It’s hard to fathom, but nearly 70% of customers have remained with the same auto insurance company for four years or more, and just under half have never quoted rates to find cheaper coverage. Drivers in Tennessee could save themselves 35% a year just by getting comparison quotes, but most tend to underestimate how much money they would save if they switched to a more affordable policy.
It takes a few minutes, but the best way to find affordable quotes for BMW X1 insurance is to compare prices annually from insurers who provide auto insurance in Memphis.
Step 1: Spend a few minutes and learn about the different coverages in a policy and the things you can change to prevent expensive coverage. Many things that cause rate increases like distracted driving and a poor credit rating can be amended by paying attention to minor details.
Step 2: Quote rates from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from one company like Progressive or Farmers Insurance, while agents who are independent can provide rate quotes from multiple sources.
Step 3: Compare the price quotes to your existing policy to determine if switching companies saves money. If you can save money and switch companies, make sure there is no lapse in coverage.
Step 4: Give proper notification to your current agent or company to cancel your current auto insurance policy and submit a completed application and payment to your new company or agent. Once the paperwork is finalized, store the certificate of insurance with your vehicle’s registration.
An important part of this process is that you’ll want to make sure you compare identical coverage information on every price quote and and to get rates from as many companies as you can. This guarantees an accurate price comparison and a good representation of prices.
Comparing quotes for affordable auto insurance coverage in Memphis is not as hard as you think. In essence, everyone who shops for auto insurance will more than likely find better rates. Although Tennessee drivers must learn how companies market insurance on the web and use it to find better rates.
Get affordable BMW X1 insurance in Memphis with discounts
Car insurance companies don’t always publicize every discount they offer very clearly, so the list below details both the well known in addition to some of the lesser obvious savings tricks you should be using when you buy Memphis auto insurance online. If you aren’t receiving every discount you qualify for, you are not getting the best rate possible.
- Drive Less and Save – Driving fewer miles can qualify you for lower insurance rates on the low mileage vehicles.
- Anti-lock Brake System – Vehicles with ABS and/or traction control can stop better under adverse conditions and qualify for as much as a 10% discount.
- Theft Prevention System – Cars, trucks, and SUVs optioned with advanced anti-theft systems can help prevent theft and will qualify for a discount on a Memphis auto insurance quote.
- Discount for Multiple Policies – If you combine your homeowners and auto policies with the same company you could get a discount of nearly 15% which can help you find affordable BMW X1 insurance rates in Memphis.
- First Accident Forgiveness – This isn’t a discount exactly, but certain companies will let one accident slide before raising your premiums with the catch being you have to be claim-free for a set time period.
While discounts sound great, it’s important to understand that most of the big mark downs will not be given to the overall cost of the policy. The majority will only reduce specific coverage prices like medical payments or collision. So even though it sounds like adding up those discounts means a free policy, insurance companies wouldn’t stay in business.
To see insurance companies who offer discounts in Memphis, click here to view.
All the larger car insurance companies such as Allstate, GEICO and Progressive allow consumers to get pricing on their websites. Getting online rates for BMW X1 insurance in Memphis can be done by anyone as you simply enter your required coverages as requested by the quote form. When complete, the quote system obtains information on your driving record and credit history and quotes a price based on the information you submitted. This helps simplify price comparisons, and it’s also necessary to compare as many rates as possible if you are searching for the lowest payment on car insurance.
If you want to compare rates using this form now, compare rates now from the companies shown below. If you currently have coverage, we recommend you input coverages and limits exactly as they are listed on your policy. This guarantees you will have an apples-to-apples comparison for similar coverage.
The companies in the list below are our best choices to provide price comparisons in Memphis, TN. If your goal is to find the best auto insurance in Tennessee, it’s a good idea that you visit two to three different companies to get the best price comparison.
Why You Might Pay Inflated Rates in Memphis
The best way to find cheaper auto insurance is to take a look at a few of the rating criteria that play a part in calculating the level of your policy premiums. If you have a feel for what controls the rates you pay, this empowers consumers to make smart changes that may reward you with lower auto insurance prices. Multiple criteria are used when premium rates are determined. Some are pretty understandable like your driving record, although others are more transparent such as whether you are married or how safe your car is.
Shown below are most of the major factors used by insurance companies to determine prices.
Prices for guys may be higher – Over the last 30 years, statistics show women are more cautious behind the wheel. The data does not necessarily mean that males are worse at driving than females. Both sexes get in auto accidents at a similar rate, but the men cause more damage. Men also tend to get higher numbers of serious violations such as DWI and reckless driving. Teenage male drivers have the highest risk to insure so they pay the highest premiums.
File policy claims and pay more – Companies in Tennessee award most affordable rates to people who do not file claims often. If you tend to file frequent claims, you can expect higher rates. Auto insurance is designed for claims that you cannot pay yourself.
Being married pays dividends – Having a significant other may save some money on your policy. It translates into being more mature than a single person it has been statistically shown that married drivers tend to file fewer claims.
Premiums are affected by your credit history – An insured’s credit score can be a huge factor in determining premium rates. People that have very high credit ratings tend to file fewer claims than those with worse credit. Therefore, if your credit is low, you could be paying less to insure your BMW X1 by improving your rating.
Lower miles equals lower premium – The more you drive in a year the more you’ll pay to insure your vehicle. Most insurance companies apply a rate based upon how the vehicle is primarily used. Cars not used for work or commuting receive better premium rates than vehicles that are driven to work every day. Having the wrong rating on your X1 can result in significantly higher rates. Ask your agent if your declarations sheet states the correct usage for each vehicle.
Drive a fast car and pay more – The make and model of the car, truck or SUV you are buying insurance for makes a big difference in determining your rates. Small economy passenger cars normally have pretty low rates, but your final cost has many other factors.
Your stress level may be raising your rates – Did you know your career choice can influence rates? Careers like judges, business owners, and emergency personnel generally have higher average rates due to intense work requirements and incredibly demanding work hours. Conversely, careers such as professors, students and retirees pay the least.
Discounts for theft deterrents – Selecting a car model with an alarm system can help bring down rates. Anti-theft devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems help track and prevent your vehicle from being stolen.
Insurance loss data for a BMW X1 – Car insurance companies include the past claim trends for vehicles when setting rates for each model. Vehicles that tend to have higher claim frequency or loss amount will have higher premium rates.
The table below illustrates the loss history for BMW X1 vehicles. For each policy coverage type, the statistical loss for all vehicles, as an average, is equal to 100. Values that are below 100 indicate better than average losses, while percentage numbers above 100 indicate higher probability of having a loss or an increased probability of a larger loss.
| Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| BMW X1 4dr 2WD | 99 | 86 | 113 | 90 | 95 | 87 |
| BMW X1 4dr 4WD | 103 | 96 | 120 | 73 | 69 | 82 |
Statistics from IIHS.org for 2013-2015 Model Years
Car insurance agents can help
Certain consumers just want to talk to an insurance agent and that is OK! A good thing about getting online price quotes is the fact that you can find cheap car insurance rates and still buy from a local agent. And providing support for local agents is important especially in Memphis.
To help locate an agent, after submitting this simple form, your coverage information gets sent to local insurance agents that can give you free Memphis auto insurance quotes for your car insurance coverage. It’s much easier because you don’t need to do any legwork because quoted prices will be sent immediately to your email address. You can most likely find cheaper rates without requiring a lot of work. If you want to get a rate quote for a specific company, feel free to find their quoting web page to submit a rate quote request.
Exclusive or Independent: There is a difference
When researching an insurance agent, there are two different agency structures that differ in how they can insure your vehicles. Car insurance agencies can be categorized as either exclusive agents or independent agents.
Independent Car Insurance Agencies or Brokers
These type of agents can quote rates with many companies and that is an advantage because they can write policies through many companies and find you the best rates. If you are not satisfied with one company, your agent can just switch to a different company which makes it simple for you. If you are comparing car insurance prices, you need to compare prices from several independent agencies in order to have the best price comparison.
The following are Memphis independent insurance agencies who can help you get cheap rate quotes.
First Reliable Insurance Agency
5495 Winchester Rd Suite 3 – Memphis, TN 38115 – (901) 362-6052 – View Map
Oseman Insurance Agency
6750 Poplar Ave #410 – Memphis, TN 38138 – (901) 562-0151 – View Map
Sneed Insurance
6645 Stage Rd #200 – Memphis, TN 38134 – (901) 372-4580 – View Map
Exclusive Insurance Agents
Exclusive insurance agents can only provide pricing for a single company such as Allstate, AAA, Farmers Insurance, and State Farm. Exclusive agents cannot provide other company’s prices so they have to upsell other benefits. Exclusive agencies receive extensive training on their company’s products which helps them compete with independent agents.
The following is a list of exclusive insurance agencies in Memphis that can give you price quotes.
Farmers Insurance: Candace Hall
1444 E Shelby Dr #329 – Memphis, TN 38116 – (901) 345-2615 – View Map
State Farm: Warren Hodges
5170 Sanderlin Ave #204 – Memphis, TN 38117 – (901) 767-2000 – View Map
Deloris Burrow – State Farm Insurance Agent
3558 Hickory Hill Rd – Memphis, TN 38115 – (901) 373-8052 – View Map
Finding the right insurance agent shouldn’t rely on just the premium amount. These are some questions you should get answers to.
- How does the company pay claims for a total loss?
- Do they offer accident forgiveness?
- What are the financial ratings for the companies they represent?
- Where would your vehicle be repaired?
- Does the company use OEM repair parts?
- How long has their agency been in business in Memphis?
- Does the agent have a valid license to sell insurance in Tennessee?
- Does the agency have a good rating with the Better Business Bureau?
Why auto insurance is not optional
Despite the high insurance cost for a BMW X1 in Memphis, paying for auto insurance is most likely required but also gives you several important benefits.
- Almost all states have mandatory liability insurance requirements which means you are required to buy a specific level of liability insurance coverage in order to get the vehicle licensed. 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 vehicle, more than likely the lender will stipulate that you have comprehensive coverage to protect their interest in the vehicle. If you let the policy lapse, the bank or lender will purchase a policy for your BMW for a much higher rate and force you to pay the higher price.
- Auto insurance preserves not only your BMW X1 but also your assets. It will also provide coverage for medical expenses for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, also covers legal expenses if you are sued as the result of your driving. If your BMW gets damaged, your auto insurance policy will pay to restore your vehicle to like-new condition.
The benefits of carrying adequate insurance more than offset the price you pay, especially for larger claims. According to a 2015 survey, the average American driver is wasting up to $810 a year so you should quote and compare rates once a year at a minimum to be sure current rates are still competitive.
Do the work, save more money
More affordable auto insurance in Memphis is attainable both online and from local insurance agents, so you should compare both to have the best chance of lowering rates. Some auto insurance companies may not have online rate quotes and these smaller companies only sell coverage through independent agents.
When trying to cut insurance costs, do not buy poor coverage just to save money. In too many instances, an accident victim reduced liability coverage limits only to regret that the small savings ended up costing them much more. The proper strategy is to buy a smart amount of coverage at the lowest possible cost, but do not skimp to save money.
To learn more, take a look at the articles below:
- Distracted Driving (Insurance Information Institute)
- How Much is Car Insurance for Single Moms in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance Rates for a Ford Focus? (FAQ)
- Anti-Lock Brake FAQ (iihs.org)
- State Car Insurance Guides (GEICO)
- How do I File a Claim? (Insurance Information Institute)
- Can I Drive Legally without Insurance? (Insurance Information Institute)