It’s well known that car insurance companies want to prevent you from shopping around. Consumers who shop rates annually are highly likely to switch companies because there is a great chance of finding coverage at a cheaper rate. Surprisingly, a recent survey revealed that people who shopped around saved approximately $3,400 over four years compared to those who never compared other company’s rates.
If finding the best rates on insurance is your ultimate goal, then having a grasp of how to find companies and compare insurance coverage can save time and money.
The recommended way to find more affordable auto insurance rates is to start doing an annual price comparison from companies who sell auto insurance in Memphis. Price quotes can be compared by following these guidelines.
Step 1: Try to comprehend how companies price auto insurance and the changes you can make to prevent rate increases. Many policy risk factors that drive up the price like accidents, traffic violations, and a less-than-favorable credit score can be improved by making minor changes in your lifestyle.
Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from one company like GEICO or Farmers Insurance, while independent agents can quote prices from multiple companies.
Step 3: Compare the new rates to your existing rates to see if a cheaper rate is available in Memphis. If you find a better price and make a switch, ensure there is no coverage lapse between policies.
Step 4: Notify your company or agent to cancel your current auto insurance policy and submit any necessary down payment along with the completed application to your new agent or company. Once received, place your new proof of insurance paperwork in an easily accessible location.
A good piece of advice is to compare the same level of coverage on every quote and and to get price estimates from as many different companies as possible. Doing this enables an accurate price comparison and a thorough price selection.
Finding the cheapest car insurance coverage in Memphis is quite easy. If you’re already insured, you stand a good chance to be able to find better prices using the techniques presented in this article. Drivers only need to know the most efficient way to compare insurance rates from many different companies online.
Memphis Insurance Prices are Influenced by These Factors
It’s important that you understand the factors that help calculate your premiums. If you know what impacts premium levels, this allows you to make educated decisions that can earn you lower auto insurance prices.
- Five star NHTSA crash test rating saves money – Cars with high safety ratings can get you lower premiums. Vehicles engineered for safety help reduce the chance of injuries in an accident and fewer serious injuries means less claims paid and cheaper rates on your policy. If your Chrysler 200 has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website it may be receiving lower rates.
- See if your company offers a multi-policy discount – Most major companies will award discounts to buyers who buy several policies from them. It’s known as a multi-policy discount. The amount of the discounts can be anywhere from five to ten percent in most cases. If you currently are using one company, drivers will still want to compare Chrysler 200 rates in Memphis to help ensure you have the lowest rates. Consumers may find lower rates by buying from different companies
- Keep claims to a minimum – Insurance companies in Tennessee award better rates to policyholders that do not abuse their auto insurance. If you file a lot of claims you can pretty much guarantee increased rates or even have your policy non-renewed. Auto insurance is intended for the bigger claims that can’t be paid out-of-pocket.
- Costs impacted by your city – Choosing to live in less populated areas of the country can be a good thing if you are looking for the lowest rates. Urban drivers have more auto accidents and longer commute times. Fewer drivers on the road means a lower chance of having an accident in addition to lower liability claims.
- Men tend to take more risk – Over the last 50 years, statistics have shown that females take fewer risks when driving. However, this does not mean women are better drivers. Men and women are in accidents in similar percentages, but guys tend to have higher claims. They also receive more major tickets like DWI (DUI) or reckless driving. Male drivers age 16 to 19 are the most expensive to insure so they pay the highest premiums.
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Insurance losses for a Chrysler 200 – Insurers take into consideration insurance loss statistics for every vehicle when they set coverage costs for each model. Models that tend to have higher losses will have a higher cost to insure. The data below shows the historical insurance loss data for Chrysler 200 vehicles.
For each coverage type, the loss probability for all vehicles compiled together equals 100. Values that are below 100 suggest losses that are better than average, while percentages above 100 indicate a higher chance of having a claim or a tendency for claims to be larger.
Auto Insurance Loss Data for Chrysler 200 Models Specific Chrysler Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chrysler 200 2WD 117 113 116 174 189 152 Chrysler 200 4WD 117 112 108 127 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Affordable rates on Chrysler 200 insurance in Memphis with these discounts
Auto insurance companies don’t always list every available discount in an easy-to-find place, so the list below details both the well known and also the lesser-known discounts that may be available.
- Driver’s Ed – Have your child successfully complete driver’s ed class if offered at their school.
- ABS and Traction Control Discounts – Anti-lock brake equipped vehicles prevent accidents and qualify for as much as a 10% discount.
- Organization Discounts – Being a member of a qualifying organization is a simple method to lower premiums on your policy.
- No Charge for an Accident – Not a discount per se, but some insurance companies permit an accident before they charge you more for coverage so long as you haven’t had any claims prior to the accident.
- Policy Bundle Discount – When you combine your home and auto insurance and insure them with the same company you will save as much as 10 to 15 percent.
- Pay Early and Save – By paying your entire bill at once instead of monthly or quarterly installments you can actually save on your bill.
- E-sign Discounts – A few companies will give a small break for buying your policy on the web.
- Anti-theft System – Cars, trucks, and SUVs with anti-theft systems are less likely to be stolen so companies will give you a small discount.
- Resident Student – College-age children living away from Memphis attending college without a vehicle on campus can receive lower rates.
Just know that most discount credits are not given to the overall cost of the policy. Some only apply to the cost of specific coverages such as comprehensive or collision. So despite the fact that it appears you would end up receiving a 100% discount, it just doesn’t work that way.
Some of the insurance companies that may offer quotes with most of these discounts are:
If you need lower rates, check with every insurance company which discounts they offer. Some discounts may not be offered in your state.
Cheaper insurance is out there
While you’re price shopping online, it’s very important that you do not sacrifice coverage to reduce premiums. In many instances, an accident victim reduced liability limits or collision coverage only to find out that it was a big error on their part. Your goal is to buy enough coverage at a price you can afford.
We just showed you a lot of techniques to lower your Chrysler 200 insurance rates in Memphis. The key thing to remember is the more rate quotes you have, the better your comparison will be. Consumers may even find the best price on insurance is with a lesser-known regional company. Smaller companies can often insure niche markets at a lower cost than their larger competitors like State Farm or Progressive.
For more information, take a look at the articles below:
- If I File a Claim will My Insurance Go Up? (Insurance Information Institute)
- How Much is Car Insurance for Veterans in Memphis? (FAQ)
- Who Has Affordable Memphis Auto Insurance Quotes for a Jeep Wrangler? (FAQ)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Should I Buy a New or Used Car? (Allstate)
- Rental Reimbursement Coverage (Allstate)