Toyota Corolla Insurance Quotes in Memphis

It’s astonishing, but the vast majority of drivers kept buying from the same company for more than four years, and nearly the majority have never even compared rates from other companies. Memphis drivers can cut their rates by nearly $500 a year by just shopping around, but they don’t know how much money they would save if they moved their coverage to a different company.

The most effective way to find affordable Toyota Corolla insurance is to annually compare prices from providers who sell auto insurance in Memphis. You can shop around by following these guidelines.

• First, spend some time learning about how companies set rates and the steps you can take to prevent expensive coverage. Many rating factors that result in higher rates such as your driving record and your credit history can be eliminated by improving your driving habits or financial responsibility.
• Second, request rate estimates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO or Allstate, while independent agencies can quote prices from many different companies. Compare rates
• Third, compare the new rate quotes to the premium of your current policy and see if there is a cheaper rate in Memphis. If you can save some money and switch companies, make sure there is no coverage gap between policies.

One piece of advice is that you use the same amount of coverage on each quote and and to get quotes from as many different companies as possible. This helps ensure the most accurate price comparison and the best price quote selection.

The intent of this article is to teach you the most effective ways to compare rates and how to save the most money. If you are insured now, you will most likely be able to buy cheaper insurance using the techniques covered below. Smart buyers only have to learn the best way to compare company rates over the internet.

Finding low cost car insurance quotes is not rocket science. All that’s required is to take a few minutes to compare rate quotes to discover which company has affordable Toyota Corolla insurance quotes.

The companies in the list below are ready to provide free rate quotes in Tennessee. To buy cheap car insurance in Memphis, it’s highly recommended you visit two to three different companies to get the lowest price.

Best reasons to buy auto insurance in Tennessee

Despite the potentially high cost of Toyota Corolla insurance, insurance may be mandatory for several reasons.

• Almost all states have minimum mandated liability insurance limits which means you are required to carry a specific level of liability coverage in order to drive the car 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 your Toyota has a lienholder, most banks will make it a condition of the loan that you have comprehensive coverage to ensure loan repayment if the vehicle is totaled. If you let the policy lapse, the lender may have to buy a policy to insure your Toyota at an extremely high rate and make you pay for it.
• Auto insurance preserves not only your Toyota Corolla but also your assets. It will also reimburse you for medical transport and hospital expenses for not only you but also any passengers injured in an accident. One of the most valuable coverages, liability insurance, will also pay for a defense attorney if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, your auto insurance policy will pay to repair the damage minus the deductible amount.

The benefits of insuring your car are definitely more than the cost, especially with large liability claims. As of last year, the average driver in Tennessee is overpaying more than $850 per year so smart consumers compare quotes at every renewal to ensure rates are inline.

Rates and detailed analysis

The coverage table shown below covers estimates of insurance premium costs for Toyota Corolla models. Being aware of how prices are determined is important to be able to make smart choices when choosing a car insurance company.

Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, multi-policy, and homeowner. Rate quotes do not factor in Memphis location which can alter premium rates greatly.

Physical damage deductibles

The hardest decision when buying coverage is how high should the physical damage deductibles be. The comparisons below lay out the cost difference between low and high policy deductibles. The first data table uses a $100 comprehensive and collision deductible and the second rate chart uses a $1,000 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Premium amounts do not factor in Memphis location which can lower or raise coverage prices noticeably.

Based on this data, using a $100 deductible costs approximately $32 more each month or $384 every year averaged for all Corolla models than buying the higher $1,000 deductible. Because you would be required to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you usually have more than 28 months between claim filings, you would probably save some money if you elect the higher deductible.

Safe drivers pay less for auto insurance

The chart below illustrates how violations and fender-benders can influence Toyota Corolla premium costs for each different age group. The data is based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are taken into consideration.

Rate comparison of males versus females in Memphis

The illustration below compares Toyota Corolla yearly insurance costs for male and female drivers. The premiums are based on a clean driving record, no at-fault accidents, comp and collision included, $100 deductibles, drivers are single, and no additional discounts are factored in.

Eight discounts for affordable insurance quotes

Not many people think insurance is cheap, but you might be missing out on some discounts to help offset the cost. Some trigger automatically at the time of quoting, but some must be manually applied before they will apply.

• Service Members Pay Less – Having a family member in the military could trigger a small discount.
• First Accident Forgiveness – Not necessarily a discount, but companies like State Farm, Progressive and GEICO permit an accident before raising your premiums if your claims history is clear for a specific time period.
• Distant Student Discount – Kids who are enrolled in higher education away from home and won’t have access to an insured vehicle could qualify for this discount.
• Bundle and Save – If you can combine your auto and homeowners policy with one insurance company you will save 10% to 20% off each policy.
• Anti-lock Brake Discount – Cars, trucks, and SUVs with ABS and/or traction control can avoid accidents so you can save 10 percent or more.
• Driver’s Education for Students – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class in school or through a local driver safety program.
• Online Discount – A handful of companies will discount your bill up to fifty bucks for completing your application digitally online.
• Cautious Drivers – Drivers who don’t get into accidents can save up to 40% or more on their Memphis car insurance quote than their less cautious counterparts.

It’s important to understand that some of the credits will not apply to all coverage premiums. Most cut the cost of specific coverages such as physical damage coverage or medical payments. So even though you would think all those discounts means the company will pay you, it doesn’t quite work that way.

The chart below illustrates the difference between Toyota Corolla insurance premiums with and without some available policy discounts. The data assumes a female driver, no claims, a clean driving record, Tennessee state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-policy, multi-car, marriage, safe-driver, and claim-free discounts applied.

A few popular companies and the discounts they provide include:

• State Farm offers discounts for anti-theft, driver’s education, multiple policy, good student, and accident-free.
• GEICO has discounts for anti-lock brakes, multi-vehicle, defensive driver, federal employee, daytime running lights, and seat belt use.
• SAFECO may have discounts that include anti-theft, multi-car, safe driver, accident prevention training, and teen safe driver.
• Farmers Insurance has savings for pay in full, switch companies, electronic funds transfer, youthful driver, and homeowner.
• AAA includes discounts for anti-theft, multi-policy, good driver, good student, multi-car, and AAA membership discount.
• USAA may include discounts for new vehicle, driver training, military installation, annual mileage, loyalty savings, family discount, and vehicle storage.

If you need lower rates, check with all companies you are considering to apply every possible discount. A few discounts may not apply to policies in your state. If you would like to choose from a list of companies who offer free Toyota Corolla insurance quotes in Memphis, follow this link.

What if I want to buy from local Memphis insurance agents?

Many people just want to go talk to an agent and that can be a smart move Most agents are trained risk managers and help submit paperwork. A nice benefit of price shopping on the web is that you can obtain better rates and still choose a local agent. And supporting small agencies is definitely important in Memphis.

To help locate an agent, after submitting this form (opens in new window), your insurance data gets sent to agents in your area that can give you free Memphis car insurance quotes and help you find cheaper coverage. You don’t have to even leave your home since price quotes are sent directly to you. If you need to compare prices from a specific auto insurance provider, don’t hesitate to search and find their rate quote page and submit a quote form there.

Listed below are Memphis auto insurance companies that are able to give price quote information for Toyota Corolla insurance in Memphis.

• Ron Willis – State Farm Insurance Agent
  3486 Poplar Ave #102 – Memphis, TN 38111 – (901) 454-7912 – View Map
• Farmers Insurance – April Gainer
  4466 Elvis Presley Blvd #247 – Memphis, TN 38116 – (901) 398-7200 – View Map
• Allstate Insurance: Willie E. Martin
  3315 Kirby Pkwy – Memphis, TN 38115 – (901) 365-2008 – View Map
• Allstate Insurance: Angie Hooten-Hughes
  6803 Summer Ave – Memphis, TN 38134 – (901) 373-6060 – View Map

More insurance agents

Deciding on an provider should include more criteria than just the quoted price. These are some questions you should get answers to.

• Are aftermarket or OEM parts used to repair vehicles?
• Can you contact them at any time?
• Which company do they place the most coverage with?
• Which companies do they recommend if they are an independent agency?
• Which companies can they place coverage with?
• When do they do policy reviews?
• What is the financial rating for the quoted company?

After talking to the agent and getting reasonable responses to any questions you may have as well as inexpensive Toyota Corolla insurance in Memphis quotes, most likely you have located an provider that meets the requirements to adequately provide auto insurance.

Auto insurance 101

Knowing the specifics of a car insurance policy can be of help when determining the best coverages and the correct deductibles and limits. Car insurance terms can be impossible to understand and nobody wants to actually read their policy.

Comprehensive or Other Than Collision – Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive coverage protects against claims such as damage from a tornado or hurricane, vandalism, rock chips in glass and damage from flooding. The maximum payout your car insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Collision coverage – Collision insurance pays for damage to your Corolla resulting from colliding with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as backing into a parked car, driving through your garage door, sideswiping another vehicle and colliding with a tree. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. It’s also possible to choose a higher deductible on your Corolla to get cheaper collision coverage.

Medical costs insurance – Med pay and PIP coverage kick in for bills such as funeral costs, nursing services and prosthetic devices. They can be used in conjunction with a health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not available in all states and may carry a deductible

UM/UIM Coverage – This provides protection from other motorists when they are uninsured or don’t have enough coverage. Covered claims include injuries to you and your family as well as your vehicle’s damage.

Since many Tennessee drivers carry very low liability coverage limits (25/50/15 in Tennessee), it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family. Usually these limits are set the same as your liability limits.

Liability car insurance – Liability insurance protects you from damage that occurs to a person or their property. This insurance protects YOU against claims from other people, and does not provide coverage for your own vehicle damage or injuries.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 25/50/15 which stand for a limit of $25,000 per injured person, $50,000 for the entire accident, and a total limit of $15,000 for damage to vehicles and property. Some companies may use one number which is a combined single limit which combines the three limits into one amount without having the split limit caps.

Liability coverage protects against claims such as bail bonds, court costs, medical services, loss of income and repair bills for other people’s vehicles. How much liability should you purchase? That is a personal decision, but you should buy as large an amount as possible. Tennessee requires drivers to carry at least 25/50/15 but you should consider buying better liability coverage.

The next chart demonstrates why buying the state minimum limits may not provide you with enough coverage.

Shop around and save

People switch companies for a number of reasons such as being labeled a high risk driver, policy cancellation, delays in paying claims and poor customer service. It doesn’t matter what your reason, choosing a new company can be pretty painless.

As you shop your coverage around, it’s a bad idea to skimp on critical coverages to save a buck or two. There have been many situations where someone dropped liability limits or collision coverage and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your strategy should be to purchase plenty of coverage at the lowest possible cost while not skimping on critical coverages.

In this article, we covered a lot of information how to get a better price on Toyota Corolla insurance in Memphis. The key concept to understand is the more times you quote, the better chance you’ll have of finding low cost Memphis car insurance quotes. Drivers may even discover the lowest prices are with a smaller regional carrier.

More detailed car insurance information can be read in the articles below:

• Understanding Car Crashes Video (iihs.org)
• What Car Insurance is Cheapest for Immigrants in Memphis? (FAQ)
• Who Has the Cheapest Car Insurance Rates for a Hyundai Santa Fe in Memphis? (FAQ)
• How Much is Memphis Car Insurance for a Kia Optima? (FAQ)
• How Much is Memphis Auto Insurance for a 20 Year Old Female? (FAQ)
• How Much are Memphis Car Insurance Rates for a Honda Civic? (FAQ)
• Who Has Cheap Memphis Auto Insurance Rates for a Ford Focus? (FAQ)
• Understanding Your Insurance Deductible (Insurance Information Institute)
• Liability Insurance Coverage (Nationwide)