Tired of trying to scrape together enough money to keep your car insured? Your situation is no different than many other Tennessee consumers.
Inconceivable but true, the majority of drivers kept their coverage with the same car insurance company for a minimum of four years, and nearly 40% of drivers have never even compared quotes to find cheap rates. Many drivers in Tennessee could save themselves about $500 a year by just comparing rate quotes, but most undervalue how much money they would save if they bought a different policy.
There are many car insurance companies to choose from, and even though it’s nice to have multiple companies, it makes it harder to compare rates and find the lowest cost car insurance.
Quoting and comparing affordable policy in Memphis is simple if you know the tricks. Nearly every car owner who is required to buy auto insurance will probably find lower prices. Although Tennessee drivers must understand the methods companies use to determine what you pay.
You Can Change Your Insurance Rates
Many things are taken into consideration when premium rates are determined. Some are pretty understandable such as your driving record, although some other factors are less apparent like your vehicle usage and annual miles driven. Consumers need to have an understanding of the different types of things that play a part in calculating the rates you pay for car insurance. If you have some idea of what controls the rates you pay, this helps enable you to make changes that can help you get lower rates.
The factors shown below are some of the items used by your company to calculate rates.
Car and home together may be cheaper – Some car insurance companies give better rates to policyholders that purchase more than one policy. It’s known as a multi-policy discount. The discount can be as much as ten percent or more If you currently are using one company, you may still want to compare other Memphis Sorento insurance rates to verify if the discount is saving money. Drivers may still find better rates even if you insure with multiple companies
Do you know you’re credit history? – Having a bad credit history will be a significant factor in determining premium rates. So if your credit history is low, you may save money insuring your Kia Sorento by spending a little time repairing your credit. Drivers who have very good credit scores tend to be more responsible than drivers with bad credit.
Insurance rates in urban areas – Living in smaller towns and rural areas of the country may provide you with better prices when talking about car insurance. Less people means fewer accidents in addition to fewer liability claims. People who live in big cities have much more traffic and much longer commute distances. Spending more time driving means more chance of being in an accident.
Your spouse saves you money – Having a spouse may cut your premiums when shopping for car insurance. Marriage may mean you are less irresponsible and statistics prove married drivers tend to have fewer serious accidents.
Too many insurance claims and you’ll pay more – Insurance companies in Tennessee award lower rates to people who do not file claims often. If you are the type of insured that files lots of claims you can look forward to much higher rates or policy non-renewal. Your insurance policy is intended for more catastrophic claims.
Men drivers tend to cost more – The statistics show that women are safer drivers than men. It does not mean males are worse at driving than females. Males and females cause fender benders in similar percentages, but men cause more damage and cost insurance companies more money. Not only that, but men also get higher numbers of serious violations like driving under the influence (DUI).
Insurance loss data for Kia Sorento vehicles – Insurers use statistical claims data when they calculate premium costs for each model. Models that statistically have higher claim amounts or frequency will cost more for coverage. The table below illustrates the historical insurance loss data for Kia Sorento vehicles.
For each policy coverage, the statistical loss for all vehicles compiled together equals 100. Percentage values below 100 suggest a positive loss record, while numbers above 100 indicate more frequent claims or a tendency for losses to be larger than average.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Kia Sorento 4dr 2WD||80||86||82||110||111||94|
|Kia Sorento 4dr 4WD||85||87||101||97||98||85|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
One last thing about your coverage
Lower-priced car insurance in Memphis is definitely available from both online companies and from local insurance agents, and you should compare rates from both to have the best rate selection. A few companies may not offer rate quotes online and most of the time these small insurance companies work with local independent agents.
When buying insurance coverage, it’s very important that you do not buy less coverage just to save a little money. Too many times, consumers will sacrifice collision coverage only to regret at claim time that a couple dollars of savings turned into a financial nightmare. The ultimate goal is to buy the best coverage you can find at the lowest possible cost, but don’t skip important coverages to save money.
Steps to finding affordable quotes for Kia Sorento insurance in Memphis
If you want to find the absolute lowest rates, then the best way to find cheaper quotes for auto insurance rates in Memphis is to regularly compare prices from insurance carriers in Tennessee.
- Try to understand the different coverages in a policy and the measures you can control to prevent high rates. Many risk factors that cause rate increases like accidents, careless driving, and a negative credit score can be eliminated by making minor driving habit or lifestyle changes.
- Compare rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from a single company like Progressive or Farmers Insurance, while independent agencies can quote prices for many different companies. Get quotes now
- Compare the new rates to the premium of your current policy to see if a cheaper price is available. If you find better rates and change companies, make sure coverage does not lapse between policies.
- Give notification to your current company of your intention to cancel your current auto insurance policy and submit the application along with any required down payment to the new company. When you receive it, safely store the certificate of insurance in a readily accessible location in your vehicle.
The most important part of shopping around is to make sure you’re comparing identical deductibles and limits on each quote and and to get quotes from as many companies as you can. This helps ensure an apples-to-apples comparison and a complete price analysis.
Much more information about car insurance in Tennessee can be read at these links:
- What if I Can’t Find Coverage? (Insurance Information Institute)
- Who Has the Cheapest Memphis Car Insurance Quotes for Drivers Over Age 70? (FAQ)
- What Auto Insurance is Cheapest for Young Drivers in Memphis? (FAQ)
- Who Has Cheap Memphis Car Insurance for Ride Shares? (FAQ)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)
- Driving in Bad Weather (Insurance Information Institute)
- Neck Injury FAQ (iihs.org)
- Auto Insurance 101 (About.com)