Unbelievably, over 70% of Tennessee drivers have remained with the same insurance company for at least four years, and 38% of customers have never compared insurance rates at all. The average driver in America can cut their rates by $850 a year by just comparing rate quotes, but they just don’t understand how easy it is to do a rate comparison.
Truthfully, the best way to get cheaper auto insurance rates in Memphis is to compare quotes once a year from providers in Tennessee.
- Read about car insurance and the measures you can control to prevent expensive coverage. Many factors that result in higher prices such as traffic tickets, fender benders, and a not-so-good credit rating can be rectified by making minor changes in your lifestyle.
- Compare prices from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only quote rates from one company like Progressive or Allstate, while agents who are independent can quote prices from many different companies.
- Compare the new rates to your existing coverage to determine if switching companies saves money. If you find a lower rate quote and buy the policy, make sure there is no lapse in coverage.
An essential thing to point out is that you’ll want to make sure you compare the same deductibles and limits on each price quote and and to compare as many different companies as possible. This provides a fair price comparison and the best price selection.
If you’re already insured or are looking for a new policy, use these money-saving tips to get lower rates without reducing protection. The intent of this article is to help educate you on the best way to quote coverages and how you can save the most money. Comparison shoppers just have to know the most effective way to find the lowest price from multiple carriers.
Affordable rates by taking advantage of discounts
Auto insurance can be pricey, but you might already qualify for some discounts to help bring down the price. A few discounts will be applied when you complete an application, but some must be requested specifically before they will apply.
- No Accidents – Drivers who don’t have accidents can save substantially compared to policyholders that have many claims.
- Lower Rates for Military – Being on active duty in the military could be rewarded with lower rates.
- Safe Driver Discounts – Accident-free drivers may receive a discount up to 45% than drivers with accident claims.
- Multiple Policy Discount – If you have multiple policies with one insurance company you could save as much as 10 to 15 percent.
- Defensive Driver Discount – Passing a course in safe driver can save you 5% or more and also improve your driving technique.
- Sign Early and Save – Select larger companies give a discount for switching to them prior to your current GX 460 insurance policy expiration. Ten percent is about the average savings.
Discounts reduce rates, but you should keep in mind that most discounts do not apply to the entire cost. A few only apply to the price of certain insurance coverages like collision or personal injury protection. So even though you would think you can get free auto insurance, that’s just not realistic.
The example below compares Lexus GX 460 annual premium costs with and without discounts being applied to the rates. The rates are based on a female driver, no claims, a clean driving record, Tennessee state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-policy, multi-car, homeowner, marriage, and safe-driver discounts applied.
A list of auto insurance companies and a summarized list of policyholder discounts include:
- GEICO offers discounts for military active duty, five-year accident-free, multi-vehicle, defensive driver, good student, and emergency military deployment.
- SAFECO discounts include drive less, homeowner, anti-lock brakes, anti-theft, and teen safety rewards.
- State Farm policyholders can earn discounts including multiple policy, accident-free, multiple autos, student away at school, and anti-theft.
- MetLife may have discounts that include accident-free, defensive driver, claim-free, multi-policy, good student, and good driver.
- 21st Century may offer discounts for anti-lock brakes, good student, student driver, automatic seat belts, driver training, air bags, and 55 and older.
- Progressive offers discounts including homeowner, multi-policy, online quote discount, online signing, and continuous coverage.
If you need inexpensive Memphis auto insurance quotes, ask every insurance company which discounts you qualify for. A few discounts might not be offered on policies in Memphis. To locate insurers with significant discounts in Tennessee, click here to view.
The fastest way that we advise to compare insurance rates in your area is to understand most insurance companies provide online access to provide you with a free rate quote. To get started, all you need to do is provide a little information including if you lease or own, types of safety features, if you are currently licensed, and if you went to college. Your details is automatically sent to insurance carriers in your area and they respond with quotes instantly.
To start a quote now, click here then complete the form.
The companies shown below offer comparison quotes in Memphis, TN. If multiple companies are listed, we recommend you visit as many as you can in order to get a fair rate comparison.
Coverage statistics and figures
The table shown next covers estimates of insurance premium costs for Lexus GX 460 models. Understanding how car insurance premiums are formulated can be of help when making informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| GX 460 4WD 4-Dr | $170 | $368 | $350 | $20 | $104 | $1,012 | $84 |
| GX 460 Premium 4WD 4-Dr | $188 | $368 | $350 | $20 | $104 | $1,030 | $86 |
| Get Your Own Custom Quote Go | |||||||
Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Rate information does not factor in specific Memphis garaging location which can modify insurance rates greatly.
The information below highlights how deductible selection and can affect Lexus GX 460 annual premium costs for each age group. The premiums are based on a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
Safe drivers pay cheaper rates
The diagram below shows how violations and fender-benders influence Lexus GX 460 auto insurance rates for each age group. The premiums are based on a married female driver, full coverage, $100 deductibles, and no discounts are applied.
Full coverage versus liability-only in Memphis
The illustration below illustrates the comparison of Lexus GX 460 car insurance costs with full physical damage coverage compared to only buying liability only. The rate quotes are based on no violations or claims, $1,000 deductibles, marital status is single, and no discounts are factored in.
When to stop buying physical damage coverage
There is no exact rule that works best for making the decision to drop full coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your Lexus GX 460 claim settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $3,000 after paying the physical damage deductible. If you are paying in excess of $300 a year to have full coverage, then it could be time to drop full coverage.
There are a few cases where buying only liability insurance is not a good idea. If you still owe a portion of the original loan, you are required to maintain full coverage as part of the loan conditions. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should maintain full coverage.
Smart Consumers Can Cut Insurance Costs
Smart consumers have a good feel for a few of the rating criteria that aid in calculating the rates you pay for car insurance. If you understand what controls the rates you pay, this helps enable you to make changes that could result in lower premium levels.
The factors shown below are some of the major factors used by companies to determine your premiums.
- Discounts for theft deterrents – Purchasing a vehicle that has a built-in theft deterrent system can earn a premium discount. Theft deterrent systems like OnStar, LoJack tracking, and tamper alarms all hinder car theft.
- Car insurance policy lapses lead to higher rates – Having an insurance coverage lapse can be a sure-fire way to increase your car insurance rates. In addition to paying higher rates, failure to provide proof of insurance could earn you fines and jail time. Then you may be required to provide proof of insurance in the form of an SR-22 filing with the Tennessee department of motor vehicles.
- Vehicles with better crash test results are cheaper to insure – Vehicles that have high safety ratings are cheaper to insure. Highly rated vehicles reduce the chance of injuries and fewer injuries translates into fewer and smaller insurance claims and more competitive rates for policyholders.
- Use but don’t abuse your insurance – Auto insurance companies in Tennessee give discounts to people who are not frequent claim filers. If you file claims often, you can pretty much guarantee increased rates or even have your policy non-renewed. Auto insurance is designed for the large, substantial claims.
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Lexus GX 460 insurance loss statistics – Insurance companies include the past claim trends for vehicles to calculate a price that will offset any claims. Vehicles that the data shows to have higher number or severity of losses will have a higher premium rate.
The table below outlines the insurance loss data used by companies for Lexus GX 460 vehicles. For each coverage type, the claim amount for all vehicles, as an average, is equal to 100. Percentage values below 100 indicate better than average losses, while values that are above 100 indicate frequent claims or an increased probability of a larger loss.
Car Insurance Loss Data for Lexus GX 460 Models Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lexus GX 460 4dr 4WD 97 100 125 63 52 63 BETTERAVERAGEWORSEData Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Local Memphis auto insurance agents and auto insurance
Some consumers still prefer to get advice from a local agent and that is recommended in a lot of cases Licensed agents are trained to spot inefficiencies and help file insurance claims. A good thing about comparing rates online is that you can obtain lower rates and still choose a local agent. And supporting local agencies is important especially in Memphis.
After completing this form (opens in new window), your insurance coverage information is immediately sent to companies in Memphis who want to provide quotes for your coverage. You won’t need to find an agent because prices are sent to you directly. In the event you want to quote rates for a specific company, you just need to navigate to their website and complete a quote there.
If you’re trying to find an insurance agent, you should know the different types of agents that differ in how they can insure your vehicles. Auto insurance policy providers are categorized either independent (non-exclusive) or exclusive. Both types of agents can properly insure your vehicles, but it’s a good idea to understand the difference in how they write coverage because it can influence buying decisions.
Independent Auto Insurance Agencies or Brokers
Agents that choose to be independent are not limited to a single company and that gives them the ability to insure with a variety of different insurance companies and find the cheapest auto insurance rates. If they find a lower price, the agent simply finds a different carrier without you having to go to a different agency.
When searching for an agent, we highly recommend that you get some free quotes from at a minimum one independent agency to get the most accurate price comparison. A lot of them also have access to small regional insurance companies that can offer cheaper rates than bigger companies.
The following is a short list of independent insurance agents in Memphis that can possibly get you free auto insurance rate quotes.
- Keltner Insurance Inc.
3232 S Perkins Rd – Memphis, TN 38118 – (901) 797-8665 – View Map - Nationwide Insurance: The James Agency LLC
4778 Summer Ave Ste 1 – Memphis, TN 38122 – (901) 266-5507 – View Map - AutoSave Insurance
2550 Poplar Ave – Memphis, TN 38112 – (901) 458-1630 – View Map
Exclusive Auto Insurance Agents
These agents can only quote rates from one company like State Farm or Allstate. These agents are not able to provide rate quotes from other companies so keep that in mind. Exclusive agents are usually well trained in insurance sales which helps overcome the inability to quote other rates. Consumers frequently buy insurance from these agents primarily because of the brand and strong financial ratings.
Listed below are exclusive insurance agencies in Memphis who can help you get price quote information.
- Parker Rhett – State Farm Insurance Agent
4515 Poplar Ave #416 – Memphis, TN 38117 – (901) 680-7400 – View Map - Farmers Insurance – April Gainer
4466 Elvis Presley Blvd #247 – Memphis, TN 38116 – (901) 398-7200 – View Map - Arther Wells – State Farm Insurance Agent
4205 Hacks Cross Rd #116 – Memphis, TN 38125 – (901) 363-9217 – View Map
Deciding on a auto insurance agent shouldn’t rely on just a cheap price quote. Here are some questions you should ask.
- How is replacement cost determined on your vehicle?
- How much experience to they have in personal lines coverages?
- Do they have a Better Business Bureau rating in Memphis?
- If independent agents, which companies do they recommend?
- Which insurance company do they prefer to write with?
- Who are their largest clients?
- Is the agency active in community causes in Memphis?
- Is there any savings for paying the full premium?
Once you have received good responses to any questions you may have in addition to an acceptable price estimate, you may have found an insurance agency that will adequately provide auto insurance.
Car insurance does more than just protect your car
Despite the fact that car insurance is not cheap in Memphis, buying car insurance serves a purpose in several ways.
- Just about all states have compulsory liability insurance requirements which means state laws require a minimum amount of liability protection if you drive a vehicle. 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 your Lexus GX 460 has a lienholder, almost all lenders will make it mandatory that you buy insurance to ensure loan repayment if the vehicle is totaled. If coverage lapses or is canceled, the bank may insure your Lexus at a significantly higher premium and require you to pay the higher premium.
- Insurance protects not only your car but also your financial assets. It will also provide coverage for medical bills for you, your passengers, and anyone else injured in an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if you are named as a defendant in an auto accident. If your vehicle suffers damage from an accident or hail, comprehensive and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of buying car insurance are without a doubt worth the cost, especially if you ever need it. The average driver in America overpays as much as $865 each year so shop around once a year at a minimum to ensure rates are inline.
Best car insurance in Memphis
Picking a highly-rated auto insurance provider is hard considering how many choices drivers have in Memphis. The company ratings listed below can help you choose which providers to look at comparing rate quotes with.
Top 10 Memphis Car Insurance Companies Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- Titan Insurance
Top 10 Memphis Car Insurance Companies Ranked by Value
- Mercury Insurance
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- Erie Insurance
- Esurance
- The General
Cheaper coverage is out there
When getting Memphis auto insurance quotes online, it’s not a good idea to reduce coverage to reduce premium. In too many instances, an insured cut liability limits or collision coverage and learned later that a couple dollars of savings turned into a financial nightmare. Your focus should be to find the BEST coverage at the best cost and still be able to protect your assets.
We’ve covered a lot of techniques to get a better price on Lexus GX 460 insurance in Memphis. The key thing to remember is the more you quote Memphis auto insurance, the more likely it is that you will get a better rate. You may even be surprised to find that the best car insurance rates are with the least-expected company.
Consumers switch companies for a variety of reasons including delays in paying claims, high rates after DUI convictions, high prices or delays in responding to claim requests. Regardless of your reason for switching companies, finding the right auto insurance provider is actually quite simple.
More information
- Uninsured Motorist Statistics (Insurance Information Institute)
- Who Has Cheap Memphis Auto Insurance Rates After a Speeding Ticket? (FAQ)
- Who Has Cheap Memphis Auto Insurance for Business Use? (FAQ)
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- Insurance losses by make and model (Insurance Institute for Highway Safety)