Regrettably, the vast majority of car insurance customers have been with the same company for at least four years, and just short of a majority have never compared rates to find cheaper insurance. Drivers in Tennessee could pocket 35% a year just by comparing rates, but they don’t want to spend time to shop their coverage around.
The best way we recommend to find low-cost car insurance rates is to do an annual price comparison from insurers that insure vehicles in Memphis. You can compare prices by completing these steps.
- Step 1: Take a few minutes and learn about how auto insurance works and the modifications you can make to prevent high rates. Many policy risk factors that cause high rates like traffic citations, accidents, and a poor credit score can be controlled by making minor driving habit or lifestyle changes.
- Step 2: Request price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give prices from one company like GEICO or Allstate, while independent agencies can give you price quotes from multiple sources.
- Step 3: Compare the new rate quotes to your existing coverage and see if you can save money. If you can save some money and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
One key aspect when comparing rates is to use the same liability limits and deductibles on every quote request and and to get price quotes from as many companies as possible. This ensures a fair rate comparison and a complete selection of prices.
If you have insurance now or are looking for a new policy, use these money-saving tips to get lower rates without having to cut coverage. Comparing quotes for the lowest cost coverage in Memphis is simple if you know the tricks. Consumers just need to know the tricks to compare insurance rates from many companies at once.
The following companies are our best choices to provide comparison quotes in Tennessee. To get cheap auto insurance in Tennessee, we recommend you get rates from several of them to get the best price comparison.
Coverage statistics and figures
The data table shown below covers detailed analysis of coverage costs for Infiniti FX50 models. Learning how policy rates are formulated is important for you to make informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| FX50 AWD 4-Dr | $174 | $334 | $298 | $18 | $90 | $914 | $76 |
| FX50 Sport AWD 4-Dr | $190 | $372 | $298 | $18 | $90 | $968 | $81 |
| Get Your Own Custom Quote Go | |||||||
Table data represents married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Table data does not factor in specific zip code location which can decrease or increase rates considerably.
Where to set your deductibles
One of the more difficult decisions when buying car insurance is how high or low should comp and collision deductibles be. The tables below can help show the cost difference when you select higher and lower physical damage deductibles. The first data table uses a $250 deductible for comp and collision and the second data table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| FX50 AWD 4-Dr | $310 | $578 | $288 | $18 | $86 | $1,305 | $109 |
| FX50 Sport AWD 4-Dr | $338 | $644 | $288 | $18 | $86 | $1,399 | $117 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| FX50 AWD 4-Dr | $252 | $466 | $288 | $18 | $86 | $1,110 | $93 |
| FX50 Sport AWD 4-Dr | $274 | $520 | $288 | $18 | $86 | $1,186 | $99 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Premium amounts do not factor in the specific area where the vehicle is garaged which can lower or raise premium rates noticeably.
Based on the figures above, using a $250 deductible costs about $17 more each month or $204 for a full year than requesting the higher $500 deductible. Since the policyholder would be required to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you tend to go at least 15 months between claim filings, you would probably be better off by going with a higher deductible.
The diagram below shows how choosing a deductible and can raise or lower Infiniti FX50 insurance premiums for different age groups. The data is based on a married female driver, comp and collision included, and no discounts are taken into consideration.
Four factors that impact insurance rates
Smart consumers have a good feel for some of the elements that go into determining your premiums. When you know what positively or negatively positively or negatively impacts your premiums, this enables you to make decisions that will entitle you to lower rates.
Gaps in coverage mean higher prices – Not having insurance can get you a ticket and you will pay a penalty because you let your insurance lapse. In addition to paying higher premiums, the inability to provide proof of insurance might get you a steep fine or even jail time.
Tickets and citations cost more than a fine – Being a careful driver impacts your car insurance rates tremendously. Only having one chargeable violation can increase the cost of insurance forty percent or more. Drivers who don’t get tickets get better rates as compared to careless drivers. Drivers who have serious tickets like DWI, reckless driving or hit and run convictions may find that they have to to file a SR-22 to the state department of motor vehicles in order to legally drive a vehicle.
The example below shows how speeding tickets and at-fault collisions can increase Infiniti FX50 car insurance costs for each different age category. The premiums are based on a single female driver, comp and collision included, $100 deductibles, and no discounts are applied to the premium.
Cheaper rates with high deductibles – Comprehensive and collision coverage deductibles state the amount of money you are required to spend out-of-pocket before a claim is paid by your company. Physical damage insurance, also called comprehensive and collision insurance, protects your car from damage. Some coverage claims are rear-ending another vehicle, damage caused by hail, and damage caused by road hazards. The more damage repair cost you choose to pay out-of-pocket, the bigger discount you will receive.
Cheaper to insure women? – Over time, data shows that men are more aggressive behind the wheel. However, this does not mean males are worse at driving than females. Women and men cause fender benders at about the same rate, but the male of the species cause more damage. Not only are claims higher, but men have more aggressive citations such as reckless driving. Male drivers age 16 to 19 generally have the highest accident percentage and therefore pay the highest rates.
The diagram below visualizes the comparison of Infiniti FX50 insurance prices for male and female drivers. The costs are based on no violations or claims, comp and collision included, $1,000 deductibles, single status, and no other discounts are factored in.
Why you need quality insurance for your vehicle
Despite the fact that insurance is not cheap in Memphis, paying for insurance is required in Tennessee but also provides important benefits.
- The majority of states have minimum liability requirements which means the state requires a minimum amount of liability 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 took out a loan on your FX50, it’s guaranteed your bank will have a requirement that you have full coverage to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the bank may buy a policy for your Infiniti for a much higher rate and force you to pay the higher price.
- Insurance preserves your Infiniti FX50 and your assets. It also can pay for most medical and hospital costs that are the result of an accident. Liability insurance will also pay to defend you if you are sued as the result of your driving. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of buying insurance are definitely more than the cost, especially for larger claims. Today the average American driver is wasting up to $865 each year so shop around once a year at a minimum to be sure current rates are still competitive.