It’s an obvious assumption that car insurance companies want to prevent you from shopping around. People who shop for lower rates will presumably switch car insurance companies because there is a good chance of finding good coverage at a lower price. A survey found that drivers who shopped around saved on average $3,400 over four years compared to those who never shopped around.
If finding the cheapest rates on Toyota Highlander insurance is your ultimate objective, then having some knowledge of how to shop and compare insurance rates can help make the process easier and more efficient.
If you want to save money, the best way to get discount Toyota Highlander insurance is to regularly compare price quotes from companies who sell auto insurance in Memphis. You can compare prices by following these steps.
- Step 1: It will benefit you to learn about what is in your policy and the changes you can make to prevent rate increases. Many risk factors that result in higher rates like at-fault accidents, speeding tickets, and an unfavorable credit rating can be improved by paying attention to minor details.
- Step 2: Request price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only quote rates from a single company like Progressive or State Farm, while agents who are independent can quote rates from multiple insurance companies.
- Step 3: Compare the quotes to your current policy to determine if switching companies saves money. If you find better rates and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Step 4: Provide written notification to your current company of your decision to cancel your current policy. Submit a signed application and payment to your new insurance company. Once the paperwork is finalized, put the proof of insurance certificate in an easily accessible location in your vehicle.
One piece of advice is to use identical deductibles and limits on each quote request and and to get rates from as many carriers as you can. Doing this enables a fair rate comparison and a complete price analysis.
Many insurance companies make it easy to get coverage prices directly from their websites. Doing online quotes for Toyota Highlander insurance in Memphis can be done by anyone as you just type in your required coverages into a form. Upon sending the form, the quote system automatically orders your driving and credit reports and generates pricing information.
This makes it a lot easier to compare rates and it’s also necessary to perform this step if you are searching for the cheapest possible prices on car insurance.
To quickly use this form to compare rates, compare rates now from the companies shown below. If you currently have coverage, we recommend you complete the form with your coverages as shown on your current policy. This makes sure you will be getting comparison quotes based on similar coverages.
The following companies have been selected to offer comparison quotes in Memphis, TN. If you want to find cheap auto insurance in Memphis, we suggest you visit two to three different companies to get the most affordable price.
Car insurance analysis for a Toyota Highlander
The coverage information displayed below showcases detailed analysis of insurance premium costs for Toyota Highlander models. Learning more about how insurance rates are established can be of help when making smart choices when buying a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Highlander 2WD | $138 | $194 | $288 | $18 | $86 | $724 | $60 |
| Highlander 4WD | $156 | $236 | $288 | $18 | $86 | $784 | $65 |
| Highlander Sport 4WD | $156 | $236 | $288 | $18 | $86 | $784 | $65 |
| Highlander SE 2WD | $156 | $236 | $288 | $18 | $86 | $784 | $65 |
| Highlander Sport 2WD | $156 | $236 | $288 | $18 | $86 | $784 | $65 |
| Highlander Limited 2WD | $174 | $278 | $288 | $18 | $86 | $844 | $70 |
| Highlander SE 4WD | $174 | $278 | $288 | $18 | $86 | $844 | $70 |
| Highlander Limited 4WD | $174 | $278 | $288 | $18 | $86 | $844 | $70 |
| Highlander Hybrid 4WD | $174 | $278 | $288 | $18 | $86 | $844 | $70 |
| Highlander Hybrid Limited 4WD | $174 | $278 | $288 | $18 | $86 | $844 | $70 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Estimates do not factor in specific garaging location which can lower or raise premium rates greatly.
Where to set your deductibles
One common question asked by Memphis drivers is at what level do you set your deductibles. The comparisons below can help you visualize the difference in cost when you select higher and lower comp and collision deductibles. The first data table uses a $250 physical damage coverage deductible and the second price chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Highlander 2WD | $224 | $310 | $288 | $18 | $86 | $951 | $79 |
| Highlander 4WD | $252 | $376 | $288 | $18 | $86 | $1,045 | $87 |
| Highlander Sport 4WD | $252 | $376 | $288 | $18 | $86 | $1,045 | $87 |
| Highlander SE 2WD | $252 | $376 | $288 | $18 | $86 | $1,045 | $87 |
| Highlander Sport 2WD | $252 | $376 | $288 | $18 | $86 | $1,045 | $87 |
| Highlander Limited 2WD | $280 | $444 | $288 | $18 | $86 | $1,141 | $95 |
| Highlander SE 4WD | $280 | $444 | $288 | $18 | $86 | $1,141 | $95 |
| Highlander Limited 4WD | $280 | $444 | $288 | $18 | $86 | $1,141 | $95 |
| Highlander Hybrid 4WD | $280 | $444 | $288 | $18 | $86 | $1,141 | $95 |
| Highlander Hybrid Limited 4WD | $280 | $444 | $288 | $18 | $86 | $1,141 | $95 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Highlander 2WD | $182 | $250 | $288 | $18 | $86 | $824 | $69 |
| Highlander 4WD | $204 | $304 | $288 | $18 | $86 | $900 | $75 |
| Highlander Sport 4WD | $204 | $304 | $288 | $18 | $86 | $900 | $75 |
| Highlander SE 2WD | $204 | $304 | $288 | $18 | $86 | $900 | $75 |
| Highlander Sport 2WD | $204 | $304 | $288 | $18 | $86 | $900 | $75 |
| Highlander Limited 2WD | $228 | $358 | $288 | $18 | $86 | $978 | $82 |
| Highlander SE 4WD | $228 | $358 | $288 | $18 | $86 | $978 | $82 |
| Highlander Limited 4WD | $228 | $358 | $288 | $18 | $86 | $978 | $82 |
| Highlander Hybrid 4WD | $228 | $358 | $288 | $18 | $86 | $978 | $82 |
| Highlander Hybrid Limited 4WD | $228 | $358 | $288 | $18 | $86 | $978 | $82 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Rate quotes do not factor in vehicle garaging location which can raise or lower insurance rates greatly.
Based on this data, we can arrive at the conclusion that using a $250 deductible could cost the average driver approximately $12 more each month or $144 annually across all Toyota Highlander models than selecting the higher $500 deductible. Since the policyholder would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you normally go at least 21 months between claim filings, you would probably save some money if you choose the higher deductible.
How to determine if a higher deductible is a good idea
| Average monthly premium for $250 deductibles: | $90 |
| Average monthly premium for $500 deductibles (subtract): | – $78 |
| Monthly savings from raising deductible: | $12 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $12 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 21 months |
How accidents and violations affect rates
The information below illustrates how traffic citations and accidents impact Toyota Highlander insurance rates for different age groups. The premiums assume a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.
Car insurance rates based on gender
The example below illustrates the difference between Toyota Highlander insurance prices for male and female drivers. The rate quotes are based on no claims or driving violations, full coverage, $100 deductibles, single status, and no discounts are applied.
Determine discounts on Memphis auto insurance
Auto insurance is expensive, but discounts can save money and there are some available to help offset the cost. Most are applied at the time of purchase, but some need to be asked for before they will apply.
- Home Ownership Discount – Simply owning a home can earn you a little savings because of the fact that having a home means you have a higher level of financial diligence.
- Full Payment Discount – By paying your policy upfront rather than paying monthly you could save 5% or more.
- Organization Discounts – Having an affiliation with a civic or occupational organization in Memphis could trigger savings when shopping for auto insurance.
- Passive Restraints and Air Bags – Cars that have air bags or motorized seat belts may earn rate discounts of 20 to 30 percent.
- Service Members Pay Less – Being deployed in the military could trigger a small discount.
- Defensive Driving Course – Taking a class that teaches defensive driving techniques could save 5% or more if you qualify.
Just know that some of the credits will not apply to all coverage premiums. The majority will only reduce individual premiums such as liability, collision or medical payments. So despite the fact that it appears you would end up receiving a 100% discount, that’s just not realistic.
The illustration below shows the comparison of Toyota Highlander insurance rates with and without discounts. The rates are based on a female driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, safe-driver, multi-policy, marriage, claim-free, and multi-car discounts applied.
A partial list of companies that may have most of these discounts include:
Before you buy a policy, ask each company to apply every possible discount. Some of the earlier mentioned discounts might not be offered in Memphis. If you would like to see a list of insurers with discount rates in Tennessee, click here to view.
Insuring your Toyota Highlander just makes sense
Despite the potentially high cost of Toyota Highlander insurance, paying for insurance may be required and benefits you in several ways.
- The majority of states have minimum mandated liability insurance limits which means you are required to buy a specific minimum amount of liability insurance 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 your Toyota has a loan, it’s guaranteed your bank will make it a condition of the loan that you have full coverage to ensure they get paid if you total the vehicle. If coverage lapses or is canceled, the lender may insure your Toyota at a significantly higher premium and require you to fork over for the much more expensive policy.
- Insurance preserves both your Toyota Highlander and your assets. Insurance will also pay for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. Liability coverage also pays expenses related to your legal defense if you are sued as the result of your driving. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.
The benefits of insuring your Highlander greatly outweigh the cost, specifically if you ever have a liability claim. An average driver in America is overpaying over $825 a year so it’s recommended you shop around at every policy renewal to make sure the price is not too high.
You are unique and your auto insurance should be too
Always remember that when buying coverage online or from an agent for your personal vehicles, there really is not a single plan that fits everyone. Everyone’s situation is unique and your auto insurance should unique, too.
For instance, these questions could help you determine whether or not you might need an agent’s assistance.
- Is there coverage for my trailer?
- Are my friends covered when driving my Toyota Highlander?
- What if I owe more than I can insure my car for?
- Will my Toyota Highlander be repaired with OEM or aftermarket parts?
- Can I get a multi-policy discount?
- Is a blown tire covered by insurance?
- Do I need rental car coverage?
- Can I make deliveries for my home business?
- What are the financial responsibility laws in my state?
- What are good deductibles for a Toyota Highlander?
If you’re not sure about those questions but a few of them apply then you might want to talk to a licensed agent. If you don’t have a local agent, simply complete this short form or you can also visit this page to select a carrier
Exclusive or independent insurance agents
Certain consumers still like to talk to an insurance agent and that is a personal choice. The best thing about getting online price quotes is the fact that you can find better rates but also keep your business local. Buying from local agencies is definitely important in Memphis.
Upon completion of this form (opens in new window), your insurance data is transmitted to local insurance agents who will give you bids for your insurance coverage. It makes it easy because there is no need to contact any insurance agencies because prices are sent immediately to you. You can find better rates without a big time investment. If you want to compare prices for a specific company, you just need to navigate to their website and fill out the quote form the provide.
If you are searching for a reputable agency, it’s important to understand the different types of agents and how they can service your needs differently. Agents in Memphis can either be independent or exclusive depending on the company they work for.
Independent Insurance Agents
Agents in the independent channel can quote rates with many companies and that is an advantage because they can write policies amongst many companies and get the cheapest rates. If your premiums go up, the agent simply finds a different carrier and you won’t have to switch agencies. When comparing insurance prices, you will definitely want to get rate quotes from at a minimum one independent agency in order to have the best price comparison. They often place coverage with mutual insurance companies who may have lower rates.
The following are Memphis independent insurance agents that may be able to provide pricing information.
- Lipscomb and Pitts Insurance LLC
2670 Union Ave – Memphis, TN 38112 – (901) 321-1000 – View Map - Nationwide Insurance: Bennita J Wade Agency
1503 Union Ave Ste 220 – Memphis, TN 38104 – (901) 276-8571 – View Map - Peterson Insurance Services, Inc.
8046 N Brother Blvd #101 – Memphis, TN 38133 – (901) 386-4777 – View Map
Exclusive Insurance Agencies
Agents that elect to be exclusive can usually just insure with one company such as AAA, Allstate, State Farm, or Farmers Insurance. They are unable to provide prices from multiple companies so you might not find the best rates. Exclusive agents are usually well trained on their company’s products which helps overcome the inability to quote other rates. Many people buy insurance from these agents mostly because of the brand name and the convenience of having all coverages with one company.
The following are exclusive agencies in Memphis that can give you price quote information.
- GEICO Insurance Agent
420 S Germantown Pkwy #109 – Cordova, TN 38018 – (901) 761-5240 – View Map - Farmers Insurance: Calvit Ratcliffe
5865 Ridgeway Center Pkwy #300 – Memphis, TN 38120 – (901) 761-6083 – View Map - Michelle L Wilson – State Farm Insurance Agent
5384 Poplar Ave Ste 439 – Memphis, TN 38119 – (901) 590-1922 – View Map
Choosing the best auto insurance agent is decision based upon more than just a cheap price. Agents should be asked these questions:
- Will they make sure you get an adequate claim settlement?
- Are there any extra charges for paying monthly?
- When do they do a full risk review?
- How much can you save by raising your physical damage deductibles?
- Will the agent help in case of a claim?
- Is insurance their full-time profession?
- In the event of vehicle damage, can you pick the collision repair facility?
Upon receiving acceptable answers to any questions you may have as well as an affordable premium quote, you have narrowed it down to an auto insurance agent that meets your needs to properly service your insurance policy.