Do you want to learn to get cheaper Ford Fusion Hybrid insurance in Memphis? Paying cheap coverage rates for Ford Fusion Hybrid insurance in Memphis is slightly frustrating for beginners to buying insurance online. You have so many choices that it can turn into a difficult situation to find a cheaper company.
Steps to saving on Ford Fusion Hybrid insurance in Memphis
If your goal is the lowest price, then the best way to get low-cost Ford Fusion Hybrid insurance in Memphis is to begin comparing prices regularly from insurance carriers that sell auto insurance in Tennessee. Rates can be compared by completing these steps.
- Read about individual coverages and the modifications you can make to prevent expensive coverage. Many things that cause high rates like accidents, traffic tickets, and a low credit score can be amended by making minor changes to your lifestyle. This article provides instructions to find cheap prices and get additional discounts.
- Get rate quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from one company like Progressive or Allstate, while agents who are independent can provide rate quotes for a wide range of companies.
- Compare the new rates to your existing policy to see if you can save by switching companies. If you find better rates and make a switch, make sure coverage is continuous and does not lapse.
One thing to remember is to make sure you’re comparing the same physical damage deductibles and liability limits on every price quote and and to get quotes from as many car insurance companies as possible. This ensures a fair rate comparison and a thorough price selection.
A recent auto insurance study discovered that almost 70% of insureds have purchased from the same company for four years or more, and just under half have never compared quotes from other companies. Many consumers in Memphis could pocket nearly $500 a year by just comparing quotes, but most tend to underestimate the large savings they would see if they switched to a cheaper policy.
Finding the cheapest coverage in Memphis is really quite easy. In essence, every vehicle owner who is looking for cheaper auto insurance most likely will be able to lower their premiums. Although Tennessee vehicle owners can benefit from knowing the methods companies use to determine prices because rates fluctuate considerably.
The quickest method we recommend to compare policy rates for Ford Fusion Hybrid insurance in Memphis is to know the fact most insurance companies have advanced systems to give free rates quotes. To get started, all you need to do is give them rating details like marital status, driver ages, coverage limits, and whether or not you need a SR-22. The rating information is instantly submitted to insurance carriers in your area and you will get price comparisons quickly.
If you would like to compare rates now, click here and complete the quick form.
The companies in the list below have been selected to offer comparison quotes in Memphis, TN. To locate the cheapest car insurance in TN, we suggest you visit several of them to get a more complete price comparison.
Car insurance statistics and figures
The price information shown below covers a range of policy rates for Ford Fusion Hybrid models. Being aware of how car insurance prices are established is important for you to make decisions when shopping your coverage around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Fusion Hybrid 4-Dr Sedan | $134 | $330 | $408 | $24 | $122 | $1,018 | $85 |
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Estimates do not factor in your specific Memphis location which can revise prices greatly.
How accidents and tickets impact rates
The example below shows how speeding tickets and accidents drive up Ford Fusion Hybrid auto insurance costs for each different age group. The price estimates are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
Ford Fusion Hybrid liability-only versus full coverage
The information below visualizes the comparison of Ford Fusion Hybrid insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no accidents or driving violations, $250 deductibles, single marital status, and no other discounts are factored in.
When to stop buying physical damage coverage
There is no definitive guideline for excluding comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your Ford Fusion Hybrid claim settlement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, you would only receive $2,000 after the deductible is paid. If it’s costing in excess of $200 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are a few cases where removing full coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan requirements. Also, if you can’t afford to buy a different vehicle in case of an accident, you should keep full coverage in place.
Eight factors that impact insurance rates
Many things are part of the equation when premium rates are determined. Some factors are common sense like a motor vehicle report, although some other factors are less apparent such as your credit history or how safe your car is.
The items below are some of the factors insurance companies consider when setting rates.
High comp and collision deductibles save money – Physical damage insurance, also called comprehensive and collision insurance, covers your vehicle from damage. Examples of some claims that would be covered are a windshield shattered by a rock, flood damage, and damage from a fallen tree branch. Deductibles for physical damage define how much you are required to pay if a claim is determined to be covered. The more money you’re willing to pay, the less money you will pay for insurance.
Incidental coverages that may not be needed – Policies have extra add-on coverages that can waste your money if you aren’t careful. Coverage for things like rental car reimbursement, better glass coverage, and Farm Bureau memberships may be costing you every month. These coverages may sound good when deciding what coverages you need, but if you don’t need them eliminate them to save money.
Vehicle risk impacts prices – The make and model of the vehicle you need insurance for makes a significant difference in the rate you pay. Lower cost passenger vehicles receive the most favorable rates, but the cost you end up paying is determined by many additional factors.
The data below assumes a married male driver age 20, full coverage with $250 deductibles, and no discounts or violations. It shows Ford Fusion Hybrid insurance premiums compared to other vehicles that have different risk factors.
Improve your credit rating – A driver’s credit rating is a large factor in determining premium rates. If your credit can be improved, you could be paying less to insure your Ford Fusion Hybrid by taking the time to improve your credit score. Drivers who have excellent credit tend to be better drivers and file fewer claims as compared to drivers with lower credit ratings.
Do you have enough liability protection? – A critical coverage on your policy, liability insurance will protect you when you are found to be at fault for damages caused by your negligence. Liability provides for a legal defense to attempt to prove you were not liable. Liability is cheap compared to physical damage coverage, so drivers should carry high limits.
Safer vehicles means better premiums – Cars with high safety ratings can get you lower premiums. Vehicles built for safety result in less severe injuries and better occupant protection means less claims paid which can mean better rates for you.
With age comes lower rates – Teenage drivers in Tennessee tend to get distracted easily when at the wheel of a vehicle so insurance rates are higher. More mature drivers are shown to be more cautious, file fewer claims, and are generally more financially stable.
The data below uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.
Lower rates for married couples – Being married may earn you lower rates on insurance. Having a spouse usually means you are more responsible and insurance companies reward insureds because drivers who are married are more cautious.
Ford Fusion Hybrid statistical loss data – Insurance companies use historical loss data to determine a price that will be profitable for them. Models that tend to have increased losses will cost more for specific coverages. The table below illustrates the historical insurance loss data for Ford Fusion Hybrid vehicles.
For each coverage type, the statistical loss for all vehicles, as a total average, is considered to be 100. Percentage numbers below 100 suggest a positive loss record, while numbers shown that are more than 100 indicate a higher chance of having a claim or tendency to have higher losses.
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Ford Fusion Hybrid | 125 | 97 | 98 | 92 | 93 | 95 |
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Why do I need car insurance?
Despite the high insurance cost for a Ford Fusion Hybrid in Memphis, insurance may be required for several reasons.
- Most states have minimum liability requirements which means the state requires specific limits of liability protection in order to drive the car. 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 Ford Fusion Hybrid, it’s guaranteed your bank will have a requirement that you have physical damage coverage to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the bank will be required to insure your Ford at a much higher rate and require you to fork over much more than you were paying before.
- Insurance protects both your assets and your Ford. Insurance will pay for most medical and hospital costs incurred in an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if you are sued as the result of your driving. If you have damage to your Ford as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of having insurance more than offset the price you pay, particularly when you have a large claim. Unknowingly, the average driver is currently overpaying as much as $855 a year so you should quote rates each time the policy renews to be sure current rates are still competitive.