Find Cheaper Ford Escape Insurance in Memphis

The easiest way to get low-cost car insurance rates is to make a habit of regularly comparing prices from companies in Memphis.

First, spend a few minutes and learn about how insurance companies determine prices and the things you can change to drop your rates. Many factors that are responsible for high rates such as accidents, traffic tickets, and an unacceptable credit rating can be remedied by paying attention to minor details. This article gives the details to help prevent expensive coverage and get additional discounts.

Second, compare prices from direct, independent, and exclusive agents. Exclusive and direct companies can give quotes from a single company like GEICO or State Farm, while agents who are independent can provide prices from multiple insurance companies.

Third, compare the new quotes to your existing policy to see if a cheaper price is available in Memphis. If you find better rates, make sure coverage is continuous and does not lapse.

Fourth, notify your current company of your intention to cancel your current coverage and submit a signed application and payment for your new policy. As soon as you can, place the new certificate verifying coverage in your vehicle’s glove compartment or console.

A key point to remember is to try to use identical limits and deductibles on every price quote and and to get price quotes from as many different insurance providers as possible. This guarantees a fair price comparison and a complete rate analysis.

Insurance rates Ford Escape in MemphisIt goes without saying that car insurance companies don’t want customers comparing rates. Drivers who shop around once a year will presumably switch to a new company because they have a good chance of finding discount prices. A survey found that drivers who make a habit of shopping around saved on average $865 a year compared to those who never shopped for cheaper rates.

If finding the lowest price on car insurance is your objective, then having an understanding of the best ways to find and compare car insurance can save time and money.

If you currently have a car insurance policy, you will surely be able to save money using this strategy. Locating the most cost-effective insurance policy in Memphis can be easy if you know a few tricks. Although Tennessee consumers need to have an understanding of the way insurance companies charge you for coverage and use it to find better rates.

Why Informed Drivers Pay Less for Ford Escape Insurance

Many factors are used in the calculation when quoting car insurance. Most are fairly basic like your driving record, but some are not as apparent such as your credit history or your commute time. An important part of buying insurance is that you know the different types of things that help determine your premiums. When consumers understand what determines base rates, this enables informed choices that could result in lower rates.

Auto insurance data for a Ford Escape

The rate table shown next outlines detailed analysis of policy rates for Ford Escape models. Having insight into how insurance premiums are determined can help guide drivers when making informed decisions when comparing rate quotes.

Ford Escape Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Escape XLS 2WD $168 $318 $278 $16 $84 $864 $72
Escape XLS 4WD $168 $318 $278 $16 $84 $864 $72
Escape XLT 2WD $168 $318 $278 $16 $84 $864 $72
Escape Limited 2WD $192 $318 $278 $16 $84 $888 $74
Escape XLT 4WD $192 $318 $278 $16 $84 $888 $74
Escape Limited 4WD $192 $388 $278 $16 $84 $958 $80
Get Your Own Custom Quote Go

Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Information does not factor in Memphis location which can change rates noticeably.

Choosing deductibles

One of the more difficult decisions when buying auto insurance is which deductible level should you buy. The tables below illustrate the price difference when you choose different physical damage deductibles. The first set of rates uses a $100 deductible for physical damage and the second rate table uses a $1,000 deductible.

Ford Escape insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Escape XLS 2WD $216 $368 $246 $14 $74 $943 $79
Escape XLS 4WD $216 $368 $246 $14 $74 $943 $79
Escape XLT 2WD $216 $368 $246 $14 $74 $943 $79
Escape Limited 2WD $248 $368 $246 $14 $74 $975 $81
Escape XLT 4WD $248 $368 $246 $14 $74 $975 $81
Escape Limited 4WD $248 $448 $246 $14 $74 $1,055 $88
Get Your Own Custom Quote Go

Ford Escape insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Escape XLS 2WD $120 $194 $246 $14 $74 $648 $54
Escape XLS 4WD $120 $194 $246 $14 $74 $648 $54
Escape XLT 2WD $120 $194 $246 $14 $74 $648 $54
Escape Limited 2WD $138 $194 $246 $14 $74 $666 $56
Escape XLT 4WD $138 $194 $246 $14 $74 $666 $56
Escape Limited 4WD $138 $236 $246 $14 $74 $708 $59
Get Your Own Custom Quote Go

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Information does not factor in Memphis location which can revise prices noticeably.

Based on the above data, using a $100 deductible will cost you about $25 more each month or $300 each year averaged for all Escape models than choosing the higher $1,000 deductible. Because you would be required to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you normally go at a minimum 36 months between claim filings, you would probably save some money going with the higher deductible. Below is an example of how you can decide this on your own policy.

Average monthly premium for $100 deductibles: $81
Average monthly premium for $1,000 deductibles (subtract): – $56
Monthly savings from raising deductible: $25
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $25
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 36 months

One thing to be aware of is that a higher deductible results in having to pay to pay more out-of-pocket when you have a claim. You need to make sure you have enough disposable savings in order to pay more to get your vehicle repaired.

The information below demonstrates how deductible levels and can impact Ford Escape annual premium costs for different age categories. The premiums are based on a single female driver, comp and collision included, and no discounts are factored in.

Impact of careless driving on Memphis auto insurance rates

The example below demonstrates how traffic citations and at-fault claims influence Ford Escape auto insurance costs for each different age group. The premiums assume a married female driver, comp and collision included, $100 deductibles, and no discounts are applied.

Should you buy full coverage?

The example below visualizes the comparison of Ford Escape insurance premiums with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premiums assume no violations or accidents, $250 deductibles, single status, and no discounts are taken into consideration.

When to stop paying for full coverage

There is no specific rule for phasing out full coverage, but there is a broad guideline. If the annual cost of your full coverage insurance is more than around 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your Ford Escape settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $4,000 after paying the physical damage deductible. If premiums are more than $400 annually for your policy with full coverage, then you may want to consider only buying liability coverage.

There are some cases where removing full coverage is not financially feasible. If you still owe money on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not remove full coverage.

Lower-cost Memphis car insurance rates with discounts

Insuring your fleet can be pricey, but there may be some discounts to cut the cost considerably. Some discounts apply automatically at quote time, but occasionally some discounts must be manually applied prior to receiving the credit.Discount car insurance

Don’t be shocked that most of the big mark downs will not be given to the whole policy. Most cut individual premiums such as liability and collision coverage. So even though they make it sound like having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business. But any discount will lower the cost of your policy.

The diagram below compares Ford Escape insurance costs with and without discounts applied to the rates. The premiums are based on a female driver, a clean driving record, no claims, Tennessee state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, multi-car, claim-free, marriage, and safe-driver discounts applied.

Companies and their possible discounts can be read below.

If you want affordable Ford Escape insurance quotes, ask all the companies how many discounts you can get. Some of the discounts discussed earlier may not apply to policies in Memphis. If you would like to view companies who offer car insurance discounts in Tennessee, click here.

Cover all your bases

When getting Memphis auto insurance quotes online, don’t be tempted to buy poor coverage just to save money. There have been many cases where someone sacrificed liability limits or collision coverage only to find out that it was a big error on their part. Your goal should be to buy enough coverage for the lowest cost, but do not skimp to save money.

You just read a lot of ways to find lower-cost Ford Escape insurance in Memphis. It’s most important to understand that the more rate quotes you have, the better your chances of lowering your rates. You may even find the lowest prices come from some of the smallest insurance companies. Some small companies may often insure only within specific states and give better rates than their larger competitors like Progressive or GEICO.

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