The most effective way to find cheaper prices for auto insurance rates in Memphis is to compare quotes annually from insurers in Tennessee. Prices can be compared by following these steps.
First, gain an understanding of the coverage provided by your policy and the steps you can take to lower rates. Many risk factors that increase rates like distracted driving and a negative credit history can be amended by making lifestyle changes or driving safer.
Second, quote rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO and Allstate, while agents who are independent can give you price quotes from multiple insurance companies.
Third, compare the quotes to the price on your current policy to determine if switching companies saves money. If you can save some money and decide to switch, ensure there is no coverage lapse between policies.
A tip to remember is to try to use similar coverage information on every price quote and and to get price quotes from as many carriers as you can. Doing this ensures a fair price comparison and a thorough price selection.
Regrettably, the vast majority of insurance customers in Tennessee renewed their policy with the same company for more than four years, and nearly 40% of drivers have never quoted insurance rates at all. Most drivers in America could save an average of about $860 each year by just comparing quotes, but they just assume it’s a time-consuming process to compare rate quotes online.
It’s important to know that comparing a wide range of rates will enable you to find a better price.
The auto insurance companies shown below provide price quotes in Memphis, TN. If you want the cheapest auto insurance in Tennessee, we suggest you visit as many as you can in order to get a fair rate comparison.
Save a ton with these five discounts
Some insurance providers don’t list all discounts very clearly, so the list below details both the well known in addition to some of the lesser obvious credits that may apply to you. If you check and find you aren’t receiving every discount you deserve, you could be saving more on your auto insurance.
- Membership in Organizations – Being in a professional or civic organization can get you a small discount on your next renewal.
- Senior Discount – Drivers that qualify as senior citizens may receive better auto insurance rates.
- Multiple Policy Discount – If you insure your home and vehicles with the same insurance company you will save up to 20% and get you cheaper Montego insurance.
- Air Bag Discount – Vehicles equipped with air bags or automatic seat belts may earn rate discounts of more than 20%.
- No Charge for an Accident – This one isn’t a discount, but certain companies will forgive one accident without getting socked with a rate hike if your claims history is clear prior to the accident.
It’s important to note that most credits do not apply to the whole policy. Most only reduce the cost of specific coverages such as comprehensive or collision. Even though it may seem like all those discounts means the company will pay you, you aren’t that lucky.
To choose providers with the best Mercury Montego insurance discounts in Memphis in Tennessee, click here.
When do I need to talk to a local insurance agent?
A small number of people just want to go talk to an agent and that is recommended in a lot of cases An additional benefit of getting online price quotes is that drivers can save money and get cheap rate quotes and still have an agent to talk to. Buying from neighborhood insurance agencies is important particularly in Memphis.
After completing this simple form, your insurance data is transmitted to insurance agents in Memphis that can give you free Memphis car insurance quotes to get your business. There is no need to find an agent because quoted prices will be sent directly to your email. You can find the lowest rates without having to waste a lot of time. If for some reason you want to get a comparison quote from a particular provider, don’t hesitate to jump over to their website and fill out the quote form the provide.
If you’re trying to find a local Memphis insurance agency, you must know there are a couple types of agencies to choose from. Insurance agents in Memphis are considered either exclusive or independent.
Independent Insurance Agents
Agents of this type are appointed with more than one company and that gives them the ability to insure through many companies and possibly get better coverage at lower prices. To move your coverage to a new company, the business is moved internally without you having to go to a different agency. If you need lower rates, it’s recommended you get some free quotes from at a minimum one independent agency to get the most accurate price comparison. They also have the ability to place coverage with lesser-known insurance companies which may have better rates.
The following are independent insurance agents in Memphis that may be able to give free insurance rate quotes.
- Fred L. Davis Insurance Agency – Car Insurance Agency
1374 Airways Blvd – Memphis, TN 38114 – (901) 323-6159 – View Map - Farris Evans Insurance Agency Inc
1568 Union Ave – Memphis, TN 38104 – (901) 274-5424 – View Map - Lipscomb and Pitts Insurance LLC
2670 Union Ave – Memphis, TN 38112 – (901) 321-1000 – View Map
Exclusive Insurance Agents
Agents that choose to be exclusive can only quote rates from one company such as State Farm, Allstate, and Farm Bureau. Exclusive agents cannot provide rate quotes from other companies so you might not find the best rates. Exclusive insurance agents are highly trained on what they offer which helps overcome the inability to quote other rates. Some insured continue to buy insurance from these agents mainly due to the brand legacy rather than low rates.
Below are exclusive insurance agents in Memphis that can give you price quote information.
- Bobby Gorman – State Farm Insurance Agent
4947 William Arnold Rd – Memphis, TN 38117 – (901) 767-1361 – View Map - Heath Johnson – State Farm Insurance Agent
2657 Appling Rd #101 – Memphis, TN 38133 – (901) 372-2228 – View Map - Allstate Insurance: Brandon Goodrich
3725 Riverdale Rd Ste 4 – Memphis, TN 38115 – (901) 794-0080 – View Map
Finding the right insurance agent is decision based upon more than just a cheap price. Agents should be asked these questions:
- How much will you save each year by using a higher deductible?
- How will an accident affect your rates?
- How are they compensated?
- Does the agency have a good rating with the Better Business Bureau?
- Do they have designations such as AIC, CPCU, or CIC?
Three main reasons to buy auto insurance
Even though it can be expensive, maintaining insurance serves several important purposes.
- The majority of states have minimum liability requirements which means you are required to carry a specific minimum amount of liability coverage 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.
- If you have a loan on your Montego, more than likely the lender will force you to carry insurance to ensure loan repayment if the vehicle is totaled. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Mercury for a much higher rate and require you to pay for it.
- Insurance safeguards not only your Mercury but also your financial assets. It will also reimburse you for medical expenses for not only you but also any passengers injured in an accident. Liability coverage, the one required by state law, will also pay for a defense attorney if you are sued as the result of an accident. If you have damage to your Mercury as the result of the weather or an accident, comprehensive and collision coverage will cover the repair costs.
The benefits of having auto insurance are definitely more than the cost, especially when you need to use it. An average driver in America is currently overpaying as much as $825 a year so we recommend shopping around once a year at a minimum to save money.
The coverage is in the details
Knowing the specifics of car insurance helps when choosing the best coverages and proper limits and deductibles. Policy terminology can be impossible to understand and nobody wants to actually read their policy.
Comprehensive or Other Than Collision – Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.
Comprehensive can pay for claims like damage from getting keyed, damage from flooding and hitting a bird. The maximum payout you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.
Coverage for liability – This will cover injuries or damage you cause to people or other property that is your fault. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 25/50/15 that translate to a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and property damage coverage for $15,000. Alternatively, you may have a combined limit which limits claims to one amount rather than limiting it on a per person basis.
Liability insurance covers things like repair bills for other people’s vehicles, legal defense fees and structural damage. How much coverage you buy is a personal decision, but you should buy higher limits if possible. Tennessee state minimum liability requirements are 25/50/15 but you should consider buying more liability than the minimum.
The illustration below demonstrates why buying low liability limits may not be high enough to adequately cover claims.
Collision coverage – Collision insurance pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You will need to pay your deductible then your collision coverage will kick in.
Collision insurance covers claims such as rolling your car, hitting a mailbox and hitting a parking meter. This coverage can be expensive, so consider dropping it from vehicles that are older. Another option is to increase the deductible on your Montego to save money on collision insurance.
Medical costs insurance – Personal Injury Protection (PIP) and medical payments coverage reimburse you for immediate expenses for funeral costs, X-ray expenses, hospital visits, EMT expenses and prosthetic devices. They can be used in conjunction with a health insurance policy or if you do not have health coverage. Coverage applies to both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage
UM/UIM Coverage – Uninsured or Underinsured Motorist coverage provides protection from other motorists when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
Since many Tennessee drivers have only the minimum liability required by law (Tennessee limits are 25/50/15), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages is important protection for you and your family. Usually your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
Best auto insurance company in Memphis
Choosing the best car insurance company can be rather challenging considering how many companies sell insurance in Tennessee. The company rank data displayed below may help you decide which insurers you want to consider comparing price quotes from.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Erie Insurance | 87 | 84 | 85 | 85% | A+ | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
How much can you save?
Consumers change insurance companies for a number of reasons such as policy non-renewal, being labeled a high risk driver, poor customer service and even high prices. Regardless of your reason, choosing a new insurance company is less work than it seems.
Budget-friendly auto insurance in Memphis is definitely available both online and from local insurance agents, and you should compare price quotes from both in order to have the best price selection to choose from. Some insurance providers may not offer price quotes online and many times these regional carriers work with independent insurance agencies.
You just read some good ideas how you can compare Mercury Montego insurance prices in Memphis. The most important thing to understand is the more rate quotes you have, the better your comparison will be. Consumers could even find that the biggest savings come from the smaller companies.
Helpful resources
- Side Impact Crash Tests (iihs.org)
- Who Has Affordable Memphis Auto Insurance Rates for Drivers Over Age 60? (FAQ)
- Comprehensive Coverage (Liberty Mutual)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Safety Tips for Teen Drivers (Insurance Information Institute)