How to Save on Honda Element Insurance in Memphis

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A study showed that a large majority of drivers have been with the same company for over three years, and 38% of customers have never compared rates to find cheaper insurance. Memphis insurance shoppers can save hundreds of dollars each year by just comparing quotes, but they assume it's a waste of time to find cheaper insurance by shopping around.

Insurance rates Honda Element in MemphisIf you want to save the most money, the best way to find affordable car insurance rates is to regularly compare quotes from providers that sell auto insurance in Memphis. Rates can be compared by following these steps.

Step 1: It will benefit you to learn about the coverage provided by your policy and the measures you can control to prevent high rates. Many factors that cause high rates such as at-fault accidents, careless driving, and a negative credit score can be remedied by paying attention to minor details.

Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from a single company like GEICO or State Farm, while independent agents can give you price quotes for many different companies.

Step 3: Compare the new quotes to your existing rates to see if cheaper Element coverage is available in Memphis. If you find a lower rate and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.

Step 4: Provide adequate notice to your current company to cancel your current policy. Submit the application along with any required down payment to the new company. As soon as you have the new policy, keep the new proof of insurance certificate in an easily accessible location.

A good tip to remember is that you'll want to compare the same liability limits and deductibles on each quote and and to analyze every insurance company. This provides an accurate price comparison and the best price selection.

If you have a policy now or just want cheaper coverage, you can use this information to cut your premiums and possibly find even better coverage. Quoting the lowest cost insurance policy in Memphis is not as hard as you may think. Drivers just have to understand the fastest way to buy insurance from many different companies.

Cheapest Honda Element insurance rate quotes in Memphis

The following companies offer comparison quotes in Memphis, TN. If your goal is to find cheap auto insurance in Memphis, we recommend you visit several of them in order to find the cheapest rates.

Protect more than your Honda vehicle

Even though it's not necessarily cheap to insure a Honda in Memphis, maintaining insurance may be mandatory for several reasons.

  • Almost all states have mandatory insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability protection in order to get the vehicle licensed. 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 bought your Honda Element with a loan, it's most likely the lender will stipulate that you buy full coverage to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the bank will be required to insure your Honda at a much higher rate and force you to reimburse them much more than you were paying before.
  • Insurance protects not only your Honda but also your assets. It will also reimburse you for most medical and hospital costs incurred in an accident. Liability coverage, the one required by state law, also pays expenses related to your legal defense if someone files suit against you as the result of an accident. If damage is caused by hail or an accident, comprehensive and/or collision insurance will pay to repair the damage.

The benefits of buying enough insurance definitely exceed the price paid, particularly if you ever have a claim. But the average driver in Tennessee is overpaying over $820 a year so you should quote and compare rates every year to ensure rates are competitive.

Coverage information

The premium table displayed below covers a range of insurance rates for Honda Element models. Having a better idea how prices are calculated is important for you to make informed decisions.

Honda Element Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $118 $244 $326 $20 $98 $806 $67
Element LX 4WD $118 $244 $326 $20 $98 $806 $67
Element EX 2WD $118 $244 $326 $20 $98 $806 $67
Element EX 4WD $118 $244 $326 $20 $98 $806 $67
Element SC 2WD $118 $244 $326 $20 $98 $806 $67
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Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Information does not factor in specific zip code location which can impact insurance rates greatly.

Car insurance deductibles

The hardest decision when buying coverage is the level to set your comp and collision deductibles. The rates shown below sum up how much more rates are between high and low physical damage deductibles. The first table uses a $100 physical damage coverage deductible and the second rate chart uses a $1,000 deductible.

Honda Element insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $248 $448 $288 $18 $86 $1,113 $93
Element LX 4WD $248 $448 $288 $18 $86 $1,113 $93
Element EX 2WD $248 $448 $288 $18 $86 $1,113 $93
Element EX 4WD $248 $448 $288 $18 $86 $1,113 $93
Element SC 2WD $248 $448 $288 $18 $86 $1,113 $93
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Honda Element insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $138 $236 $288 $18 $86 $766 $64
Element LX 4WD $138 $236 $288 $18 $86 $766 $64
Element EX 2WD $138 $236 $288 $18 $86 $766 $64
Element EX 4WD $138 $236 $288 $18 $86 $766 $64
Element SC 2WD $138 $236 $288 $18 $86 $766 $64
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Prices do not factor in garaging location in Memphis which can influence auto insurance rates noticeably.

Based on this data, we can arrive at the conclusion that using a $100 deductible costs roughly $29 more each month or $348 annually than requesting the higher $1,000 deductible. Because you would pay $900 more out of your own pocket with a $1,000 deductible as compared to a $100 deductible, if you average at least 31 months between claim filings, you would probably be better off if you opt for a higher deductible.

How accidents and tickets impact rates

The diagram below demonstrates how citations and at-fault accidents influence Honda Element yearly insurance costs for each age group. The costs are based on a single male driver, full coverage, $250 deductibles, and no discounts are applied.

Cost difference between full coverage and liability

The diagram below visualizes the comparison of Honda Element yearly insurance costs with and without full coverage. The data is based on no violations or accidents, $100 deductibles, marital status is single, and no discounts are applied.

When to drop full coverage

There is no specific rule of when to phase out physical damage insurance, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.

For example, let's assume your Honda Element settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,000 after paying your deductible. If it's costing in excess of $400 annually for full coverage, then it might be time to buy liability only.

There are some conditions where dropping physical damage coverage is not recommended. If you haven't satisfied your loan, you have to maintain full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.

Earn discounts to get lower-cost Memphis insurance rates

Car insurance can cost a lot, but you can get discounts to help bring down the price. Larger premium reductions will be automatically applied when you quote, but some discounts are required to be inquired about before you get the savings.Discount insurance

  • Discounts for Seat Belt Usage - Buckling up and requiring all passengers to use a seat belt can save up to 10 percent (depending on the company) on the premium charged for medical payments and/or PIP.
  • Policy Bundle Discount - When you combine your auto and home insurance with the same company you could get a discount of at least 10% off all policies.
  • Employee of Federal Government - Having worked for a branch of the government could cut as much as 10% off depending on your insurance provider.
  • Savings for New Vehicles - Buying a new car model can save you some money because new vehicles have to meet stringent safety requirements.
  • Drivers Education - Require your teen driver to enroll in driver's education in high school.
  • Discounts for Good Drivers - Drivers who don't get into accidents can get discounts for up to 45% lower rates compared to rates paid by drivers with frequent claims.

A quick disclaimer, most credits do not apply to the entire policy premium. Most cut the price of certain insurance coverages like physical damage coverage or medical payments. Even though it appears all the discounts add up to a free policy, you aren't that lucky.

The information below illustrates the difference between Honda Element annual premium costs with and without discounts being applied to the rates. The rate quotes are based on a female driver, a clean driving record, no claims, Tennessee state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, claim-free, multi-policy, multi-car, and safe-driver discounts applied.

Companies and their offered discounts are shown below.

  • State Farm may include discounts for good student, good driver, passive restraint, accident-free, Drive Safe & Save, and student away at school.
  • American Family discounts include good student, multi-vehicle, early bird, air bags, Steer into Savings, and TimeAway discount.
  • AAA has discounts for AAA membership discount, anti-theft, pay-in-full, education and occupation, and good student.
  • GEICO may have discounts that include multi-policy, seat belt use, anti-lock brakes, defensive driver, anti-theft, and air bags.
  • Mercury Insurance policyholders can earn discounts including multi-car, accident-free, good driver, low natural disaster claims, good student, multi-policy, and type of vehicle.
  • Farmers Insurance includes discounts for bundle discounts, teen driver, mature driver, pay in full, homeowner, and youthful driver.
  • Progressive has savings for continuous coverage, online quote discount, homeowner, multi-vehicle, and multi-policy.

Double check with every insurance company which discounts you qualify for. Some of the earlier mentioned discounts may not be offered in every state.

Don't assume everyone needs the same insurance coverage

When it comes to the best insurance coverage, there isn't really a "best" method to buy coverage. Your needs are unique to you.Higher deductibles save money

These are some specific questions might help in determining whether you could use an agent's help.

  • How can I get the company to pay a claim?
  • Will my rates increase for filing one claim?
  • Why am I required to buy liability insurance?
  • Does coverage extend to my business vehicle?
  • Does my liability insurance cover pulling a trailer or camper?
  • Is coverage enough to protect my assets?
  • What is UM/UIM insurance?

If you can't answer these questions then you might want to talk to an insurance agent. To find an agent in your area, fill out this quick form. It only takes a few minutes and may give you better protection.

What is the best car insurance company in Tennessee?

Choosing the highest-rated company is difficult considering how many companies sell insurance in Tennessee. The rank data below can help you select which auto insurance companies you want to consider comparing rates with.

Top Car Insurance Companies in Tennessee
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
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Data Source: Best Car Insurance Companies