look at as many car insurance companies as possible. This enables a fair rate comparison and the most accurate and complete price analysis.
If you are insured now, you will definitely be able to reduce premiums using this strategy. Buying the most affordable coverage in Memphis is not as time-consuming as you think. But Tennessee vehicle owners do need to understand how companies calculate your policy premium because it varies considerably.
To get cheaper Memphis car insurance quotes, there a variety of ways of comparing rate quotes from different companies. The easiest way by far to comparison shop consists of obtaining rate quotes online.
When quoting car insurance, remember that getting more free quotes increases the chance that you will find better pricing.
The providers in the list below offer free rate quotes in Memphis, TN. If you want to find the cheapest auto insurance in TN, it’s highly recommended you get rates from several of them to get the cheapest price.
Analysis of GMC Sierra 2500HD rates
The data table below highlights estimates of policy rates for GMC Sierra 2500HD models. Learning how insurance premiums are determined can aid in making decisions on the best policy to buy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Sierra 2500HD SLE Regular Cab 4WD | $134 | $274 | $326 | $20 | $98 | $852 | $71 |
| Sierra 2500HD SLE Regular Cab 2WD | $134 | $274 | $368 | $22 | $110 | $908 | $76 |
| Sierra 2500HD SLE Crew Cab 4WD | $134 | $274 | $326 | $20 | $98 | $852 | $71 |
| Sierra 2500HD SLE Extended Cab 4WD | $134 | $274 | $326 | $20 | $98 | $852 | $71 |
| Sierra 2500HD SLE Crew Cab 2WD | $134 | $314 | $368 | $22 | $110 | $948 | $79 |
| Sierra 2500HD SLE Extended Cab 2WD | $134 | $314 | $368 | $22 | $110 | $948 | $79 |
| Sierra 2500HD SLT Crew Cab 4WD | $134 | $314 | $326 | $20 | $98 | $892 | $74 |
| Sierra 2500HD SLT Extended Cab 4WD | $134 | $314 | $326 | $20 | $98 | $892 | $74 |
| Sierra 2500HD SLT Extended Cab 2WD | $134 | $314 | $368 | $22 | $110 | $948 | $79 |
| Sierra 2500HD SLT Crew Cab 2WD | $150 | $314 | $368 | $22 | $110 | $964 | $80 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Rate information does not factor in the specific area where the vehicle is garaged which can affect price quotes significantly.
Choosing deductibles
One frequently asked question is which deductible level should you buy. The following tables may aid in understanding the price difference between low and high policy deductibles. The first rate quote example uses a $250 deductible for comprehensive and collision coverage and the second rate chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Sierra 2500HD SLE Regular Cab 4WD | $252 | $444 | $288 | $18 | $86 | $1,113 | $93 |
| Sierra 2500HD SLE Regular Cab 2WD | $252 | $444 | $326 | $20 | $98 | $1,165 | $97 |
| Sierra 2500HD SLE Crew Cab 4WD | $252 | $444 | $288 | $18 | $86 | $1,113 | $93 |
| Sierra 2500HD SLE Extended Cab 4WD | $252 | $444 | $288 | $18 | $86 | $1,113 | $93 |
| Sierra 2500HD SLE Crew Cab 2WD | $252 | $510 | $326 | $20 | $98 | $1,231 | $103 |
| Sierra 2500HD SLE Extended Cab 2WD | $252 | $510 | $326 | $20 | $98 | $1,231 | $103 |
| Sierra 2500HD SLT Crew Cab 4WD | $252 | $510 | $288 | $18 | $86 | $1,179 | $98 |
| Sierra 2500HD SLT Extended Cab 4WD | $252 | $510 | $288 | $18 | $86 | $1,179 | $98 |
| Sierra 2500HD SLT Extended Cab 2WD | $252 | $510 | $326 | $20 | $98 | $1,231 | $103 |
| Sierra 2500HD SLT Crew Cab 2WD | $280 | $510 | $326 | $20 | $98 | $1,259 | $105 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Sierra 2500HD SLE Regular Cab 4WD | $156 | $278 | $288 | $18 | $86 | $826 | $69 |
| Sierra 2500HD SLE Regular Cab 2WD | $156 | $278 | $326 | $20 | $98 | $878 | $73 |
| Sierra 2500HD SLE Crew Cab 4WD | $156 | $278 | $288 | $18 | $86 | $826 | $69 |
| Sierra 2500HD SLE Extended Cab 4WD | $156 | $278 | $288 | $18 | $86 | $826 | $69 |
| Sierra 2500HD SLE Crew Cab 2WD | $156 | $320 | $326 | $20 | $98 | $920 | $77 |
| Sierra 2500HD SLE Extended Cab 2WD | $156 | $320 | $326 | $20 | $98 | $920 | $77 |
| Sierra 2500HD SLT Crew Cab 4WD | $156 | $320 | $288 | $18 | $86 | $868 | $72 |
| Sierra 2500HD SLT Extended Cab 4WD | $156 | $320 | $288 | $18 | $86 | $868 | $72 |
| Sierra 2500HD SLT Extended Cab 2WD | $156 | $320 | $326 | $20 | $98 | $920 | $77 |
| Sierra 2500HD SLT Crew Cab 2WD | $174 | $320 | $326 | $20 | $98 | $938 | $78 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Rates do not factor in the specific area where the vehicle is garaged which can raise or lower coverage prices noticeably.
Based on this data, using a $250 deductible will cost you about $26 more each month or $312 a year averaged for all Sierra 2500HD models than buying the higher $1,000 deductible. Since you would have to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you normally average at a minimum 29 months between claims, you would probably save some money if you decide on a higher deductible.
The example below illustrates how your deductible choice and can affect GMC Sierra 2500HD insurance rates for different age groups. The premiums are based on a single female driver, comp and collision included, and no discounts are factored in.
Auto insurance rates are higher with tickets and accidents
The chart below demonstrates how speeding tickets and at-fault collisions raise GMC Sierra 2500HD insurance costs for different age categories. The premium estimates are based on a single male driver, full coverage, $500 deductibles, and no additional discounts are factored in.
Impact of age and gender on auto insurance rates
The diagram below shows the comparison of GMC Sierra 2500HD auto insurance rates for male and female drivers. The rate quotes are based on no claims or violations, comprehensive and collision coverage, $1,000 deductibles, single marital status, and no discounts are applied.
Rate comparison of full coverage and liability-only
The chart below compares GMC Sierra 2500HD annual premium costs when comparing full coverage to liability only. The rates are based on a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are factored in.
Should you pay for full coverage or liability only?
There is no set guideline to eliminate physical damage insurance, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your GMC Sierra 2500HD replacement value is $5,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $4,000 after paying your policy deductible. If you are paying over $400 a year for full coverage, then you might consider buying liability only.
There are some scenarios where dropping physical damage coverage is not in your best interest. If you still owe money on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.
Choosing the best GMC vehicle insurance in Tennessee is an important decision
Despite the high cost, paying for insurance may not be optional for several reasons.
- Almost all states have minimum liability requirements which means state laws require a minimum amount of liability insurance coverage if you drive a vehicle. 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.
- If you have a lien on your GMC, most lenders will make it a condition of the loan that you have comprehensive coverage to ensure loan repayment if the vehicle is totaled. If you default on your policy, the bank may buy a policy for your GMC at a much higher rate and require you to pay for the expensive policy.
- Insurance preserves both your vehicle and your personal assets. It will also provide coverage for medical bills for yourself as well as anyone injured by you. As part of your policy, liability insurance also pays expenses related to your legal defense if you cause an accident and are sued. If your car is damaged in a storm or accident, comprehensive (other-than-collision) and collision coverage will cover the repair costs.
The benefits of carrying enough insurance outweigh the cost, particularly when you have a large claim. According to a 2015 survey, the average American driver overpays as much as $850 per year so it’s very important to do a rate comparison every year to save money.
Insurance coverages explained
Having a good grasp of your policy can be of help when determining appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring.
Auto liability insurance
This coverage will cover injuries or damage you cause to other people or property in an accident. Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 25/50/15 that translate to $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and property damage coverage for $15,000.
Liability can pay for things such as legal defense fees, repair costs for stationary objects, funeral expenses, attorney fees and court costs. The amount of liability coverage you purchase is your choice, but you should buy as large an amount as possible. Tennessee requires minimum liability limits of 25/50/15 but you should think about purchasing higher limits.
The next chart demonstrates why buying the state minimum limits may not provide you with enough coverage.
Auto collision coverage
This coverage pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You have to pay a deductible and then insurance will cover the remainder.
Collision can pay for claims such as damaging your car on a curb, sideswiping another vehicle and crashing into a building. This coverage can be expensive, so you might think about dropping it from lower value vehicles. Drivers also have the option to raise the deductible on your Sierra 2500HD in order to get cheaper collision rates.
Coverage for uninsured or underinsured drivers
This protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family as well as damage to your GMC Sierra 2500HD.
Since many Tennessee drivers have only the minimum liability required by law (25/50/15), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.
Comprehensive insurance
This pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers claims like hitting a bird, damage from flooding, rock chips in glass and a broken windshield. The most you can receive from a comprehensive claim is the actual cash value, so if the vehicle is not worth much consider dropping full coverage.
Coverage for medical expenses
Medical payments and Personal Injury Protection insurance kick in for expenses such as prosthetic devices, surgery, pain medications and dental work. They are often utilized in addition to your health insurance plan or if you are not covered by health insurance. Coverage applies to all vehicle occupants and will also cover any family member struck as a pedestrian. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay
Auto insurance company ratings
Insuring your vehicle with the top insurer can be challenging considering how many companies there are to choose from in Memphis. The information displayed below may help you decide which companies you want to consider comparing rates with.
Top 10 Memphis Car Insurance Companies Overall
- Travelers
- USAA
- Mercury Insurance
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
Top 10 Memphis Car Insurance Companies Ranked by Value
- Mercury Insurance
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- Erie Insurance
- Esurance
- The General
A conclusion for your insurance search
We covered quite a bit of information on how to shop for GMC Sierra 2500HD insurance online. It’s most important to understand that the more rate quotes you have, the better your comparison will be. You may even find the most savings is with some of the smallest insurance companies.
Budget-conscious GMC Sierra 2500HD insurance is available online in addition to local insurance agencies, and you should compare rates from both so you have a total pricing picture. There are still a few companies who don’t offer the ability to get quotes online and many times these smaller providers sell through independent insurance agencies.
People leave their current company for a number of reasons such as questionable increases in premium, high rates after DUI convictions, delays in responding to claim requests and even being labeled a high risk driver. It doesn’t matter what your reason, switching companies is pretty simple and you could end up saving a buck or two.
To learn more, feel free to browse the following helpful articles:
- Teen Driver Statistics (Insurance Information Institute)
- Who Has Cheap Memphis Auto Insurance Quotes for 18 Year Olds? (FAQ)
- Who Has Cheap Auto Insurance Rates for Real Estate Agents in Memphis? (FAQ)
- How Much is Memphis Auto Insurance for High Risk Drivers? (FAQ)
- How Much are Memphis Car Insurance Rates for a Honda Civic? (FAQ)
- Who Has Cheap Memphis Car Insurance Rates for Nurses? (FAQ)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)
- Car Insurance for Teen Drivers with Divorced Parents (Allstate)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- All About Airbag Safety (State Farm)