Best Insurance for a Jeep Grand Cherokee in Memphis

It takes a few minutes, but the best way to save money on auto insurance rates is to regularly compare price quotes from different companies who provide auto insurance in Memphis.

1. Get an understanding of auto insurance and the factors you can control to lower rates. Many things that cause high rates like traffic citations and a negative credit history can be controlled by being financially responsible and driving safely. Read the full article for ideas to prevent high prices and get additional discounts that may have been overlooked.
2. Request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from one company like GEICO or State Farm, while agents who are independent can provide prices for many different companies.
3. Compare the new rates to your current policy premium and see if there is a cheaper rate in Memphis. If you can save money and change companies, ensure there is no coverage lapse between policies.
4. Give proper notification to your current agent or company of your intention to cancel your current coverage and submit payment and a signed application to your new carrier. Immediately store the certificate verifying proof of insurance in your vehicle.

The critical component of shopping around is to make sure you’re comparing the same physical damage deductibles and liability limits on each price quote and and to get price estimates from as many companies as feasibly possible. This provides a level playing field and plenty of rates choose from.

Smart shoppers know that auto insurance companies don’t want you shop around. Drivers who shop for lower rates will probably buy a different policy because there is a great chance of finding a more affordable policy. Surprisingly, a recent survey revealed that consumers who regularly compared rates saved on average $3,400 over four years compared to other drivers who don’t regularly compare prices.

If finding the cheapest price on auto insurance is your objective, understanding the best way to compare insurance rates can save time and make the process easier.

Finding Jeep Grand Cherokee insurance in Memphis, Tennessee

Keep in mind that comparing more quotes helps improve the odds of finding a lower rate than you’re paying now.

The providers in the list below are ready to provide comparison quotes in Memphis, TN. If multiple companies are listed, we recommend you click on several of them to find the lowest car insurance rates.

Facts and figures for Jeep Grand Cherokee insurance

The information shown next highlights different insurance rates for Jeep Grand Cherokee models. Having knowledge of how rates are calculated can help you make smart choices when selecting a coverage provider.

Data variables include married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Premium costs do not factor in specific location information which can revise prices noticeably.

Analysis of deductible levels

When buying insurance, a common question is how high should the physical damage coverage deductibles be. The comparison tables below outline how much more you’ll pay when you choose different physical damage coverage deductibles. The first rate table uses a $100 physical damage deductible and the second price table uses a $1,000 deductible.

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Information does not factor in garaging location in Memphis which can alter coverage prices significantly.

We can derive from the above data that using a $100 deductible costs approximately $31 more each month or $372 annually averaged for all Grand Cherokee models than buying the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average at a minimum 29 months between claim filings, you would probably come out ahead if you elect the higher deductible. The table below shows how you can do this calculation yourself.

An important sidenote is that raising deductibles to save money means you will have to pay more of your own money when you do file a claim. You need access to more funds in order to pay the higher deductible.

Irresponsible driving raises your rates

The illustration below shows how traffic citations and accidents can influence Jeep Grand Cherokee insurance costs for different age groups of insureds. Data assumes a married female driver, full physical damage coverage, $1,000 deductibles, and no discounts are taken into consideration.

Car insurance in Tennessee serves several purposes

Despite the high cost of buying insurance for a Jeep Grand Cherokee in Memphis, car insurance serves an important purpose.

• Almost all states have minimum liability requirements which means it is punishable by state law to not carry a 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 vehicle has a lienholder, it’s guaranteed your bank will require you to have insurance to guarantee payment of the loan. If you default on your policy, the lender may have to buy a policy to insure your Jeep for a lot more money and require you to pay the higher price.
• Insurance protects not only your car but also your assets. It will also pay for medical transport and hospital expenses for you, your passengers, and anyone else injured in an accident. As part of your policy, liability insurance will also pay to defend you in the event you are sued. If you have damage to your Jeep as the result of the weather or an accident, your policy will cover the damage repairs after a deductible is paid.

The benefits of buying car insurance more than cancel out the cost, especially when you need to use it. The average driver in America overpays more than $850 per year so it’s recommended you shop around at every policy renewal to ensure rates are inline.

Insurance policy specifics

Knowing the specifics of your policy helps when choosing which coverages you need at the best deductibles and correct limits. Insurance terms can be impossible to understand and coverage can change by endorsement.

Liability car insurance

Liability coverage provides protection from damages or injuries you inflict on a person or their property. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. You commonly see policy limits of 25/50/15 which stand for $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and property damage coverage for $15,000. Another option is one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.

Liability coverage protects against claims such as pain and suffering, medical services, attorney fees, loss of income and court costs. The amount of liability coverage you purchase is a decision to put some thought into, but buy higher limits if possible. Tennessee requires drivers to carry at least 25/50/15 but drivers should carry more coverage.

The chart below shows why the minimum limit may not be adequate coverage.

Collision insurance

This pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like hitting a parking meter, scraping a guard rail and damaging your car on a curb. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to bump up the deductible on your Grand Cherokee to bring the cost down.

Coverage for medical payments

Medical payments and Personal Injury Protection insurance reimburse you for bills such as funeral costs, surgery, X-ray expenses and chiropractic care. They can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Coverage applies to you and your occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is not an option in every state and may carry a deductible

Uninsured and underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. Covered losses include injuries to you and your family as well as your vehicle’s damage.

Due to the fact that many Tennessee drivers only purchase the least amount of liability that is required (Tennessee limits are 25/50/15), it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Frequently your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.

Comprehensive coverages

This coverage pays for damage that is not covered by collision coverage. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims such as rock chips in glass, hitting a bird, damage from a tornado or hurricane and a broken windshield. The maximum amount your insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.