Auto Insurance Quotes for a Lincoln MKZ in Memphis

The best way we recommend to get more affordable Lincoln MKZ insurance in Memphis is to make a habit of comparing prices annually from insurers who can sell car insurance in Tennessee.

1. It will benefit you to learn about the coverage provided by your policy and the factors you can control to prevent rate increases. Many things that cause rate increases like at-fault accidents and a not-so-good credit score can be improved by making minor changes in your lifestyle.
2. Compare prices from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can give quotes from a single company like GEICO and Allstate, while independent agencies can provide price quotes from multiple insurance companies.
3. Compare the new rates to your current policy and see if you can save money. If you find a lower rate and buy the policy, make sure coverage does not lapse between policies.
4. Notify your agent or company to cancel your current policy. Submit payment along with a signed and completed policy application to your new company or agent. As soon as coverage is bound, safely store the proof of insurance certificate in a readily accessible location in your vehicle.

One key aspect of rate comparisons is that you’ll want to compare identical deductibles and limits on every quote request and and to look at all possible companies. This helps ensure a fair price comparison and a complete price analysis.

It’s an obvious conclusion that car insurance companies don’t want policyholders to shop around. Drivers who compare rates annually are very likely to buy a different policy because they stand a good chance of finding a lower rate. A recent study showed that consumers who regularly compared price quotes saved $865 annually as compared to drivers who never compared rates.

If finding discount rates on Lincoln MKZ insurance in Memphis is your target objective, then learning about how to compare car insurance can save money and time.

If you are insured now or are shopping for new coverage, take advantage of these tips to get lower rates without having to cut coverage. Finding the cheapest auto insurance coverage in Memphis is quite easy. Smart shoppers just need to use the most time-saving way to shop their coverage around from multiple carriers.

Reducing your insurance rates can be quick and easy. You just need to take a couple of minutes to get quotes to see which company has affordable Lincoln MKZ insurance quotes.

Comparison shopping quotes online is easy and it makes it obsolete to drive to and from local Memphis insurance agencies. Comparing online rate quotes has reduced the need for local agents unless you want the professional assistance only provided by licensed Memphis agents. Although you can compare online quotes but purchase the actual policy in an agency.

The providers in the list below have been selected to offer quotes in Tennessee. In order to find cheap auto insurance in Memphis, it’s a good idea that you compare several of them in order to find the most competitive rates.

Premium rates and analysis

The rate information shown below showcases detailed analysis of insurance costs for Lincoln MKZ models. Being aware of how insurance rates are calculated can benefit drivers when making smart buying decisions.

Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Price information does not factor in specific location which can modify coverage prices noticeably.

Can higher deductibles save money?

One frequently asked question is where should you set your physical damage deductibles. The following tables summarize the rate fluctuation between low and high coverage deductibles. The first pricing table uses a $100 comprehensive and collision deductible and the second price table uses a $500 deductible.

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Prices do not factor in your specific Memphis location which can increase or decrease price quotes significantly.

Based on the data above, we can derive that using a $100 deductible would cost the average driver about $25 more each month or $300 each year than requesting the higher $500 deductible. Since you would have to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you tend to average more than 16 months between claims, you would probably save some money if you choose a higher deductible. Here is a better example of how you can do this calculation yourself.

One thing to note is that raising deductibles to save money means you will have to pay more out-of-pocket when you do file a claim. You need to have enough extra money in order to pay more to get your vehicle repaired.

Full coverage rates compared to liability-only

The illustration below shows the comparison of Lincoln MKZ auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no claims or driving violations, $100 deductibles, drivers are not married, and no discounts are factored in.

When to drop full coverage

There is no definitive formula to stop paying for physical damage coverage, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.

For example, let’s pretend your Lincoln MKZ settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $8,000 after paying the physical damage deductible. If it’s costing in excess of $800 a year to have full coverage, then it could be time to drop full coverage.

There are some circumstances where dropping full coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should keep full coverage in place.

Protect more than your Lincoln MKZ

Even though Memphis MKZ insurance rates can get expensive, insuring your vehicle is most likely required but also gives you several important benefits.

First, just about all states have minimum mandated liability insurance limits which means it is punishable by state law to not carry specific minimum amounts of liability if you don’t want to risk a ticket. 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 you took out a loan on your Lincoln MKZ, most lenders will stipulate that you carry insurance to ensure loan repayment if the vehicle is totaled. If you cancel or allow the policy to lapse, the bank may insure your Lincoln at a much higher premium rate and force you to pay the higher premium.

Third, car insurance preserves not only your vehicle but also your financial assets. It also can pay for hospital and medical expenses incurred in an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.

The benefits of buying enough insurance more than offset the price you pay, particularly when you have a large claim. On average, a vehicle owner in Memphis overpays as much as $850 per year so you should quote and compare rates each time the policy renews to be sure current rates are still competitive.

Specific coverage details

Knowing the specifics of your policy aids in choosing appropriate coverage at the best deductibles and correct limits. The coverage terms in a policy can be confusing and nobody wants to actually read their policy. Listed below are the normal coverages available from auto insurance companies.

Liability insurance

Liability coverage will cover injuries or damage you cause to people or other property. Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 25/50/15 that means you have $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and $15,000 of coverage for damaged property. Some companies may use one number which is a combined single limit which provides one coverage limit without having the split limit caps.

Liability coverage pays for things like bail bonds, medical expenses, medical services and attorney fees. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase higher limits if possible. Tennessee state minimum liability requirements are 25/50/15 but it’s recommended drivers buy better liability coverage.

The illustration below demonstrates why buying low liability limits may not provide you with enough coverage.

Collision coverage protection

This coverage covers damage to your MKZ caused by collision with an object or car. You first must pay a deductible then your collision coverage will kick in.

Collision coverage pays for claims like damaging your car on a curb, colliding with another moving vehicle, rolling your car and sideswiping another vehicle. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. It’s also possible to bump up the deductible on your MKZ to get cheaper collision coverage.

Protection from uninsured/underinsured drivers

Uninsured or Underinsured Motorist coverage provides protection when the “other guys” are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family as well as damage to your Lincoln MKZ.

Since many Tennessee drivers carry very low liability coverage limits (Tennessee limits are 25/50/15), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is important protection for you and your family. Usually your uninsured/underinsured motorist coverages are set the same as your liability limits.

Medical expense insurance

Medical payments and Personal Injury Protection insurance pay for expenses for things like surgery, pain medications and dental work. They are used in conjunction with a health insurance plan or if you are not covered by health insurance. Coverage applies to all vehicle occupants in addition to getting struck while a pedestrian. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay

Comprehensive (Other than Collision)

This coverage will pay to fix damage from a wide range of events other than collision. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage protects against things like fire damage, theft, falling objects and damage from a tornado or hurricane. The maximum amount you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

A little work can save a LOT of money

When trying to cut insurance costs, it’s not a good idea to skimp on coverage in order to save money. In too many instances, someone sacrificed liability limits or collision coverage only to find out that the small savings ended up costing them much more. The proper strategy is to purchase plenty of coverage for the lowest cost while not skimping on critical coverages.

Lower-priced insurance in Memphis is attainable online as well as from insurance agents, so you should be comparing quotes from both in order to have the best chance of saving money. Some companies do not offer online quoting and most of the time these regional carriers prefer to sell through independent agents.

We just showed you a lot of tips how to save on Lincoln MKZ insurance in Memphis. The most important thing to understand is the more companies you get premium rates for, the better your chances of lowering your premium rates. You may even be surprised to find that the biggest savings come from an unexpected company. Smaller companies can often provide lower premium rates in certain areas than the large multi-state companies such as Progressive and GEICO.

Additional detailed information can be found in the articles below:

• Older Driver Statistics (Insurance Information Institute)
• Who Has Cheap Auto Insurance for a Toyota Corolla in Memphis? (FAQ)
• What Car Insurance is Cheapest for Electric Cars in Memphis? (FAQ)
• Keeping Children Safe in Crashes Video (iihs.org)
• Crash Avoidance Technologies FAQ (iihs.org)
• Neck Injury FAQ (iihs.org)