Unthinkable but true, most car insurance customers kept their policy with the same company for at least the last four years, and almost half have never compared rate quotes at all. Memphis drivers could pocket about $500 a year by just comparing quotes, but most tend to underestimate how much money they would save if they switched to a more affordable policy.
Really, the only way to find discount BMW X5 eDrive insurance in Memphis is to begin comparing prices regularly from different companies who provide auto insurance in Tennessee.
Step 1: Learn about how auto insurance works and the measures you can control to keep rates in check. Many rating criteria that cause rate increases like traffic tickets, fender benders, and poor credit rating can be controlled by making lifestyle changes or driving safer. This article gives tips to prevent high rates and get additional discounts that may have been overlooked.
Step 2: Compare price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can give quotes from a single company like Progressive or Allstate, while agents who are independent can give you price quotes from multiple insurance companies.
Step 3: Compare the quotes to your current policy premium and determine if there is any savings. If you can save some money, verify that coverage does not lapse between policies.
Step 4: Notify your current company of your intention to cancel your current car insurance policy and submit a down payment along with a signed application to the new company. Immediately put the proof of insurance paperwork in your glove compartment.
A key point to remember is to make sure you're comparing the same amount of coverage on each price quote and and to analyze as many auto insurance providers as possible. Doing this guarantees the most accurate price comparison and a thorough price selection.
Low cost Memphis BMW X5 eDrive insurance quotes
The majority of larger companies like Allstate, GEICO and Progressive allow consumers to get pricing direct online. The process is quite simple as you just enter the coverages you want on the page. Once you submit the form, their rating system will order credit information and your driving record and generates a price.
Quoting online for BMW X5 eDrive insurance in Memphis streamlines rate comparisons, and it's very important to have as many quotes as possible if you are searching for the lowest payment possible.
To fill out one form to compare multiple rates now, take a look at the companies shown below. If you currently have coverage, we recommend you copy your coverages as close as possible to your current policy. This guarantees you're receiving a rate comparison using the exact same coverages.
The car insurance companies shown below are our best choices to provide free rate quotes in Tennessee. If you wish to find the cheapest car insurance in Memphis, we suggest you visit as many as you can in order to find the lowest rates.
These nine discounts can lower BMW X5 eDrive insurance rates
Auto insurance companies don't always list every discount in an easy-to-find place, so the list below contains both well-publicized and the more hidden credits available to bring down your rates.
- Senior Citizen Discount - Drivers that qualify as senior citizens are able to get reduced rates.
- Military Rewards - Being on active duty in the military may qualify for rate reductions.
- Braking Control Discount - Cars, trucks, and SUVs with anti-lock braking systems can stop better under adverse conditions so you can save 10 percent or more.
- Multiple Vehicles - Buying insurance for all your vehicles on one policy can get a discount for every vehicle.
- Renewal Discounts - A few insurance companies allow discounts for switching companies before your current X5 eDrive insurance policy expires. You could save around 10% when you buy Memphis auto insurance online.
- Safety Restraint Discount - Drivers who always wear seat belts and also require passengers to buckle their seat belts could cut 10% or more on medical payment and PIP coverage.
- Air Bag Discount - Options like air bags or automatic seat belts could see savings of 20 to 30 percent.
- Policy Bundle Discount - When you have multiple policies with the same insurance company you could save as much as 10 to 15 percent.
- Responsible Drivers - Insureds without accidents can save as much as half off their rates compared to rates paid by drivers with frequent claims.
You should keep in mind that most discount credits are not given to your bottom line cost. Most only apply to individual premiums such as liability, collision or medical payments. So despite the fact that it appears adding up those discounts means a free policy, that's just not realistic. But any discount will help reduce your policy premiums.
Companies and a selection of discounts are shown below.
- State Farm has discounts for accident-free, multiple autos, multiple policy, anti-theft, driver's education, passive restraint, and student away at school.
- American Family offers discounts including multi-vehicle, defensive driver, early bird, Steer into Savings, mySafetyValet, and good driver.
- AAA policyholders can earn discounts including pay-in-full, good student, education and occupation, AAA membership discount, multi-policy, and good driver.
- GEICO offers discounts for driver training, air bags, anti-theft, multi-policy, and federal employee.
- Mercury Insurance includes discounts for ease of repair, type of vehicle, age of vehicle, low natural disaster claims, professional/association, annual mileage, and accident-free.
- Farmers Insurance has savings for teen driver, good student, bundle discounts, multi-car, and alternative fuel.
- Progressive may offer discounts for continuous coverage, multi-vehicle, homeowner, online signing, and online quote discount.
When getting a coverage quote, ask all the companies which discounts you qualify for. Some discounts might not apply in your area. If you would like to see a list of insurance companies that offer the discounts shown above in Tennessee, click this link.
What if I want to buy from local Memphis insurance agents?
Some consumers still prefer to buy from a local agent. Good agents will help you protect your assets and help submit paperwork. The biggest benefit of getting free rate quotes online is that you can obtain cheap car insurance quotes and still choose a local agent. Buying insurance from local agents is important particularly in Memphis.
For easy comparison, once you complete this short form, the quote information is emailed to participating agents in Memphis that provide free Memphis auto insurance quotes for your car insurance coverage. You never need to contact an agency because prices are sent immediately to you. If you need to compare prices from one company in particular, feel free to go to their quote page and complete a quote there.
Compare rates from both independent and exclusive auto insurance agents
If you need to find a good Memphis insurance agent, it can be helpful to understand the types of agencies from which to choose. Memphis agents can be described as either independent or exclusive. Both types can write policy coverage, but it's important to point out the subtle differences since it can impact the kind of agent you use.
Independent Agents (or Brokers)
Agents that choose to be independent do not work for one specific company and that allows them to write policies with any number of different companies enabling the ability to shop coverage around. If you are not satisfied with one company, they simply move the coverage in-house without you having to go to a different agency.
If you are comparing car insurance prices, you should always compare quotes from a couple of independent agencies to get the most accurate price comparison. They often place coverage with smaller mutual companies who may have lower rates.
Featured below are independent agents in Memphis that may be able to give pricing information.
- Nationwide Insurance: Daysha J Palacio-Miller
1850 Poplar Crest Cove Ste 102 - Memphis, TN 38119 - (901) 762-8585 - View Map
- Kellett Insurance Agency
4608 Quince Rd - Memphis, TN 38117 - (901) 685-3008 - View Map
- Boyle Insurance Agency, Inc.
5900 Poplar Ave - Memphis, TN 38119 - (901) 766-0200 - View Map
Exclusive Car Insurance Agents
Exclusive insurance agents are contracted to one company and some examples include Farmers Insurance and State Farm. Exclusive agents cannot give you multiple price quotes so they really need to provide good service. These agents are well schooled on their products and sales techniques which can be an advantage. Drivers often buy from the same agent for years mostly because of the prominence of the brand and solid financial strength.
The following is a list of exclusive insurance agencies in Memphis who can help you get price quotes.
- Henry Hooper II - State Farm Insurance Agent
348 S Main St - Memphis, TN 38103 - (901) 575-0001 - View Map
- Deloris Burrow - State Farm Insurance Agent
3558 Hickory Hill Rd - Memphis, TN 38115 - (901) 373-8052 - View Map
- Bobby Gorman - State Farm Insurance Agent
4947 William Arnold Rd - Memphis, TN 38117 - (901) 767-1361 - View Map
Selecting an car insurance agent is decision based upon more than just the premium amount. Here are some questions to ask:
- Does the agency have a current Errors and Omissions policy?
- Can you get a list of referrals?
- Will you work with the agent or an assistant?
- Which family members are covered?
- What is the agency's Better Business Bureau rating?
- Are they paid to recommend certain coverages?
- How many companies do they write for?
Specific coverages for a BMW X5 eDrive
Knowing the specifics of your policy can be of help when determining the best coverages for your vehicles. Car insurance terms can be difficult to understand and coverage can change by endorsement.
Liability insurance protects you from damage or injury you incur to people or other property. This insurance protects YOU against claims from other people. Liability doesn't cover your injuries or vehicle damage.
It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show values of 25/50/15 which means $25,000 in coverage for each person's injuries, $50,000 for the entire accident, and $15,000 of coverage for damaged property. Alternatively, you may have a combined single limit or CSL which provides one coverage limit rather than limiting it on a per person basis.
Liability can pay for claims like funeral expenses, structural damage, medical services, bail bonds and repair bills for other people's vehicles. How much coverage you buy is a decision to put some thought into, but buy higher limits if possible. Tennessee requires minimum liability limits of 25/50/15 but drivers should carry more liability than the minimum.
The next chart shows why the minimum limit may not be adequate.
This coverage covers damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for claims such as damage from a tornado or hurricane, hitting a deer and rock chips in glass. The most you'll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle's value consider removing comprehensive coverage.
Uninsured or underinsured coverage
Your UM/UIM coverage gives you protection when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle's occupants as well as damage to your BMW X5 eDrive.
Because many people carry very low liability coverage limits (25/50/15), 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. Frequently the UM/UIM limits are set the same as your liability limits.
Collision coverage protection
Collision insurance pays for damage to your X5 eDrive resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against claims like damaging your car on a curb, sustaining damage from a pot hole, sideswiping another vehicle, rolling your car and backing into a parked car. Collision is rather expensive coverage, so consider dropping it from vehicles that are older. You can also increase the deductible on your X5 eDrive to bring the cost down.
Medical expense coverage
Coverage for medical payments and/or PIP kick in for short-term medical expenses for things like dental work, funeral costs, ambulance fees, EMT expenses and prosthetic devices. They are often used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. Coverage applies to not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state and may carry a deductible
As you prepare to switch companies, make sure you don't buy less coverage just to save a little money. There have been many cases where drivers have reduced liability coverage limits to discover at claim time that it was a big error on their part. Your strategy should be to buy the best coverage you can find at an affordable rate and still be able to protect your assets.
Insureds who switch companies do it for any number of reasons including extreme rates for teen drivers, lack of trust in their agent, unfair underwriting practices or being labeled a high risk driver. It doesn't matter what your reason, switching companies is not as difficult as it may seem.
In this article, we presented many ways to save on BMW X5 eDrive insurance in Memphis. The most important thing to understand is the more companies you get auto insurance rates for, the better your chances of lowering your auto insurance rates. Drivers may even discover the lowest priced car insurance comes from the smaller companies.
- Bodily Injury Coverage (Liberty Mutual)
- Who Has the Cheapest Memphis Auto Insurance for Safe Drivers? (FAQ)
- Who Has Cheap Car Insurance Rates for Teachers in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance for Homeowners? (FAQ)
- Senior Drivers (Insurance Information Institute)
- Crash Avoidance Technologies FAQ (iihs.org)
- Older Driver Statistics (Insurance Information Institute)