The best way to find lower priced Mazda CX-5 insurance is to regularly compare quotes from different companies in Memphis.
- Read and learn about auto insurance and the steps you can take to keep rates in check. Many things that increase rates such as traffic violations and a lousy credit rating can be remedied by improving your driving habits or financial responsibility.
- Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only provide price estimates from a single company like GEICO and State Farm, while independent agents can provide price quotes for a wide range of companies.
- Compare the new rates to your current policy premium to see if switching to a new carrier will save money. If you find better rates, make sure there is no coverage gap between policies.
- Notify your company or agent of your intent to cancel your current car insurance policy and submit a completed application and payment to the new insurer. Immediately upon receiving it, place your new certificate verifying proof of insurance in an easily accessible location in your vehicle.
A good piece of advice is to try to compare identical deductibles and limits on every price quote and and to compare as many different insurance providers as possible. This enables an accurate price comparison and a thorough selection of prices.
It’s an obvious statement that car insurance companies don’t want you quoting rates from other companies. People who compare rates once a year are likely to buy a different policy because of the good chance of finding more affordable rates. A recent auto insurance study revealed that drivers who compared prices once a year saved on average $850 each year compared to drivers who don’t regularly compare prices.
If finding the cheapest rates on auto insurance in Memphis is why you’re reading this, then understanding how to choose a company and compare cheaper coverage can make shopping around easier.
Affordable auto insurance in Memphis, TN
The auto insurance companies shown below have been selected to offer comparison quotes in Tennessee. If multiple companies are listed, we recommend you get rate quotes from several of them to get a more complete price comparison.
Smart Buyers Can Cut Their Insurance Prices
Lots of factors are used in the calculation when premium rates are determined. A few of the factors are predictable like your driving record, although others are more transparent like where you live or your financial responsibility. An important part of buying insurance is that you know a few of the rating criteria that go into determining your premiums. If you know what impacts premium levels, this enables informed choices that can help you get cheaper rates.
- Be proud to be claim-free – If you’re an insured who likes to file claims you can pretty much guarantee higher rates. Companies in Tennessee award discounts to people who do not rely on their insurance for small claims. Your insurance policy is intended to be relied upon for major claims that would cause financial hardship.
- Never allow your car insurance to lapse – Having a gap between insurance policy dates will be a sure-fire way to increase your car insurance rates. Not only will you pay higher rates, getting caught without coverage may earn you a steep fine or even jail time.
- Lower rates come with age – Young drivers in Tennessee are statistically shown to be less responsible behind the wheel therefore car insurance rates are much higher. Older drivers tend to be more responsible, file fewer claims, and receive fewer citations.
- Safeguard your assets with liability coverage – Your car insurance policy’s liability coverage kicks in when you are found to be at fault for physical damage or personal injury to other. This coverage provides legal defense which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to other policy coverages, so insureds should have plenty of protection for their assets.
- Type of vehicle determines base costs – The performance of the vehicle you own makes a huge difference in your auto insurance rates. The lowest rates will generally be found on smaller low performance passenger vehicles, but there are many factors that impact the final cost.
- Single drivers take more risk – Having a wife or husband can get you a discount on your policy. It means you’re more responsible and insurance companies reward insureds because married couples file fewer claims.
Mazda CX-5 insurance claim data – Auto insurance companies include the past claim history for a vehicle as a way to help calculate a profitable premium price. Vehicles that are shown to have high amounts or severity of claims will cost more for coverage. The table below demonstrates the insurance loss data used by companies for Mazda CX-5 vehicles.
For each coverage type, the claim amount for all vehicles, regardless of make or model, is equal to 100. Numbers under 100 represent a good loss history, while numbers above 100 indicate frequent claims or an increased probability of a larger loss.
Mazda CX-5 Insurance Claim Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Mazda CX-5 4dr 2WD 66 88 85 79 83 76 Mazda CX-5 4dr 4WD 71 83 102 79 74 72BETTERAVERAGEWORSE
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Mazda CX-5 insurance discounts in Memphis
Some insurers do not list every discount very well, so the next list breaks down a few of the more common and the harder-to-find discounts that may be available.
- Multi-line Discount – Companies who offer life insurance give a lower rate if you buy a life policy as well.
- No Claim Discounts – Claim-free drivers can earn big discounts when compared with accident-prone drivers.
- Theft Deterrent – Cars optioned with advanced anti-theft systems have a lower chance of being stolen and will save you 10% or more on CX-5 insurance in Memphis.
- Braking Control Discount – Cars with ABS braking systems or traction control can avoid accidents so you can save 10 percent or more.
- Defensive Driving Course – Taking part in a course in safe driver may get you a small discount and easily pay for the cost of the class.
Discounts save money, but please remember that many deductions do not apply to the whole policy. Most cut the price of certain insurance coverages like liability and collision coverage. Despite the fact that it seems like all those discounts means the company will pay you, you’re out of luck.
The best insurance companies and some of the premium reductions they offer can be read below.
- State Farm offers premium reductions for student away at school, good driver, passive restraint, Steer Clear safe driver discount, and driver’s education.
- Liberty Mutual offers discounts for newly retired, newly married, multi-car, exclusive group savings, new graduate, and good student.
- American Family may have discounts that include accident-free, mySafetyValet, good student, good driver, and TimeAway discount.
- Progressive includes discounts for online signing, good student, multi-vehicle, online quote discount, multi-policy, homeowner, and continuous coverage.
- Farmers Insurance has savings for pay in full, early shopping, alternative fuel, good student, mature driver, business and professional, and youthful driver.
- Auto-Owners Insurance has discounts for good student, paid in full, mature driver, group or association, and multiple vehicles.
- SAFECO policyholders can earn discounts including accident prevention training, teen safety rewards, homeowner, anti-theft, safe driver, and multi-car.
Before purchasing a policy, check with every company which discounts can lower your rates. Some credits might not be available to policyholders in your area. If you would like to view companies offering insurance discounts in Memphis, click here to view.
What if I want to buy from local Memphis auto insurance agents?
Some people prefer to sit down and talk to an agent and that is not a bad decision Professional agents can help you build your policy and give you someone to call. A nice benefit of comparing insurance online is that you can obtain lower rates and also buy local.
To find an agent, once you fill out this form (opens in new window), the coverage information is emailed to companies in Memphis that provide free Memphis auto insurance quotes for your business. There is no reason to even leave your home due to the fact that quote results will go directly to you. If for some reason you want to get a price quote from a specific insurance company, you would need to search and find their rate quote page to submit a rate quote request.
Finding the right insurer shouldn’t rely on just the premium amount. The following questions are important to ask.
- Does their agency support local causes in Memphis?
- Do they make recommendations based only on price?
- If you are a high risk driver, do they have special markets for your coverage?
- Will a damage claim use OEM or aftermarket replacement parts?
- How often do they review coverages?
- Do they offer accident forgiveness?
- Do you qualify for any additional discounts?
- What companies can they write with?
If you would like to find a reliable insurance agency, it can be helpful to understand the different types of agents and how they can write your policy. Agencies in Memphis are categorized either independent or exclusive depending on the company they work for. Both types can do a good job, but it is a good idea to know how they differ since it may influence buying decisions.
Exclusive agencies can usually just insure with one company and some examples include AAA, Allstate, and State Farm. They are unable to give you multiple price quotes so keep that in mind. They are highly trained in insurance sales and that allows them to sell at a higher price point. Consumers frequently choose to use a exclusive agent mostly because of the prominent brand name and solid financial strength.
Shown below is a list of exclusive insurance agencies in Memphis that can give you comparison quotes.
- Allstate Insurance: Willie E. Martin
3315 Kirby Pkwy – Memphis, TN 38115 – (901) 365-2008 – View Map
- Parker Rhett – State Farm Insurance Agent
4515 Poplar Ave #416 – Memphis, TN 38117 – (901) 680-7400 – View Map
- Allstate Insurance: Angie Hooten-Hughes
6803 Summer Ave – Memphis, TN 38134 – (901) 373-6060 – View Map
Independent Agents (or Brokers)
Independent insurance agents are normally appointed by many insurers so they can quote policies with any number of different companies and find the cheapest rate. If you want to switch companies, they simply move your policy to a different company and you don’t have to do anything.
If you are trying to find cheaper rates, it’s recommended you compare quotes from multiple independent agents to get the most accurate price comparison. Many independent agencies also insure through smaller companies which could offer lower prices.
Below are Memphis independent insurance agencies who can help you get price quotes.
- Collier Insurance
606 S Mendenhall Rd #200 – Memphis, TN 38117 – (901) 529-2900 – View Map
- Lipscomb and Pitts Insurance LLC
2670 Union Ave – Memphis, TN 38112 – (901) 321-1000 – View Map
- Oseman Insurance Agency
6750 Poplar Ave #410 – Memphis, TN 38138 – (901) 562-0151 – View Map
Compare rates regularly to save
Lower-priced auto insurance in Memphis can be found on the web and also from your neighborhood Memphis agents, so get free Memphis auto insurance quotes from both of them to have the best chance of lowering rates. Some insurance companies do not offer internet price quotes and many times these smaller providers only sell coverage through independent insurance agencies.
While you’re price shopping online, you should never buy lower coverage limits just to save a few bucks. There have been many situations where an insured dropped liability limits or collision coverage only to regret that saving that couple of dollars actually costed them tens of thousands. Your objective should be to purchase a proper amount of coverage at the lowest possible cost, but don’t skip important coverages to save money.
People switch companies for many reasons like high prices, policy cancellation, extreme rates for teen drivers or even lack of trust in their agent. Whatever your reason, choosing a new company is not as hard as you think.
More information is available at these links:
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)
- Who Has the Cheapest Car Insurance Rates for a Hyundai Santa Fe in Memphis? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for a Subaru Outback in Memphis? (FAQ)
- Who Has Affordable Auto Insurance for Teenage Females in Memphis? (FAQ)
- Airbag FAQ (iihs.org)
- Young Drivers: The High Risk Years Video (iihs.org)
- Collision Insurance Coverage (Nationwide)