The easiest way to get cheaper car insurance rates in Memphis is to annually compare prices from providers who sell insurance in Tennessee.
Step 1: Spend a few minutes and learn about individual coverages and the things you can change to drop your rates. Many things that result in higher prices such as at-fault accidents, speeding tickets, and a negative credit history can be amended by making lifestyle changes or driving safer.
Step 2: Compare prices from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give prices from one company like Progressive or Allstate, while independent agencies can quote rates from many different companies. Begin your rate comparison
Step 3: Compare the price quotes to your existing coverage to see if switching to a new carrier will save money. If you find a better price and decide to switch, ensure coverage does not lapse between policies.
Step 4: Provide adequate notice to your current company of your decision to cancel your current coverage and submit the signed application along with the required initial payment for your new coverage. Once coverage is bound, place your new certificate of insurance with your vehicle’s registration.
One important bit of advice is that you’ll want to compare the same liability limits and deductibles on every quote request and to quote with as many auto insurance providers as possible. Doing this guarantees a fair price comparison and and a good selection of different prices.
It goes without saying that insurance companies don’t want customers comparing rates. Drivers who get price quotes annually will presumably switch auto insurance companies because there is a significant possibility of finding a policy with more affordable rates. A recent auto insurance study discovered that people who shopped around annually saved on average $865 annually compared to drivers who never shopped around for cheaper prices.
If saving the most money on auto insurance in Memphis is your intention, knowing how to quote and compare cheaper coverage can help you succeed in finding affordable rates.
How You Can Control Tesla Model S Insurance Prices
Many factors are part of the calculation when pricing auto insurance. A few of the factors are predictable like a motor vehicle report, but others are more transparent like your vehicle usage or how safe your car is.
Fast cars cost more to insure – The make and model of the vehicle you are trying to find cheaper insurance for makes a huge difference in the rate you pay. The lowest rates will generally be found on economy passenger vehicles, but that’s not the only thing that factors into the final price.
Poor credit decisions can cost you – An insured’s credit score factor in calculating your insurance rates. Insureds with excellent credit tend to be more responsible than drivers with bad credit. Therefore, if your credit rating is low, you could be paying less to insure your Tesla Model S if you clean up your credit.
Where do you drive? – Driving a lot of miles in a year the higher your rates will be. Many insurance companies apply a rate determined by how the vehicle is used. Vehicles that sit idle most of the time can get a lower rate as compared to vehicles used primarily for driving to work. It’s always a good idea to double check that your insurance declarations sheet shows the right rating data. An improperly rated Model S may be wasting your money.
Your address can affect costs – Residing in a rural area has definite advantages when buying insurance. People who live in big cities have more traffic problems and a longer drive to work. Fewer drivers on the road translates into fewer accident claims.
Men drivers tend to cost more – Over the last 30 years, statistics show females are less aggressive when driving. This data doesn’t prove that females are better at driving than males. Both genders are in auto accidents at about the same rate, but the males have costlier accidents. They also get more serious tickets like reckless driving and DUI.
Do thieves like your car? – Driving a car with an alarm system can help bring down rates. Anti-theft devices like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems can thwart car theft and help bring rates down.
Claims statistics for a Tesla Model S – Car insurance companies study historical loss data when they calculate premium rates for each model. Vehicles that historically have higher claim amounts or frequency will have higher rates.
The table shown below demonstrates the historical insurance loss data for Tesla Model S vehicles. For each type of coverage, the loss probability for all vehicles, regardless of manufacturer or model, is a value of 100. Values that are 100 or less suggest losses that are better than average, while values that are 100 or greater indicate higher probability of having a loss or statistically larger claims.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Tesla Model S 4dr Electric 2WD | 324 | 116 | 208 | 39 | 46 | 104 |
| Tesla Model S 4dr Electric 4WD | 333 |
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Auto insurance policy discounts for Tesla Model S insurance in Memphis
Companies offering auto insurance do not advertise all their discounts very clearly, so here is a list some of the best known as well as some of the hidden discounts that you may qualify for.
- Theft Prevention Discount – Cars that have factory anti-theft systems have a lower chance of being stolen and will qualify for a discount on a Memphis car insurance quote.
- Switch and Save Discount – A few companies give discounts for renewing your policy before your current coverage expires. It can save you around 10%.
- Service Members Pay Less – Having an actively deployed family member can result in better premium rates.
- Club Memberships – Participating in qualifying clubs or civic groups could trigger savings on your next auto insurance statement.
- Driving Data Discount – Insureds that choose to allow companies to monitor their driving habits by using a telematics device in their vehicle such as Snapshot from Progressive or Drivewise from Allstate could see a rate decrease if their driving habits are good.
- Multiple Policy Discount – If you insure your home and vehicles and insure them with the same company you could get a discount of up to 20% and get you the cheapest Tesla Model S insurance in Memphis.
- Discount for Good Grades – Excelling in school could provide a savings of up to 20% or more. Most companies allow this discount up to age 25.
- Anti-lock Brake Discount – Vehicles that have anti-lock braking systems can stop better under adverse conditions so companies give up to a 10% discount.
- Multiple Vehicles – Having several vehicles with the same auto insurance company qualifies for this discount.
As a disclaimer on discounts, some credits don’t apply to the entire cost. Most only reduce the cost of specific coverages such as comprehensive or collision. Despite the fact that it seems like adding up those discounts means a free policy, you won’t be that lucky.
To find companies with the best Tesla Model S insurance discounts in Memphis in Memphis, follow this link.
Find cheaper auto insurance prices by comparing often
Consumers switch companies for a number of reasons such as policy non-renewal, unfair underwriting practices, questionable increases in premium and being labeled a high risk driver. It doesn’t matter why you want to switch finding a new company can be easy and end up saving you some money.
Cheaper auto insurance in Memphis can be found online as well as from independent agents in Memphis, so get free Memphis car insurance quotes from both of them to have the best rate selection. A few companies may not offer rates over the internet and usually these small insurance companies only sell through independent insurance agencies.
When shopping online for auto insurance, do not sacrifice coverage to reduce premiums. There are a lot of situations where an insured dropped collision coverage and discovered at claim time that the few dollars in savings costed them thousands. Your goal is to buy enough coverage for the lowest cost, not the least amount of coverage.
Helpful learning opportunities
- Rental Car Insurance Tips (Insurance Information Institute)
- Who Has Cheap Auto Insurance Rates for Teenage Males in Memphis? (FAQ)
- Who Has Affordable Car Insurance Quotes for a Toyota Highlander in Memphis? (FAQ)
- What Insurance is Cheapest for State Employees in Memphis? (FAQ)
- What Car Insurance is Cheapest for Police Officers in Memphis? (FAQ)
- Who Has Cheap Auto Insurance for a Toyota Corolla in Memphis? (FAQ)
- Auto Insurance Learning Center (State Farm)
- Safety Belts FAQ (iihs.org)
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)