GMC Terrain Insurance Rates in Memphis

It goes without saying that auto insurance companies want to keep you from shopping around. Insureds who shop for lower rates will presumably switch companies because of the good chance of finding a more affordable policy premium. A study showed that people who make a habit of shopping around saved on average $865 annually compared to those who didn’t regularly shop around.

If finding budget-friendly rates on insurance is your ultimate objective, then having a grasp of how to compare insurance rates can help you be more efficient.

The best way we recommend to quote cheaper auto insurance rates in Memphis is to start comparing rates regularly from providers who provide car insurance in Tennessee.

1. Learn about auto insurance and the modifications you can make to keep rates down. Many factors that cause high rates such as traffic violations and a less-than-favorable credit score can be improved by improving your driving habits or financial responsibility.
2. Compare prices from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can provide price quotes from many different companies.
3. Compare the price quotes to your existing rates to see if you can save by switching companies. If you can save money and decide to switch, make sure there is no lapse in coverage.

A good tip to remember is that you’ll want to make sure you compare identical coverage information on every quote request and and to analyze as many different insurance providers as possible. This ensures an accurate price comparison and a complete selection of prices.

Premium rates and analysis

The table shown next outlines different insurance policy prices for GMC Terrain models. Understanding how auto insurance prices are formulated is important for making informed decisions.

Data rating is based on single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Price information does not factor in zip code location which can revise auto insurance rates substantially.

Higher deductibles save money

One common question asked by Memphis drivers is which deductibles should you choose. The premium rates below determine the differences in premium rates of buying low and high policy deductibles. The first data set uses a $100 comprehensive and collision deductible and the second rate chart uses a $500 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Premium amounts do not factor in vehicle location which can affect price quotes greatly.

Based on this data, we can arrive at the conclusion that using a $100 deductible costs approximately $21 more each month or $252 every year averaged for all Terrain models than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you have at least 19 months between claims, you would save money if you choose a higher deductible. The table below shows the way you can decide this on your own policy.

The diagram below shows how choosing a deductible and can impact GMC Terrain insurance costs for each different age category. The prices are based on a married male driver, full physical damage coverage, and no discounts are factored in.

Driving violations and accidents

The illustration below illustrates how traffic citations and at-fault fender-benders increase GMC Terrain insurance costs for each age group. The data assumes a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.

GMC Terrain insurance rates by gender

The information below illustrates the difference between GMC Terrain insurance premiums for male and female drivers. The data is based on no violations or claims, comp and collision included, $500 deductibles, single marital status, and no policy discounts are applied.

GMC Terrain liability-only versus full coverage

The example below compares GMC Terrain car insurance rates with full coverage and liability only. The data assumes no violations or claims, $100 deductibles, drivers are single, and no discounts are applied.

When to switch to liability coverage only

There is no clear-cut rule to exclude physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your GMC Terrain settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $3,000 after you pay the deductible. If premiums are more than $300 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.

There are a few situations where buying only liability insurance is not financially feasible. If you still have a lienholder on your title, you have to carry full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.

What Impacts GMC Terrain Insurance Costs?

Lots of factors are considered when you quote your car insurance policy. A few of the factors are predictable like an MVR report, but other criteria are not as apparent like your vehicle usage or your financial responsibility.

The factors shown below are a partial list of the pieces that factor into prices.

• Driver age impacts prices – Older drivers are viewed as being more responsible, are lower risk to insure, and tend to be get fewer driving tickets. Teen drivers are proven to get distracted easily when driving with friends so they pay higher insurance rates.

  The data below is based on a single driver, full coverage with $100 deductibles, and no discounts or violations.

• Do you really need the extra policy coverages? – Insurance companies have many extra bells and whistles that may not really be needed when buying insurance. Things like replacement cost coverage, accidental death, and Farm Bureau memberships could be just wasting money. You may think they are a good idea initially, but if you’ve never needed them in the past get rid of them and save.
• Increase deductibles and save – Comp and collision deductibles are how much you are willing to pay in the event of a claim. Insurance for physical damage to your car, also called comprehensive and collision insurance, protects your car from damage. Some instances where coverage would apply would be collision with another vehicle, fire damage, and damage from wind. The more expense you are required to pay out-of-pocket, the better rate you will receive.
• Cheaper rates after marriage – Your spouse can get you a discount on your insurance policy. Having a significant other translates into being more financially stable it has been statistically shown that married drivers get in fewer accidents.
• Credit score impact insurance rates – Credit score is a large factor in calculating your premium rate. If your credit history can be improved, you could save money insuring your GMC Terrain by improving your rating. Drivers with good credit tend to be less risk to insure than drivers with worse credit.
• Cheaper premiums using GPS tracking and theft deterrents – Owning a car with a theft deterrent system can save you a little every year. Theft prevention features such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can thwart your car from being stolen.
• Occupation stress can affect rates – Jobs like doctors, air traffic controllers, and accountants generally pay the highest average rates attributed to high stress and extremely grueling work hours. Conversely, occupations like actors, engineers and homemakers pay lower than average rates.
• Know your vehicle’s crash test rating – Cars with five star safety ratings tend to have better insurance rates. Safer cars protect occupants better and reduced instances of injuries translates directly to fewer claims and thus lower rates.

• GMC Terrain claim probability – Car insurance companies factor in insurance loss information when they file their rates in each state. Models that tend to have increased claim numbers or amounts will have a higher premium rate. The table below illustrates the historical loss data for GMC Terrain vehicles.

  For each type of coverage, the claim amount for all vehicles averaged together is set at 100. Percentage values below 100 mean the vehicle has better than average losses, while values over 100 point to more losses or tendency to have higher losses.

  
  

  GMC Terrain Insurance Loss Statistics

  Specific GMC Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  GMC Terrain 4dr 2WD	89	83	81	96	92	86
  GMC Terrain 4dr 4WD	89	86	85	83	82	74

  BETTER

  AVERAGE

  WORSE

  Statistics from IIHS.org for 2013-2015 Model Years

Car insurance companies ranked

Buying coverage from the right insurance provider can be a challenge considering how many companies there are in Tennessee. The rank data in the next section may help you analyze which auto insurers you want to consider when comparing rates.

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 Ranked by Claims Service

1. Travelers
2. Allstate
3. Nationwide
4. State Farm
5. GEICO
6. Liberty Mutual
7. American Family
8. Esurance
9. AAA Insurance
10. Titan Insurance

Be persistent to save money

When searching for affordable Memphis car insurance quotes, don’t be tempted to buy lower coverage limits just to save a few bucks. There are many occasions where an insured dropped full coverage only to find out they didn’t have enough coverage. Your goal should be to buy the best coverage you can find at the best price while not skimping on critical coverages.

Drivers who switch companies do it for many reasons like questionable increases in premium, policy cancellation, policy non-renewal or even an unsatisfactory settlement offer. No matter why you want to switch, finding a great new company is actually quite simple.

Throughout this article, we presented quite a bit of information on how to find cheaper GMC Terrain insurance in Memphis. It’s most important to understand that the more quotes you get, the more likely it is that you will get a better rate. You may even discover the lowest auto insurance rates are with the smaller companies.

Even more information is located at these sites:

• Teen Driver Statistics (Insurance Information Institute)
• Who Has Affordable Car Insurance for Drivers Under 21 in Memphis? (FAQ)
• Who Has Affordable Memphis Auto Insurance Quotes for Active Military? (FAQ)
• Who Has the Cheapest Memphis Auto Insurance for a School Permit? (FAQ)
• Who Has Affordable Memphis Auto Insurance Quotes for a Jeep Wrangler? (FAQ)
• State Laws for Cellphones and Texting (iihs.org)
• Your Car has been Stolen: Now What? (Allstate)
• What Does No-Fault Insurance Cover? (Allstate)
• Alcohol Impaired Driving FAQ (iihs.org)