Searching for cheaper insurance for a new or used Chevy Malibu in Tennessee can normally be a lot of work, but you can follow these tips to find lower rates.
There is a right way and a wrong way to compare auto insurance rates so we’re going to tell you the absolute fastest way to quote coverages for a Chevy and locate the cheapest rates.
Best companies for Chevy Malibu insurance
The following companies are ready to provide free rate quotes in Tennessee. To find the best cheap auto insurance in Memphis, TN, we recommend you visit two to three different companies in order to get a fair rate comparison.
Chevy Malibu insurance rates and statistics
The rate information displayed next showcases estimates of prices for Chevy Malibu models. Having a better idea how rate quotes are formulated can be of help when making informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Malibu LS | $136 | $272 | $350 | $20 | $104 | $882 | $74 |
| Malibu Hybrid | $136 | $272 | $350 | $20 | $104 | $882 | $74 |
| Malibu LT | $152 | $272 | $350 | $20 | $104 | $898 | $75 |
| Malibu LTZ | $152 | $320 | $350 | $20 | $104 | $946 | $79 |
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Premium data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Price estimates do not factor in specific location which can affect prices greatly.
Should you raise deductibles?
When shopping for insurance, a common question is how high should your deductibles be. The figures shown below show how much more rates are between high and low deductibles. The first rate estimation uses a $100 deductible for physical damage and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Malibu LS | $248 | $448 | $288 | $18 | $86 | $1,113 | $93 |
| Malibu Hybrid | $248 | $448 | $288 | $18 | $86 | $1,113 | $93 |
| Malibu LT | $280 | $448 | $288 | $18 | $86 | $1,145 | $95 |
| Malibu LTZ | $280 | $528 | $288 | $18 | $86 | $1,225 | $102 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Malibu LS | $182 | $304 | $288 | $18 | $86 | $878 | $73 |
| Malibu Hybrid | $182 | $304 | $288 | $18 | $86 | $878 | $73 |
| Malibu LT | $204 | $304 | $288 | $18 | $86 | $900 | $75 |
| Malibu LTZ | $204 | $358 | $288 | $18 | $86 | $954 | $80 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Estimates do not factor in vehicle garaging location which can change premium rates substantially.
Based on the above data, using a $100 deductible costs roughly $21 more each month or $252 a year than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you tend to have more than 19 months between claims, you would probably come out ahead if you opt for a higher deductible.
Cost comparison with and without full coverage
The illustration below shows the difference between Chevy Malibu insurance costs with full physical damage coverage compared to only buying liability only. The data is based on no accidents or driving violations, $1,000 deductibles, drivers are not married, and no other discounts are factored in.
Are you wasting money on full coverage?
There isn’t a steadfast formula to stop buying physical damage coverage, but there is a general guideline you can use. If the yearly cost of full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.
For example, let’s assume your Chevy Malibu book value is $3,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $2,000 after you pay the deductible. If it’s costing in excess of $200 a year for comprehensive and collision coverage, then it might be time to buy liability only.
There are some situations where eliminating full coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should keep full coverage.
What Impacts Chevy Malibu Insurance Rates?
Lots of factors are used when pricing auto insurance. A few of the factors are predictable such as your driving history, but other factors are more obscure such as whether you are married and annual miles driven. One of the most helpful ways to save on insurance is to to have a grasp of the different types of things that help determine your premiums. When you know what positively or negatively determines base rates, this enables you to make decisions that will entitle you to cheaper rates.
The items below are a partial list of the pieces companies use to determine prices.
Do males or females drive better? – Statistics have proven women are more cautious behind the wheel. However, don’t assume that women are BETTER drivers than men. Both genders are in fender benders at a similar rate, but the males cause more damage and cost insurance companies more money. Not only that, but men also get higher numbers of serious violations like DUI and reckless driving.
The information below illustrates the difference between Chevy Malibu insurance prices for male and female drivers. The rate quotes are based on no violations or claims, full physical damage coverage, $500 deductibles, single status, and no discounts are applied to the premium.
Performance makes a difference – The make and model of the vehicle you are insuring makes a huge difference in how high your rates are. Economy passenger vehicles usually have the lowest premiums, but your final cost has many other factors.
The following data is based on a married male driver age 50, full coverage with $1000 deductibles, and no discounts or violations. It shows Chevrolet Malibu car insurance rates compared to other vehicles that have a range of performance rating factors.
Accidents cost more than a fine – Whether or not you get tickets has a big impact on rates. Drivers with clean records pay less for auto insurance as compared to those with violations. Even one chargeable violation may cause rates to rise twenty percent or more. Drivers who have received license-revoking violations such as DUI, reckless driving or excessive speeding may need to maintain a SR-22 with their state’s licensing department in order to keep their license.
The diagram below illustrates how violations and at-fault claims increase Chevy Malibu annual premium costs for different age groups. The premiums assume a married male driver, full physical damage coverage, $250 deductibles, and no discounts are taken into consideration.
Experienced drivers are lower risk – Youthful drivers in Tennessee are proven to be inattentive when behind the wheel so they pay higher insurance rates. Adding a beginning driver to your insurance policy will cause a huge premium hike. Older insureds are viewed as being more responsible, tend to file fewer claims, and are generally more financially stable.
The following chart uses these assumptions: single driver, full coverage with $500 deductibles, and no discounts or violations.
Combine policies and save – The majority of insurance companies will award discounts to buyers who carry more than one policy such as combining an auto and homeowners policy. Discounts can be as much as ten percent or more Even with this discount, it’s always a smart idea to compare other company rates to ensure the best deal.There is a good possibility that you can find a better deal even if you have your coverage with different companies
Alarms and GPS tracking lowers premiums – Buying a car with an alarm system can save you some money. Anti-theft features like OnStar, LoJack tracking, and tamper alarms all help prevent vehicle theft.
Long commutes cost more – The more you drive your Chevy in a year’s time the more you’ll pay to insure your vehicle. Many insurance companies charge rates determined by how the vehicle is used. Autos that are left in the garage get more affordable rates than vehicles that are driven to work every day. Verify your vehicle rating shows the right rating data, because improper ratings can cost you money. Having the wrong rating on your Malibu is just wasting money.
Insurance policy lapses lead to higher rates – Not maintaining insurance is not a good idea and you will pay a penalty because you let your insurance lapse for non-payment. In addition to paying higher premiums, the inability to provide proof of insurance can result in fines and jail time. You could then be forced to file a SR-22 with the Tennessee motor vehicle department.
Loss probability for a Chevy Malibu – Insurance companies use past loss statistics for each vehicle when determining insurance rates. Vehicles that the data determines to have higher claim frequency or loss amount will cost more for coverage. The information below illustrates the historical loss data for Chevy Malibu vehicles.
For each type of coverage, the claim amount for all vehicles, regardless of make, model or trim level, equals 100. Numbers below 100 represent a good loss history, while numbers that are greater than 100 point to more claims or an increased likelihood of larger losses.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Chevrolet Malibu | 94 | 100 | 109 | 139 | 145 | 120 |
Statistics from IIHS.org for 2013-2015 Model Years
Take policy discounts and save on Chevy Malibu insurance in Memphis
Some insurance providers do not list every discount they offer in a way that’s easy to find, so the list below details both well-publicized as well as the least known discounts that may be available.
- Seat Belt Discounts – Buckling up and requiring all passengers to buckle up may be able to save a few bucks off the medical payments premium.
- Life Insurance Discount – Some car insurance companies give better premium rates if you take out life insurance.
- Student in College – Kids who live away from home to go to college and do not take a car to college may qualify for this discount.
- Defensive Driver Discounts – Passing a course teaching defensive driver skills may get you a small discount and make you a better driver.
- Anti-lock Brakes – Cars, trucks, and SUVs that have anti-lock braking systems can stop better under adverse conditions and therefore earn up to a 10% discount.
- Military Discounts – Being on active deployment in the military could mean lower car insurance rates.
- Safe Driver Discounts – Insureds who avoid accidents could pay up to 40% less than drivers with accidents.
- One Accident Forgiven – Not really a discount, but companies like Progressive and Allstate allow you one accident without getting socked with a rate hike if your claims history is clear before the accident.
Please keep in mind that some of the credits will not apply to your bottom line cost. Some only reduce the price of certain insurance coverages like liability, collision or medical payments. Just because it seems like all the discounts add up to a free policy, companies wouldn’t make money that way.
The diagram below shows the difference between Chevy Malibu auto insurance rates with and without discounts being applied to the rates. The price estimates are based on a female driver, no accidents, no driving violations, Tennessee state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, multi-policy, claim-free, homeowner, and marriage discounts applied.
The best car insurance companies and some of the discounts are detailed below.
- GEICO has savings for federal employee, anti-lock brakes, good student, defensive driver, military active duty, and air bags.
- Mercury Insurance policyholders can earn discounts including good driver, ease of repair, professional/association, age of vehicle, location of vehicle, and multi-car.
- Farmers Insurance offers discounts for teen driver, electronic funds transfer, alternative fuel, pay in full, and good student.
- Auto-Owners Insurance offers discounts including multiple vehicles, paperless, anti-theft, teen driver, mature driver, and group or association.
- Liberty Mutual may have discounts that include exclusive group savings, newly retired, multi-car, teen driver discount, newly married, hybrid vehicle, and new move discount.
- SAFECO may include discounts for drive less, anti-theft, teen safety rewards, anti-lock brakes, homeowner, safe driver, and multi-car.
- Progressive may offer discounts for good student, continuous coverage, multi-vehicle, homeowner, and online quote discount.
- USAA has discounts for military installation, vehicle storage, driver training, new vehicle, loyalty savings, and defensive driver.
If you need cheaper Memphis auto insurance quotes, ask all companies you are considering to apply every possible discount. Some credits might not be offered in Memphis.
Auto insurance is available from your local insurance agencies
Many people just prefer to sit down with an agent and that is OK! Licensed agents are very good at helping people manage risk and help submit paperwork. One of the best bonuses of getting free rate quotes online is the fact that you can find the best rates but also keep your business local. Buying from and supporting local insurance agents is definitely important in Memphis.
After filling out this simple form, your information is emailed to agents in your area that can give you free Memphis auto insurance quotes for your insurance coverage. There is no reason to drive around since rate quotes are delivered instantly to you. If for some reason you want to quote rates from a specific insurance company, you just need to find their quoting web page and submit a quote form there.
Different types of car insurance agents in Memphis
If you want to buy auto insurance from a reliable insurance agent, you should know the different types of agencies and how they differ in how they quote coverages. Auto insurance policy providers may be either exclusive or independent agents depending on their company appointments. Both types can write auto insurance policies, but we need to point out the difference in how they write coverage because it may have an impact on the selection process.
Independent Insurance Agents
Independent agents are not restricted to one company so they have the ability to put coverage amongst many companies and find the cheapest rate. To move your coverage to a new company, they can switch companies in-house and you can keep the same agent. When comparing rate quotes, we highly recommend that you get several quotes from several independent agencies in order to have the best price comparison. Many can place coverage with lesser-known insurance companies that may provide cheaper auto insurance rates.
The following is a list of independent agencies in Memphis that may be able to provide price quote information.
- Bill Blake Auto Insurance
5724 Mt Moriah Rd – Memphis, TN 38115 – (901) 432-5551 – View Map - Boyle Insurance Agency, Inc.
5900 Poplar Ave – Memphis, TN 38119 – (901) 766-0200 – View Map - Sneed Insurance
6645 Stage Rd #200 – Memphis, TN 38134 – (901) 372-4580 – View Map
Exclusive Auto Insurance Agents
These type of agents normally can only provide a single company’s rates like Farmers Insurance, American Family, State Farm and Allstate. These agents are unable to place coverage with different providers so they really need to provide good service. These agents are highly trained on the products they sell and that enables them to sell even at higher rates. Drivers often use the same exclusive agent partially due to the brand legacy and strong financial ratings.
Listed below are exclusive agencies in Memphis that can give you rate quotes.
- Heath Johnson – State Farm Insurance Agent
2657 Appling Rd #101 – Memphis, TN 38133 – (901) 372-2228 – View Map - Allstate Insurance: Ezekeil Hudson
53 Monroe Ave – Memphis, TN 38103 – (901) 235-9315 – View Map - Henry Hooper II – State Farm Insurance Agent
348 S Main St – Memphis, TN 38103 – (901) 575-0001 – View Map
Choosing the best car insurance agent shouldn’t rely on just a cheap quote. The questions below may impact your decision as well.
- Is working in the agency their full-time job?
- Do they receive special compensation for putting your coverage with one company over another?
- Do they feel the quoted coverages are adequate?
- Do they have 24-hour customer assistance?
- Are there any extra charges for paying monthly?
- Are claims handled at the agent’s location?
Memphis car insurance company ratings
Picking a highly-rated company can be challenging considering how many companies provide coverage in Tennessee. The ranking data shown below could help you select which companies to look at comparing rates from.
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%
Top 10 Memphis Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
The best insurance company isn’t always the cheapest
Discount Chevy Malibu insurance in Memphis is attainable both online and from local agencies, so you should be comparing quotes from both to have the best rate selection. Some auto insurance companies don’t offer the ability to get a quote online and many times these small, regional companies only sell coverage through local independent agencies.
As you restructure your insurance plan, it’s not a good idea to reduce coverage to reduce premium. There have been many cases where consumers will sacrifice full coverage only to discover later that their decision to reduce coverage ended up costing them more. The goal is to purchase plenty of coverage at the best cost and still be able to protect your assets.
We covered a lot of ways to compare Chevy Malibu insurance rates in Memphis. The key thing to remember is the more price quotes you have, the better your comparison will be. You may even discover the lowest priced auto insurance comes from an unexpected company.
How to find lower priced Chevy Malibu insurance in Memphis
The most effective way to get more affordable Chevy Malibu insurance is to regularly compare price quotes from companies who sell auto insurance in Memphis. Drivers can shop around by following these steps.
- Get a basic knowledge of the coverage provided by your policy and the modifications you can make to drop your rates. Many things that cause rate increases such as tickets, at-fault accidents, and a negative credit history can be controlled by being financially responsible and driving safely.
- Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like GEICO or Allstate, while agents who are independent can provide price quotes for a wide range of companies. View prices
- Compare the quotes to your existing rates to see if switching to a new carrier will save money. If you can save some money and switch companies, make sure coverage is continuous and does not lapse.
A good tip to remember is to make sure you enter the same deductibles and limits on every price quote and and to get prices from as many companies as possible. Doing this ensures a level playing field and a complete selection of prices.
Additional information
- Collision Insurance Coverage (Nationwide)
- Who Has Affordable Car Insurance Rates for Good Students in Memphis? (FAQ)
- Who Has Affordable Car Insurance Quotes for Felons in Memphis? (FAQ)
- Who Has Cheap Car Insurance Quotes for Low Mileage Drivers in Memphis? (FAQ)
- What Insurance is Cheapest for State Employees in Memphis? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for a Ford F-150 in Memphis? (FAQ)
- What Auto Insurance is Cheapest for Drivers with Good Credit in Memphis? (FAQ)
- How to Avoid Common Accidents (State Farm)
- Airbag FAQ (iihs.org)
- Older Drivers FAQ (iihs.org)
- When is the Right Time to Switch Car Insurance Companies? (Allstate)