Finding economical insurance for a Dodge Grand Caravan depends on a complex formula that considers things such as whether you are a homeower, the performance level of your vehicle, and physical damage deductibles. Drivers pay approximately $630 each year to insure their Grand Caravan, but that cost is an estimation calculated based on a 30-year-old married male driver with full coverage and $1,000 deductibles.
The issue with using an average estimated rate is the likelihood you may not be 30 years old (or even male), single instead of married, or maybe you don’t qualify for the same discounts. The different assumptions illustrate why the way we recommend to find cheap auto insurance rates for your Dodge is to do a thorough rate comparison. Quotes only take a few minutes and you will receive price comparisons from the cheapest companies around.
The trim level of your vehicle tends to have a direct effect on the annual cost of coverage, so the cost to insure a Grand Caravan CV trim level will be $60 cheaper than the insurance cost for the high end Grand Caravan SXT version, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Grand Caravan CV||$138||$194||$288||$18||$86||$724||$60|
|Grand Caravan SE||$138||$194||$288||$18||$86||$724||$60|
|Grand Caravan Hero||$138||$236||$288||$18||$86||$766||$64|
|Grand Caravan Crew||$156||$236||$288||$18||$86||$784||$65|
|Grand Caravan SXT||$156||$236||$288||$18||$86||$784||$65|
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Price estimates do not factor in specific garaging location which can decrease or increase coverage prices significantly.
Selecting the right insurance company is hard considering how many companies provide coverage in Tennessee. The company ratings in the next section could help you pick which auto insurance companies to look at comparing price quotes from. These ratings are for large nationwide companies, so companies that only write business in Tennessee or surrounding areas are not taken into consideration for this list.
Top 10 Large Auto Insurance Providers in Memphis Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Top 10 Large Auto Insurance Providers in Memphis Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Esurance – A+
- Progressive – A+
- Titan Insurance – A+
- The Hartford – A+
- Allstate – A+
- Nationwide – A+
Cost difference between full coverage and liability
Reducing the cost of insurance should be important to most people, and one of the quickest ways to find cheap insurance for a Dodge Grand Caravan is to buy liability only. The chart below shows the comparison of insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rate quotes are based on no claims or violations, $500 deductibles, drivers are single, and no other discounts are factored in.
If the expense is averaged for all age categories, comprehensive and collision coverage on your policy costs an additional $1,515 per year more than just buying liability only. That is a large expense and it proposes the question if full coverage is worth the money. There is no exact rule of when to phase out physical damage coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is 10% or more of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let’s say your vehicle’s book value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, you would only receive $2,000 after paying the physical damage deductible. If it’s costing in excess of $200 a year for your policy with full coverage, then it might be time to buy liability only.
Types of discounts on Memphis auto insurance
Insurance providers that offer quotes for a Dodge Grand Caravan could also offer special discounts that could lower prices by 40% or more if you qualify. A few of the larger companies and a summarized list of policyholder discounts are:
- State Farm may offer discounts for passive restraint, driver’s education, Steer Clear safe driver discount, multiple autos, student away at school, defensive driving training, and accident-free.
- GEICO includes discounts for air bags, defensive driver, membership and employees, anti-lock brakes, multi-policy, emergency military deployment, and seat belt use.
- Allstate may have discounts that include new car, early signing, teenSMART discount, good student, good payer, and 55 and retired.
- SAFECO offers discounts including teen safety rewards, anti-lock brakes, safe driver, homeowner, and multi-car.
- Farm Bureau has savings for good student, multi-policy, renewal discount, driver training, safe driver, youthful driver, and 55 and retired.
- Progressive has discounts for multi-vehicle, online quote discount, online signing, good student, and multi-policy.
- AAA may include discounts for AAA membership discount, multi-policy, good driver, anti-theft, good student, education and occupation, and multi-car.
The illustration below shows the difference between car insurance rates with and without discounts applied to the rates. Data assumes a male driver, no tickets, no at-fault accidents, Tennessee state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with marriage, accident-free, passive restraint, vehicle safety, homeowner, and multiple policy discounts applied. When these discounts are applied, theamount saved on insurance for a Dodge Grand Caravan is 28% or $552.
Don’t stick with an overpriced policy
Tennessee insurance rates are impacted by many things which can substantially decrease or increase the price of coverage. Simply getting older, getting married, or getting caught speeding can produce rate changes resulting in some rates now being much cheaper than others. Not only may things change on your end, but insurance companies modify pricing every year to adjust for gains or losses. A period of higher than normal claims can cause additional price hikes, while less frequent claims may cause lower-cost Grand Caravan insurance rates.
For example, the bar chart below demonstrates which company has the cheapest car insurance in Memphis, TN for a 35-year-old female driver with no accidents or violations, and solid credit. If we estimate rates based on her current rating profile, Utica National might offer the most affordable car insurance rates in Memphis at $1,018 per year. This is $310 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA are the remainder of the most affordable Memphis, TN auto insurance companies.
Now we will give the driver from above a chargeable claim, poor credit, and a speeding ticket. Since every car insurance company has their own guidelines to set their prices, getting updated rate quotes will most likely result in a different set of affordable companies as shown below.
Erie now has the best car insurance rate in Memphis with Nationwide, Allied, Westfield, and GEICO now being in the top five. This example illustrates why it is critical to do a thorough rate comparison to find the best insurance quotes for a Dodge Grand Caravan. Car insurance prices are determined by many factors and change frequently, so the lowest-price company the last time you shopped around may now not even be in the top five.
Ideas to find low-cost insurance for a Dodge Grand Caravan
The list below summarizes some of the better penny-pinching solutions that can help drivers quote lower-cost coverage.
- Save money by only buying liability coverage for older vehicles
- Save money by observing traffic laws and speed limits
- Increase your deductibles
- Pay for smaller claims out-of-pocket
- Accidents can significantly increase rates
- Shop around for cheaper prices
The last suggestion is remarkably necessary, as was affirmed in this article. Car insurance prices can change significantly in a year, so don’t be tentative to buy from a new company if a cheaper price is available. Being loyal to a particular company is commendable, but it’s not a good idea if your bullheadedness ends up costing you a fortune every year. Now is a great time to compare rates and find cheaper auto insurance for a Dodge Grand Caravan in Memphis.