If saving money is your primary concern, then the best way to get affordable car insurance rates in Memphis is to start doing an annual price comparison from different companies who provide car insurance in Tennessee. Rate comparisons can be done by following these guidelines.
- Spend some time learning about how insurance works and the changes you can make to lower rates. Many risk factors that cause rate increases such as at-fault accidents and a bad credit rating can be amended by making minor changes in your lifestyle.
- Quote rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and State Farm, while independent agencies can quote rates from multiple sources.
- Compare the price quotes to your existing policy and determine if cheaper 6 coverage is available. If you can save money and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Provide notification to your current agent or company of your intent to cancel your current policy. Submit a completed application and payment to the new company. Once received, put the new proof of insurance paperwork above your visor, in the console, or in the glove compartment.
An important part of this process is to try to compare identical coverages on every quote and and to get price quotes from as many companies as you can. Doing this provides an accurate price comparison and a better comparison of the market.
It’s shocking but nearly 70% of customers have stayed with the same insurance company for at least the last four years, and nearly half have never shopped around. Many drivers in Memphis could save approximately $480 a year, but they underestimate how much money they would save if they just switched companies.
Choosing the best rates in Memphis is really not that difficult. If you currently have car insurance, you will most likely be able to get lower rates using this strategy. Nevertheless, Tennessee car owners do need to know how companies charge you for coverage because rates fluctuate considerably.
When quoting insurance, remember that quoting more increases the chance that you will find a better price. Not every company allows you to get price estimates online, so it’s recommended that you also compare price quotes on coverage from those companies, too.
The following companies are our best choices to provide comparison quotes in Tennessee. If your goal is to find cheaper auto insurance in Memphis, it’s a good idea that you visit two to three different companies in order to get a fair rate comparison.
Rates and other information
The price information displayed below outlines estimates of policy rates for Mazda 6 models. Having a good understanding how insurance premiums are calculated can aid in making decisions when choosing a new policy provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 6 I Sport 4-Dr Sedan | $142 | $258 | $278 | $16 | $82 | $776 | $65 |
| 6 I SV 4-Dr Sedan | $142 | $258 | $278 | $16 | $82 | $776 | $65 |
| 6 I Touring 4-Dr Sedan | $142 | $258 | $278 | $16 | $82 | $776 | $65 |
| 6 I Touring Plus 4-Dr Sedan | $160 | $258 | $278 | $16 | $82 | $794 | $66 |
| 6 I Touring Plus 4-Dr Sedan | $160 | $258 | $278 | $16 | $82 | $794 | $66 |
| 6 I Grand Touring 4-Dr Sedan | $160 | $304 | $278 | $16 | $82 | $840 | $70 |
| 6 S Touring Plus 6 Cyl 4-Dr Sedan | $160 | $304 | $278 | $16 | $82 | $840 | $70 |
| 6 S Touring Plus 4-Dr Sedan | $160 | $304 | $278 | $16 | $82 | $840 | $70 |
| 6 S Grand Touring 4-Dr Sedan | $160 | $304 | $278 | $16 | $82 | $840 | $70 |
| 6 S Grand Touring 6 Cyl 4-Dr Sedan | $160 | $304 | $278 | $16 | $82 | $840 | $70 |
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Data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Rate information does not factor in specific location information which can raise or lower rates considerably.
The example below illustrates how your choice of deductibles and can impact Mazda 6 annual premium costs for different age categories. The price estimates are based on a single male driver, comp and collision included, and no discounts are factored in.
Does full coverage make sense?
The diagram below compares Mazda 6 insurance premiums when comparing full coverage to liability only. The data assumes no accidents or driving violations, $500 deductibles, drivers are not married, and no other discounts are factored in.
Should you pay for full coverage or liability only?
There isn’t a steadfast formula to stop paying for full coverage, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your Mazda 6 replacement cost is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $6,000 after paying the physical damage deductible. If you are currently paying more than $600 annually for full coverage, then you may need to consider dropping full coverage.
There are some cases where dropping physical damage coverage is not a good idea. If you still owe money on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.
Get cheaper rates with discounts
Some insurers don’t necessarily list every discount in an easy-to-find place, so below is a list some of the best known and also the more inconspicuous discounts that you can inquire about if you buy Memphis auto insurance online.
- Seat Belts Save more than Lives – Requiring all passengers to buckle their seat belts can save 10% or more off the personal injury premium cost.
- Distant Student Discount – Kids who live away from home at college and leave their car at home may be able to be covered for less.
- Professional Organizations – Participating in specific professional or occupational memberships or organizations can get you a small discount when getting a Memphis auto insurance quote.
- No Claims – Drivers who don’t have accidents get the best auto insurance rates compared to frequent claim filers.
- Auto/Life Discount – Not every insurance company offers life insurance, but if they do you may earn a small discount if you purchase life insurance from them.
- Discount for Good Grades – Being a good student could provide a savings of up to 20% or more. This discount can apply up to age 25.
- Drive Safe and Save – Insureds who avoid accidents can pay as much as 50% less than their less cautious counterparts.
One thing to note about discounts is that most credits do not apply to the overall cost of the policy. A few only apply to individual premiums such as comp or med pay. So despite the fact that it appears you can get free auto insurance, companies don’t profit that way.
The example below illustrates the comparison of Mazda 6 yearly insurance costs with and without discounts being applied to the rates. The data assumes a male driver, no claims or driving citations, Tennessee state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-policy, marriage, homeowner, multi-car, and safe-driver discounts applied.
Auto insurance companies who may offer these benefits may include but are not limited to:
When getting free Memphis auto insurance quotes, it’s a good idea to all companies you are considering which discounts can lower your rates. All car insurance discounts may not apply everywhere. To see a list of companies that offer discounts in Memphis, click this link.
Auto insurance in Tennessee serves several purposes
Even though it can be expensive, maintaining insurance is required for several reasons.
First, almost all states have minimum mandated liability insurance limits which means state laws require a specific minimum amount of liability coverage if you want to drive legally. 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 car has a loan, more than likely the lender will force you to have full coverage to ensure loan repayment if the vehicle is totaled. If you default on your policy, the bank may insure your Mazda at an extremely high rate and make you pay much more than you were paying before.
Third, auto insurance protects not only your Mazda 6 but also your assets. It will also cover medical expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance will also pay attorney fees if you cause an accident and are sued. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay to repair the damage minus the deductible amount.
The benefits of insuring your car definitely exceed the price paid, particularly if you ever have a claim. According to a recent study, the average American driver is overpaying over $700 annually so it’s recommended you shop around at least once a year to ensure rates are competitive.
Local Memphis insurance agents
Some consumers would rather get advice from a local agent. An additional benefit of comparing insurance prices online is that drivers can save money and get lower rates and still buy from a local agent.
To make it easy to find an agent, after completing this simple form, your coverage information is transmitted to local insurance agents that provide free Memphis auto insurance quotes for your business. You won’t need to search for an agent because prices are sent to you instantly. You’ll get the best rates and work with a local agent. In the event you want to compare prices from a specific insurance company, you can always visit that company’s website and fill out the quote form the provide.
Picking an company is decision based upon more than just the price. Get answers to these questions too.
- Can they provide you with a list of referrals?
- Does the company have a local claim office in Memphis?
- What will you get paid if your car is a total loss? How is that amount determined?
- If you raise deductibles, how much can you save?
- Which insurance company do they prefer to write with?
After you get acceptable answers for all questions you ask as well as a affordable price, you have narrowed it down to a company that meets your needs to properly service your insurance policy.