It’s an obvious assumption that car insurance companies don’t want you shop around. Consumers who shop rates annually will most likely switch companies because of the good chance of finding a lower rate. A recent survey revealed that people who did price comparisons regularly saved about $72 a month as compared to drivers who never shopped around for better prices.
If saving money on insurance in Memphis is your ultimate goal, then having some knowledge of the best way to quote and compare coverage rates can help you be more efficient.
If saving money is your primary concern, then the best way to get discount auto insurance prices is to start comparing prices yearly from insurance carriers in Memphis. Drivers can shop around by following these steps.
- Try to understand the different coverages in a policy and the things you can change to keep rates low. Many rating criteria that are responsible for high rates such as getting speeding tickets and an imperfect credit score can be remedied by being financially responsible and driving safely. Keep reading for more details to help reduce premium rates and find overlooked discounts.
- Quote rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from one company like GEICO or State Farm, while independent agents can quote prices for a wide range of insurance providers. Click to view companies
- Compare the new rate quotes to your current policy and determine if cheaper coverage is available. If you can save money and buy the policy, make sure coverage does not lapse between policies.
The most important part of this process is to try to use the same physical damage deductibles and liability limits on each quote and and to compare as many companies as you can. Doing this provides a fair rate comparison and a complete rate analysis.
If you are already insured or just want to reduce your rates, use these money-saving tips to get lower rates and possibly find even better coverage. Finding and comparing the best-priced insurance policy in Memphis is easy if you know what you’re doing. You only need an understanding of the tricks to compare prices online from multiple companies.
| Make, Model, and Trim Level | Annual Policy Premium | 6-month Policy Premium | Monthly Premium |
|---|---|---|---|
| Chevrolet Equinox LT AWD | $1,024 | $512 | $85 |
| Chevrolet Silverado LS Regular Cab 4WD | $944 | $472 | $79 |
| Dodge Ram Quad Cab ST 4WD | $1,120 | $560 | $93 |
| Ford Escape XLS 2WD | $868 | $434 | $72 |
| Ford F-150 XL Crew Cab 2WD | $970 | $485 | $81 |
| Ford Focus SE 2-Dr Coupe | $1,146 | $573 | $96 |
| Honda Accord LX-P 4-Dr Sedan | $868 | $434 | $72 |
| Honda CR-V EX-L 4WD | $894 | $447 | $75 |
| Honda Civic SI 2-Dr Coupe | $1,342 | $671 | $112 |
| Honda Odyssey Touring | $1,106 | $553 | $92 |
| Hyundai Elantra SE Touring Station Wagon | $948 | $474 | $79 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,092 | $546 | $91 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,106 | $553 | $92 |
| Nissan Rogue S 2WD | $1,092 | $546 | $91 |
| Toyota Camry LE | $1,024 | $512 | $85 |
| Toyota Corolla XRS | $1,106 | $553 | $92 |
| Toyota RAV4 2WD | $1,024 | $512 | $85 |
| Volkswagen Jetta S 4-Dr Sedan | $1,024 | $512 | $85 |
| Get Rate Quotes for Your Vehicle Go | |||
Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Price estimates do not factor in specific Memphis garaging location which can revise insurance rates greatly.
The majority of larger companies provide prices on the web. Comparing car insurance rates online is fairly straightforward because you just enter your coverage information as requested by the quote form. Upon sending the form, the system pulls information on your driving record and credit history and provides a quote determined by many factors.
Getting online rate quotes makes it easy to compare insurance prices and it’s absolutely necessary to have as many quotes as possible if you want to find a better rate.
To compare pricing, compare rate quotes from the providers shown below. If you currently have coverage, we recommend you enter the coverages exactly as shown on your declarations page. This ensures you will have rate comparison quotes based on similar coverages.
The companies in the list below are ready to provide price quotes in Memphis, TN. If you wish to find cheap car insurance in Tennessee, we recommend you click on several of them in order to find the lowest rates.
How your Memphis prices are determined
Smart consumers have a good feel for the rating factors that help determine the level of your policy premiums. When you know what positively or negatively controls the rates you pay, this empowers consumers to make smart changes that could help you find lower rates. Many different elements are part of the calculation when you get a price on insurance. Some are pretty understandable like a motor vehicle report, but some are less obvious such as your marital status and annual miles driven.
The itemized list below are most of the major factors companies use to determine prices.
Do you really need roadside assistance? – Insurance companies have many extra coverages that can add up on your policy. Things like rental car coverage, accidental death, and extra life insurance coverage could be just wasting money. They may seem like a good idea at first, but if you’ve never needed them in the past think about removing them and cutting costs.
Do you save by driving less? – The more you drive your car every year the more it will cost to insure it. Almost all companies price each vehicle’s coverage partially by how you use the vehicle. Vehicles that sit idle most of the time qualify for better rates than those used for commuting. Verify your vehicle rating is showing the correct usage for each vehicle.
Being married can lower prices – Being married may earn you lower rates on your car insurance policy. Having a spouse is viewed as being more mature than a single person and it’s proven that married drivers tend to file fewer claims.
Cheaper rates by combining – The majority of insurers apply a discount to customers who buy several policies from them such as combining an auto and homeowners policy. If you currently are using one company, it’s in your best interest to get quotes from other companies to verify if the discount is saving money.There is a good possibility that you can find a better deal by buying insurance from more than one company.
Use credit responsibly and save – Your credit history will be a significant factor in your rate calculation. Insureds with excellent credit tend to file fewer claims and have better driving records than drivers with lower credit scores. If your credit could use some work, you could pay less to insure your vehicle by improving your credit score.
Why do I need car insurance?
Even though it’s not necessarily cheap to insure a vehicle in Memphis, insuring your vehicle serves several important purposes.
- Most states have mandatory insurance requirements which means you are required to buy specific limits of liability coverage 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.
- If you have a loan on your vehicle, most banks will make it a condition of the loan that you buy insurance to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the lender will be forced to insure your vehicle at a significantly higher premium and force you to reimburse them for the much more expensive policy.
- Insurance safeguards both your vehicle and your personal assets. It will also provide coverage for medical bills that are the result of an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of insuring your car definitely exceed the price paid, particularly for liability claims. But the average American driver is currently overpaying as much as $865 each year so compare quotes from several companies at least once a year to ensure rates are inline.