If you want to save the most money, the best way to save money on Jaguar XK insurance in Memphis is to compare prices annually from insurance carriers in Tennessee. This can be done by following these steps.
Step 1: It will benefit you to learn about the coverage provided by your policy and the things you can control to lower rates. Many factors that are responsible for high rates like traffic citations, accidents, and a not-so-good credit history can be remedied by paying attention to minor details. This article gives more details to help keep rates affordable and earn a bigger discount.
Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from one company like GEICO or Allstate, while independent agencies can give you price quotes for many different companies. Find a Memphis insurance agent
Step 3: Compare the new rate quotes to your current policy premium and see if there is a cheaper rate in Memphis. If you find a better price and decide to switch, make sure there is no lapse in coverage.
Step 4: Give notification to your agent or company of your intent to cancel your existing policy and submit a signed application and payment for the new coverage. As soon as you can, put the certificate of insurance in an accessible location in your vehicle.
An important part of this process is to make sure you enter the same deductibles and limits on every price quote and and to get rate quotes from all possible companies. This guarantees the most accurate price comparison and a better comparison of the market.
Unbelievable but true according to a study about 70% of customers have remained with the same insurance company for a minimum of four years, and practically 40% of insurance customers have never taken the time to shop around. With the average insurance premium being $1,400, Tennessee drivers could save $475 each year, but they mistakenly think it’s difficult to save money by comparing rate quotes.
The are a couple different ways to get quotes from different companies. The fastest way to compare Jaguar XK insurance prices is simply to get online rate quotes.
Comparison shopping rates online is easy and it makes it obsolete to spend time driving to insurance agents’ offices. Shopping for car insurance online makes this process obsolete unless you have a need for the peace of mind of a local Memphis agent. It is possible to get prices online and still use a local agent.
Keep in mind that quoting more provides better odds of finding a lower rate. Not every company does online rate quotes, so you need to compare rates from those companies as well.
The companies shown below offer price quotes in Memphis, TN. If you wish to find cheap auto insurance in TN, we suggest you get price quotes from several of them to get a more complete price comparison.
Auto insurance analysis for a Jaguar XK
The data table shown next outlines a range of insurance rates for Jaguar XK models. Having a better understanding of how car insurance prices are established can assist in making decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XK Portfolio 2-Dr Coupe | $298 | $628 | $246 | $14 | $74 | $1,260 | $105 |
| XK 2-Dr Coupe | $298 | $628 | $246 | $14 | $74 | $1,260 | $105 |
| XK Portfolio 2-Dr Convertible | $322 | $574 | $288 | $18 | $86 | $1,288 | $107 |
| XK 2-Dr Convertible | $322 | $574 | $288 | $18 | $86 | $1,288 | $107 |
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Prices do not factor in vehicle location which can decrease or increase rates greatly.
Impact of speeding/accidents on Memphis auto insurance rates
The example below highlights how speeding tickets and fender-benders can affect Jaguar XK auto insurance rates for different categories of driver ages. The data assumes a single male driver, comp and collision included, $500 deductibles, and no other discounts are factored in.
Gender-based auto insurance rates
The information below shows the difference between Jaguar XK insurance prices for male and female drivers. The data is based on no driving violations, no at-fault accidents, full physical damage coverage, $100 deductibles, single marital status, and no additional discounts are factored in.
Rate comparison of full coverage and liability-only
The information below shows the difference between Jaguar XK annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premiums assume a clean driving record, no claims, $100 deductibles, single marital status, and no additional discounts are factored in.
When to stop buying comprehensive and collision coverage
There is no definitive formula to exclude physical damage insurance, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your Jaguar XK replacement cost is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after paying the physical damage deductible. If you are paying over $800 a year to have full coverage, then you might want to think about dropping full coverage.
There are some scenarios where dropping physical damage coverage is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage on your policy.
Informed Decisions Result in Lower Insurance Costs
It’s important that you understand a few of the rating criteria that aid in calculating your premiums. If you know what determines premiums, this enables you to make decisions that can earn you better insurance rates. Many factors are part of the equation when you get your auto insurance bill. Some are pretty understandable such as your driving history, but other criteria are less apparent such as your credit history or your commute time.
Listed below are some of the things used by companies to determine your prices.
Do you qualify for a multi-policy discount? – Lots of insurance companies will award discounts for people who consolidate policies with them in the form of a multi-policy discount. Even though this discount sounds good, it’s still a good idea to check prices from other companies to make sure you are getting the best deal. You may still save money by buying insurance from more than one company.
Physical damage deductibles – Physical damage coverage, otherwise known as comp (or other than collision) and collision, protects your Jaguar from damage. Some examples of claims that would be covered could be a dented fender, collision with an animal, and damage caused by flying debris. Comp and collision deductibles represent how much money you are required to pay if a claim is determined to be covered. The higher the amount you’re willing to pay, the bigger discount you will receive.
Infrequent drivers can save – The higher the miles on your Jaguar in a year’s time the more it will cost to insure it. Most companies calculate rates based upon how you use the vehicle. Cars and trucks left parked in the garage receive better premium rates than vehicles that are driven to work every day. Ask your agent if your insurance declarations sheet reflects the proper vehicle usage. An improperly rated XK may be wasting your money.
Better premiums for continuous insurance coverage – Driving without insurance coverage in place is a misdemeanor and you may have a hard time finding new coverage because you let your coverage lapse. And not only will your rates increase, failure to provide proof of insurance could result in fines and jail time. You may then have to provide proof of insurance in the form of an SR-22 filing with the Tennessee motor vehicle department to get your license reinstated.
Insurance losses for a Jaguar XK – Auto insurance companies factor in insurance loss information when they set coverage costs for each model. Models that the data shows to have increased losses will cost more to insure. The table shown below demonstrates the loss history for Jaguar XK vehicles.
For each policy coverage, the statistical loss for all vehicles, as an average, is considered to be 100. Numbers under 100 indicate better than average losses, while numbers that are greater than 100 point to more frequent losses or an increased likelihood of larger losses.
| Specific Jaguar Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Jaguar XK 2dr | 167 | |||||
| Jaguar XK Convertible | 119 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Car insurance does more than just repair your car
Even though it can be expensive, insuring your vehicle is not optional due to several reasons.
- Just about all states have minimum liability requirements which means state laws require specific minimum amounts 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.
- If you took out a loan on your Jaguar, it’s guaranteed your bank will make it mandatory that you buy full coverage to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the bank will be required to insure your Jaguar at a more expensive rate and make you pay for it.
- Car insurance protects not only your Jaguar XK but also your assets. Insurance will also pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability coverage will also pay attorney fees if you cause an accident and are sued. If you have damage to your Jaguar as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage.
The benefits of insuring your XK definitely exceed the price paid, particularly when you have a large claim. The average driver in America overpays as much as $869 every year so you should quote your policy with other companies each time the policy renews to save money.