Cheapest GMC Sierra 3500HD Insurance in Memphis

Would you like to stop wasting money and find low-cost GMC Sierra 3500HD insurance in Memphis? Paying cheap rates for GMC Sierra 3500HD insurance in Memphis could be a challenge for drivers who are beginners to quoting coverage prices online. With dozens of companies competing online, it can easily be hard work to locate the lowest price in Tennessee.

It’s a known fact that auto insurance companies don’t want you to look at other companies. Consumers who shop around for the cheapest price are very likely to switch companies because of the high probability of finding a lower rate. A recent car insurance study discovered that consumers who shopped around saved an average of $860 a year compared to policyholders who never shopped around for cheaper prices.

If finding the lowest price on GMC Sierra 3500HD insurance in Memphis is why you’re here, then understanding the best way to quote and compare insurance can save time, money, and frustration.

It’s important to check car insurance prices yearly because car insurance prices are usually higher with each renewal. Just because you found the best quotes on GMC Sierra 3500HD insurance in Memphis a year ago you can probably find a better rate now. Forget anything you know (or think you know) about car insurance because we’re going to show you one of the best ways to lower your annual insurance bill.

The easiest way to compare insurance rates in your area is to understand most larger insurance companies have advanced systems to compare rate quotes. The one thing you need to do is provide details such as if your license is active, if you require a SR-22, the make and model of your vehicles, and if you lease or own. The data gets sent immediately to all major companies and you should receive rate quotes instantly to find the best rate.

To find lower affordable GMC Sierra 3500HD insurance rates now, click here and see if a lower rate is available in Memphis.

The following companies can provide price comparisons in Tennessee. To get cheap auto insurance in Tennessee, we suggest you visit as many as you can to find the lowest car insurance rates.

Three good reasons to insure your GMC Sierra 3500HD

Despite the fact that insurance is not cheap in Memphis, insurance serves several important purposes.

First, the majority of states have mandatory liability insurance requirements which means state laws require specific limits of liability 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.

Second, if your Sierra 3500HD has a lienholder, almost every bank will require that you have full coverage to ensure they get paid if you total the vehicle. If you cancel or allow the policy to lapse, the lender will be forced to insure your GMC for a much higher rate and require you to fork over a much higher amount than you were paying before.

Third, insurance preserves both your assets and your GMC. It also can pay for many types of medical costs for not only you but also any passengers injured in an accident. Liability coverage, the one required by state law, also pays for attorney fees and expenses if anyone sues you for causing an accident. If mother nature or an accident damages your car, your insurance policy will pay to have it repaired.

The benefits of carrying adequate insurance are definitely more than the cost, particularly when you have a large claim. In a recent study of 1,000 drivers, the average customer overpays more than $700 annually so you should quote rates once a year at a minimum to ensure rates are competitive.

Insurance statistics and figures

The rate information shown below showcases different insurance premium costs for GMC Sierra 3500HD models. Having knowledge of how rate quotes are figured can assist in making informed coverage decisions.

Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Table data does not factor in specific location information which can raise or lower prices significantly.

How high should deductibles be?

The hardest decision when buying coverage is the level to set your comp and collision deductibles. The figures shown below outline the rate fluctuation when you buy lower versus higher deductibles. The first data table uses a $100 comprehensive and collision deductible and the second set of rates uses a $500 deductible.

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Rate quotes do not factor in specific garaging location which can alter auto insurance rates noticeably.

Based on the data above, we can derive that using a $100 deductible would cost the average driver about $24 more each month or $288 each year across all GMC Sierra 3500HD models than opting for the higher $500 deductible. Since the policyholder would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you tend to go at a minimum 17 months between claim filings, you would probably come out ahead by selecting a higher deductible.

Difference between liability only and full coverage rates

The example below illustrates the difference between GMC Sierra 3500HD car insurance rates with liability coverage only compared to full coverage. The data is based on no accidents or driving violations, $1,000 deductibles, single status, and no other discounts are factored in.

When to switch to liability coverage only

There is no set guideline to stop paying for comp and collision coverage, but there is a guideline you can consider. 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 you may want to consider only buying liability coverage.

For example, let’s pretend your GMC Sierra 3500HD book value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after the deductible is paid. If it’s costing in excess of $600 annually for physical damage coverage, then you may need to consider dropping full coverage.

There are some circumstances where buying only liability insurance is not a good plan. If you haven’t paid off your loan, you are required to maintain full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should maintain full coverage.

Cheaper Memphis insurance rates with discounts

Companies offering auto insurance don’t list all available discounts in a way that’s easy to find, so the next list breaks down some of the more common and also the more inconspicuous discounts you could be receiving when you buy Memphis auto insurance online.

• Accident-Free Discounts – Drivers who don’t have accidents can earn big discounts as compared to drivers who are more careless.
• Safety Course Discount – Taking a class that teaches driver safety techniques can save you 5% or more and easily recoup the cost of the course.
• Anti-lock Brakes – Cars with anti-lock braking systems can reduce accidents so you can save 10 percent or more.
• Active Military Service – Having a deployed family member may qualify for rate reductions.
• Bundled Policy Discount – When you combine your home and auto insurance and insure them both with the same insurance company you could save over 10 percent off each policy depending on the company.
• Smart Student Discounts – Excelling in school can save 20 to 25%. Earning this discount can benefit you up until you turn 25.
• Distant Student – College-age children living away from Memphis attending college and do not have a car can receive lower rates.
• Discount for Life Insurance – Larger insurance companies have a lower insurance rate if you buy some life insurance too.
• Multiple Cars – Drivers who insure all your vehicles with the same insurance company qualifies for this discount.

One last thing about discounts, many deductions do not apply to the entire policy premium. Most cut the price of certain insurance coverages like liability, collision or medical payments. Just because you may think adding up those discounts means a free policy, companies don’t profit that way.

The example below illustrates the difference between GMC Sierra 3500HD car insurance rates with and without discounts being applied to the rates. Data assumes a male driver, no accidents, no driving violations, Tennessee state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, safe-driver, multi-policy, homeowner, and multi-car discounts applied.

To choose companies that offer many of these discounts in Tennessee, click this link.

Tennessee car insurance company ratings

Ending up with a highly-rated insurer is difficult considering how many different companies insure vehicles in Memphis. The ranking information listed below can help you select which companies to look at to insure your vehicles.

Top 10 Memphis Car Insurance Companies Ranked by Value

1. Mercury Insurance
2. Travelers
3. American Family
4. AAA Insurance
5. Safeco Insurance
6. Progressive
7. The Hartford
8. Erie Insurance
9. Esurance
10. The General

Top 10 Memphis Car Insurance Companies by A.M. Best Rank

1. Travelers – A++
2. USAA – A++
3. GEICO – A++
4. State Farm – A++
5. Erie Insurance – A+
6. Titan Insurance – A+
7. Esurance – A+
8. Progressive – A+
9. Nationwide – A+
10. The Hartford – A+