Are you burned out from sacrificing to make your car insurance payment? You have the same problem as millions of other drivers.
Anyone knows that car insurance companies don’t want you shop around. People who perform rate comparisons are very likely to buy a different policy because they have good chances of getting low-cost coverage. A recent car insurance study discovered that consumers who compared prices once a year saved over $3,400 over four years compared to drivers who don’t regularly compare prices.
If finding the cheapest price for insurance in Memphis is the reason you’re reading this, then knowing how to quote and compare coverage rates can save time and make the process easier.
Drivers have multiple insurers to purchase coverage from, and although it’s nice to be able to choose, lots of choices makes it harder to find a good deal for Subaru WRX insurance in Memphis.
What Affects Subaru WRX Insurance Rates?
Multiple criteria are used in the calculation when you get a price on insurance. Some of the criteria are obvious such as traffic violations, but some are less apparent such as whether you are married or your financial responsibility. The best way to find cheaper insurance is to take a look at some of the factors that help calculate your insurance rates. If you have a feel for what influences your rates, this empowers consumers to make smart changes that may reward you with better insurance rates.
Insurance policy lapses increase prices – Driving without insurance coverage in place is a misdemeanor and companies may charge more for letting your insurance lapse for non-payment. Not only will rates go up, being ticketed for driving with no insurance could result in a hefty fine and possibly a revoked license.
Eliminate add-on coverages – Policies have optional add-on coverages you can purchase but may not be useful. Add-on coverages like roadside assistance, accident forgiveness, and additional equipment coverage may not be needed and are just wasting money. They may seem good when talking to your agent, but if you have no use for them eliminate the coverages to reduce your premium.
Single vs. married – Having a spouse helps lower the price compared to being single. Marriage translates into being more responsible and it’s proven that drivers who are married file infrequent claims.
Buy a safe car and pay less – Cars with high safety ratings are cheaper to insure. Vehicles engineered for safety have better occupant injury protection and lower injury rates translates into savings for insurance companies and thus lower rates. If the Subaru WRX is rated at a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.
Higher premiums for demanding vocations – Did you know your insurance rates can be affected by your occupation? Jobs such as doctors, executives, and financial analysts have higher average rates because of intense work situations and lots of time spent away from family. On the other hand, jobs like actors, students and homemakers generally pay rates lower than average.
Insurance loss data for Subaru WRX vehicles – Insurers analyze past claim statistics to calculate a rate that will offset losses. Vehicles that statistically have higher frequency or amount of claims will have a higher premium rate. The table below demonstrates the historical loss data for Subaru WRX vehicles.
For each coverage type, the claim probability for all vehicles as a whole is represented as 100. Numbers under 100 suggest a better than average loss history, while numbers above 100 point to more losses or a tendency for losses to be larger than average.
| Specific Subaru Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Subaru WRX 4WD | 141 | 82 | 158 | 94 | 81 | 84 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Don’t overlook these Subaru WRX insurance discounts
Car insurance companies do not advertise every available discount very well, so we break down a few of the more common and the more hidden credits that you can use to lower your rates.
- Seat Belt Discounts – Drivers who require all occupants to buckle up can save a little off the PIP or medical payment premium.
- Discount for Home Ownership – Simply owning a home can earn you a little savings since owning and maintaining a home is proof that your finances are in order.
- Student in College – Children living away from Memphis attending college and do not have a car could qualify for this discount.
- Student Driver Training – It’s a good idea to have your young drivers enroll in driver’s education if offered at their school.
- 55 and Retired – Seniors may be able to get better insurance rates.
- Passive Restraint Discount – Cars that have air bags or automatic seat belts can qualify for discounts of up to 25% or more.
- Payment Discounts – If you can afford to pay the entire bill rather than paying in monthly installments you could save up to 5%.
- Telematics Data Discounts – People who choose to allow their insurance company to monitor driving habits by installing a telematics device like Drivewise from Allstate or In-Drive from State Farm may get a rate reduction if they are good drivers.
- Active Military Service – Having an actively deployed family member may qualify for rate reductions.
- Government Employees – Being employed by or retired from a federal job may qualify for a discount when you quote Memphis auto insurance with select insurance companies.
A quick disclaimer, most discount credits are not given to your bottom line cost. A few only apply to specific coverage prices like liability and collision coverage. Even though it may seem like all the discounts add up to a free policy, insurance companies aren’t that generous.
Auto insurance companies that may include most of the discounts above include:
When comparing rates, check with all the companies which discounts you may be entitled to. Some credits may not apply in your state.
Don’t give up on affordable rates
In this article, we covered some good ideas how to compare Subaru WRX insurance prices in Memphis. The key concept to understand is the more rate quotes you have, the better chance you’ll have of finding affordable Subaru WRX insurance quotes. Consumers could even find that the lowest priced auto insurance comes from the smaller companies. They often have lower rates on specific markets as compared to the big name companies such as Allstate and Progressive.
When searching for cheaper Memphis auto insurance quotes, do not sacrifice coverage to reduce premiums. In too many instances, someone dropped comprehensive coverage or liability limits only to find out that saving that couple of dollars actually costed them tens of thousands. The goal is to buy enough coverage for the lowest cost.
Cheaper auto insurance in Memphis can be sourced both online in addition to local insurance agencies, so get free Memphis auto insurance quotes from both of them to have the best selection. Some companies may not provide the ability to get quotes online and most of the time these small, regional companies prefer to sell through local independent agencies.
How to find lower priced Subaru WRX insurance in Memphis
Really, the only way to get low-cost Subaru WRX insurance is to regularly compare price quotes from providers that insure vehicles in Memphis.
- Learn about how your policy works and the things you can control to lower rates. Many risk factors that cause high rates such as at-fault accidents, speeding tickets, and a less-than-favorable credit rating can be eliminated by paying attention to minor details.
- Request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from a single company like GEICO or Allstate, while agents who are independent can give you price quotes for a wide range of insurance providers. Begin your rate comparison
- Compare the price quotes to your existing coverage and determine if cheaper WRX coverage is available. If you find a lower rate and change companies, verify that coverage does not lapse between policies.
- Notify your current company of your intent to cancel your current coverage. Submit a completed policy application and payment to your new company or agent. Make sure you place the new proof of insurance paperwork somewhere easily accessible.
The most important part of shopping around is to use similar coverage information on each price quote and and to analyze every insurance company. Doing this guarantees a fair rate comparison and the best price selection.
More tips and info about auto insurance is available at these sites:
- Auto Insurance Basics (Insurance Information Institute)
- Who Has Cheap Car Insurance Quotes for Low Mileage Drivers in Memphis? (FAQ)
- Who Has Affordable Memphis Auto Insurance Quotes for Active Military? (FAQ)
- Who Has Cheap Memphis Auto Insurance for Business Use? (FAQ)
- Who Has Affordable Memphis Auto Insurance Rates for Drivers Over Age 60? (FAQ)
- How Much are Memphis Car Insurance Quotes for 16 Year Olds? (FAQ)
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- State Car Insurance Guides (GEICO)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Uninsured Motorist Statistics (Insurance Information Institute)