Truthfully, the best way to get the cheapest Mazda 3 insurance is to compare quotes annually from providers who provide auto insurance in Memphis.
- Step 1: Learn about how auto insurance works and the changes you can make to keep rates low. Many rating criteria that cause rate increases like high-risk driving behaviors and a substandard credit score can be eliminated by paying attention to minor details.
- Step 2: Compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like Progressive or Farmers Insurance, while independent agencies can provide rate quotes from multiple companies.
- Step 3: Compare the new rate quotes to your existing policy to see if cheaper 3 coverage is available. If you find a lower rate quote and switch companies, verify that coverage does not lapse between policies.
A key point to remember is to try to compare the same coverage limits and deductibles on every quote request and and to get price estimates from as many carriers as you can. This provides an apples-to-apples comparison and a complete rate analysis.
It’s a known fact that insurance companies don’t want policyholders to shop around. Insureds who compare other prices are very likely to buy a different policy because there is a good chance of finding a policy with better rates. A study discovered that people who routinely shopped around saved an average of $72 a month as compared to drivers who never shopped around.
If finding the cheapest rates on car insurance is your goal, then learning about how to quote and compare insurance can save time and make the process easier.
If you are paying for car insurance now, you will definitely be able to buy cheaper car insurance using the tips covered below. Choosing the most cost-effective car insurance policy in Memphis is not that difficult. But Tennessee drivers do need to understand the way companies price online insurance.
Auto insurance providers offering cheap price quotes in Tennessee
The companies shown below are ready to provide free quotes in Memphis, TN. If your goal is to find cheap car insurance in TN, we suggest you visit as many as you can in order to get a fair rate comparison.
The information shown below outlines detailed analysis of insurance costs for Mazda 3 models. Having insight into how prices are determined can help guide drivers when making smart buying decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|3 I Sport 4-Dr Sedan||$218||$432||$350||$20||$104||$1,124||$94|
|3 I SV 4-Dr Sedan||$218||$432||$350||$20||$104||$1,124||$94|
|3 I Touring 4-Dr Sedan||$218||$510||$350||$20||$104||$1,202||$100|
|3 S Sport 4-Dr Hatchback||$246||$510||$350||$20||$104||$1,230||$103|
|3 S Sport 4-Dr Sedan||$246||$510||$350||$20||$104||$1,230||$103|
|3 S Grand Touring 4-Dr Hatchback||$246||$510||$350||$20||$104||$1,230||$103|
|3 S Grand Touring 4-Dr Sedan||$246||$510||$350||$20||$104||$1,230||$103|
|Get Your Own Custom Quote Go|
Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Information does not factor in vehicle garaging location which can influence coverage prices noticeably.
Full coverage or liability only
The diagram below illustrates the difference between Mazda 3 annual premium costs with and without full coverage. The premiums assume no accidents, no driving violations, $250 deductibles, drivers are not married, and no discounts are applied.
Guidelines for dropping full coverage
There is no definitive formula for dropping comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the yearly cost of full coverage is about 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 Mazda 3 settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $8,000 after paying your policy deductible. If you are currently paying more than $800 annually for physical damage coverage, then you may need to consider dropping full coverage.
There are a few cases where eliminating full coverage is not a good plan. If you still owe money on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should keep full coverage.
You may qualify for discounts for Mazda 3 insurance in Memphis
Some insurers don’t necessarily list their entire list of discounts in an easy-to-find place, so the list below details some of the more common and the more hidden credits available to you.
- Telematics Devices – Insureds who allow their car insurance company to scrutinize vehicle usage by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot could see a rate decrease if they show good driving skills.
- Military Discounts – Having a family member in the military could mean lower prices.
- Sign Online – A few companies will give you a small discount for buying your policy on the internet.
- Low Mileage – Driving less could qualify for lower car insurance rates due to less chance of an accident.
- Discount for Passive Restraints – Options like air bags and/or automatic seat belt systems may earn rate discounts of 20 to 30 percent.
- Early Switch Discount – A few companies allow discounts for buying a policy before your current coverage expires. Ten percent is about the average savings.
- Discount for Life Insurance – Some companies give a small discount if you purchase life insurance.
- Good Grades Discount – Getting good grades can be rewarded with saving of up to 25%. This discount can apply until age 25.
A little disclaimer on discounts, some of the credits will not apply to the whole policy. The majority will only reduce the cost of specific coverages such as physical damage coverage or medical payments. Even though the math looks like you could get a free car insurance policy, it’s just not the way it works.
The information below shows the comparison of Mazda 3 insurance costs with and without discounts applied to the policy rates. The rates are based on a male driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, marriage, safe-driver, multi-policy, and multi-car discounts applied.
Larger car insurance companies and the discounts they provide can be found below.
- State Farm may offer discounts for anti-theft, good driver, passive restraint, accident-free, safe vehicle, driver’s education, and student away at school.
- Farmers Insurance may have discounts that include teen driver, electronic funds transfer, pay in full, switch companies, and alternative fuel.
- Progressive may include discounts for continuous coverage, good student, multi-vehicle, online signing, and multi-policy.
- GEICO includes discounts for daytime running lights, anti-lock brakes, military active duty, air bags, defensive driver, and seat belt use.
- Auto-Owners Insurance policyholders can earn discounts including anti-theft, anti-lock brakes, paid in full, safe vehicle, multiple vehicles, good student, and teen driver.
- The Hartford has discounts for good student, vehicle fuel type, bundle, air bag, anti-theft, and driver training.
- Farm Bureau has savings for renewal discount, 55 and retired, youthful driver, multi-vehicle, and safe driver.
- USAA discounts include loyalty savings, vehicle storage, annual mileage, good student, and multi-policy.
Double check with all the companies what discounts are available to you. Some discounts may not be offered in Memphis. To find insurers that offer the discounts shown above in Tennessee, click here to view.
Compare prices but work with a local Memphis insurance agency
A small number of people just prefer to get advice from a local agent and that is a personal choice. One of the best bonuses of getting free rate quotes online is that you can obtain lower prices and also buy local.
Once you complete this short form, your insurance coverage information is sent to local insurance agents who will give you quotes for your insurance coverage. There is no reason to find an agent on your own due to the fact that quote results will go to you. You’ll get the best rates without a big time investment. If you have a need to compare prices from a specific auto insurance provider, feel free to visit that company’s website and give them your coverage information.
Finding the right company requires more thought than just a cheap price. These are valid questions to ask:
- Do they reduce claim amounts on high mileage vehicles?
- Does their agency support local causes in Memphis?
- How long has their agency been in business in Memphis?
- How often do they review policy coverages?
- Do they assist clients in filing claims?
- Do they have any clout with companies to ensure a fair claim settlement?
Is an exclusive or independent car insurance agent right for you?
When finding local Memphis agents, it can be helpful to understand the types of insurance agents that differ in how they can insure your vehicles. Agents in Memphis are categorized either exclusive agents or independent agents.
Exclusive Auto Insurance Agents
These agents can only write with one company and some examples include Farmers Insurance, State Farm, Allstate, and AAA. They are unable to place coverage with different providers so you need to shop around if the rates are high. Exclusive insurance agents receive extensive training on their products and sales techniques and that enables them to sell even at higher rates.
The following are exclusive agents in Memphis that can give you rate quotes.
Independent Agencies or Brokers
Agents of this type are normally appointed by many insurers so they can quote policies through many companies and find the cheapest auto insurance rates. If your agent finds better pricing, your agent can switch companies and you don’t have to do anything. When comparing rate quotes, it’s a good idea to compare quotes from several independent agencies to ensure the widest selection of prices.
Below is a short list of independent agencies in Memphis who can help you get price quotes.
Fred L. Davis Insurance Agency – Car Insurance Agency
1374 Airways Blvd – Memphis, TN 38114 – (901) 323-6159 – View Map
After receiving reasonable responses to these questions as well as offering an affordable quote, most likely you have located a car insurance agent that meets the requirements to insure your vehicles.
Car insurance company ratings
Insuring your vehicle with the right auto insurance company is difficult considering how many choices you have in Memphis. The ranking data in the lists below could help you analyze which insurers you want to consider when comparing rate quotes.
Top 10 Memphis Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
Top 10 Memphis Car Insurance Companies Ranked by Customer Service
- Mercury Insurance
- AAA Insurance
- Safeco Insurance
- State Farm
- The Hartford
- The General
Learning about specific coverages of insurance can be of help when determining the right coverages and the correct deductibles and limits. The terms used in a policy can be difficult to understand and even agents have difficulty translating policy wording. Listed below are typical coverages available from insurance companies.
Collision coverage – Collision coverage pays for damage to your 3 resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for things like hitting a parking meter, colliding with another moving vehicle, driving through your garage door and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from lower value vehicles. You can also bump up the deductible on your 3 in order to get cheaper collision rates.
Auto liability – Liability coverage can cover damage that occurs to other people or property by causing an accident. This coverage protects you against other people’s claims, and doesn’t cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see limits of 25/50/15 that means you have a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and a total limit of $15,000 for damage to vehicles and property.
Liability insurance covers claims like pain and suffering, medical expenses and attorney fees. How much liability should you purchase? That is your choice, but buy as high a limit as you can afford. Tennessee requires minimum liability limits of 25/50/15 but drivers should carry higher limits.
The illustration below demonstrates why buying low liability limits may not be adequate coverage.
Comprehensive protection – This coverage will pay to fix damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for claims like hitting a bird, hitting a deer and theft. The maximum amount your insurance company will pay is the market value of your vehicle, so if the vehicle is not worth much consider dropping full coverage.
Medical expense coverage – Med pay and PIP coverage kick in for short-term medical expenses for things like ambulance fees, dental work, pain medications and rehabilitation expenses. They can be utilized in addition to your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage
Uninsured or underinsured coverage – This coverage protects you and your vehicle from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include injuries to you and your family and also any damage incurred to your Mazda 3.
Because many people carry very low liability coverage limits (25/50/15), their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important.
Frequent quotes can save
As you quote Memphis car insurance, it’s very important that you do not skimp on coverage in order to save money. In too many instances, an insured dropped liability limits or collision coverage and discovered at claim time that the few dollars in savings costed them thousands. The proper strategy is to get the best coverage possible for the lowest price, but don’t skip important coverages to save money.
Some car insurance companies do not offer online quoting and most of the time these regional carriers prefer to sell through independent insurance agencies. Cost effective Mazda 3 insurance is definitely available online and with local Memphis insurance agents, so you need to compare both in order to have the best chance of saving money.
Much more information about car insurance in Tennessee can be read below:
- Senior Drivers (Insurance Information Institute)
- Who Has Cheap Memphis Auto Insurance Rates for Drivers with Bad Credit? (FAQ)
- How Much is Memphis Car Insurance for a Kia Optima? (FAQ)
- Who Has Cheap Memphis Auto Insurance Rates for a Ford Focus? (FAQ)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)
- What if I Can’t Find Coverage? (Insurance Information Institute)
- Insuring a Leased Car (Insurance Information Institute)