Unbelievably, a large majority of drivers renewed their policy with the same company for over three years, and just short of a majority have never quoted rates to find cheap coverage. Consumers in Memphis could save an average of as much as 35% each year, but they underestimate how much they could save if they swap their current policy for a cheaper one.
The easiest way to get affordable Mini Cooper insurance is to regularly compare quotes from insurance carriers in Memphis. This can be done by following these guidelines.
- Try to learn about the different coverages in a policy and the things you can control to prevent rate increases. Many policy risk factors that result in higher rates like traffic violations and a lousy credit rating can be remedied by paying attention to minor details.
- Compare rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only quote rates from one company like GEICO and Allstate, while independent agencies can give you price quotes for a wide range of insurance providers.
- Compare the new quotes to the premium of your current policy to determine if you can save on Cooper insurance. If you find better rates and change companies, verify that coverage does not lapse between policies.
- Notify your agent or company of your intent to cancel your current car insurance policy and submit the signed application along with the required initial payment to the new company. Don’t forget to put the proof of insurance paperwork in your glove compartment.
A good tip to remember is that you use the same physical damage deductibles and liability limits on every quote and and to get prices from as many companies as possible. This provides an accurate price comparison and a good representation of prices.
Obtaining price quotes for the best-priced coverage in Memphis is not as difficult as people think. If you have coverage now or just want cheaper coverage, use these tips to find the best rates while maximizing coverage. You only need to know the fastest way to compare rates instantly.
How to get free Mini Cooper insurance quotes online
The following companies provide price quotes in Memphis, TN. If your goal is to find cheap car insurance in TN, we recommend you visit two to three different companies to get the best price comparison.
Rates and information analytics
The price information shown below covers different insurance costs for Mini Cooper models. Understanding more about how auto insurance prices are determined can be valuable when making informed decisions when comparing rate quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Cooper 2-Dr Hatchback||$214||$462||$278||$16||$84||$1,054||$88|
|Cooper 2-Dr Convertible||$214||$462||$216||$12||$64||$968||$81|
|Cooper S 2-Dr Hatchback||$214||$544||$278||$16||$84||$1,136||$95|
|Cooper S 2-Dr Convertible||$242||$544||$216||$12||$64||$1,078||$90|
|Cooper John Cooper Works 2-Dr Hatchback||$242||$544||$278||$16||$84||$1,164||$97|
|Cooper John Cooper Works 2-Dr Convertible||$268||$628||$216||$12||$64||$1,188||$99|
|Get Your Own Custom Quote Go|
Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Estimates do not factor in vehicle garaging location which can decrease or increase price quotes significantly.
The chart below illustrates how choosing a deductible and can increase or decrease Mini Cooper insurance costs for each age group. The premium estimates are based on a married male driver, full coverage, and no discounts are applied to the premium.
Mini Cooper liability rates compared to full coverage
The chart below shows the comparison of Mini Cooper yearly insurance costs with full coverage and liability only. The premiums are based on no claims or driving citations, $250 deductibles, drivers are not married, and no discounts are taken into consideration.
When to stop paying for full coverage
There is no written rule for dropping physical damage coverage, but there is a guideline you can use. If the annual cost of coverage is more than around 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Mini Cooper replacement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $5,000 after paying your policy deductible. If premium cost is more than $500 a year for your policy with full coverage, then you might want to think about dropping full coverage.
There are some scenarios where only buying liability is not a good plan. If you still owe money on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Why you need quality insurance for your Mini vehicle
Even though it can be expensive, insurance is required for several reasons.
First, just about all states have mandatory insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability coverage in order to get the vehicle licensed. 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.
Second, if your vehicle has a loan, more than likely the lender will stipulate that you have comprehensive coverage to ensure the loan is repaid in case of a total loss. If coverage lapses or is canceled, the lender may have to buy a policy to insure your Mini at a significantly higher premium and make you pay much more than you were paying before.
Third, auto insurance preserves both your assets and your vehicle. It will also reimburse you for medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance, one of your policy coverages, will also pay attorney fees if someone files suit against you as the result of an accident. If you have damage to your Mini as the result of the weather or an accident, comprehensive and collision coverage will pay to repair the damage.
The benefits of insuring your car definitely exceed the cost, specifically if you ever have a liability claim. On average, a vehicle owner in Memphis is overpaying over $800 each year so you should quote and compare rates at every renewal to ensure rates are competitive.
Mini Cooper Insurance Rates Can Be Cheaper
Smart consumers have a good feel for some of the things that come into play when calculating your auto insurance rates. If you have a feel for what influences your rates, this enables you to make decisions that can earn you lower premium levels.
The itemized list below are some of the factors that factor into premiums.
Use one insurance company and save – Many insurance companies allow lower prices for people who buy several policies from them such as combining an auto and homeowners policy. The amount of the discounts can be as much as ten percent or more Even though this discount sounds good, it’s still a good idea to compare other company rates to verify if the discount is saving money.There is a chance you can save more without the discount by buying from different companies
Pay more for higher performance vehicles – The performance level of the car, truck or SUV you are trying to find cheaper insurance for makes a big difference in your rates. The most favorable rates tend to be for the lowest performance passenger cars, but many other things help determine your insurance rates.
The following chart uses these variables: single male driver age 50, full coverage with $500 deductibles, and no discounts or violations. It compares Mini Cooper insurance premiums compared to other models that have a range of performance rating factors.
Where you reside factors in – Living in areas with lower population is a good thing when buying auto insurance. Fewer drivers on the road means less chance of accidents and a lower car theft rate. Drivers in populated Tennessee areas regularly have more traffic problems and more severe claims. The longer drive time means more chances of being involved in an auto accident.
Liability protection – Liability coverage is the protection if ever a court rules you are at fault for damages from an accident. Your policy’s liability insurance provides legal defense which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to other policy coverages, so buy as much as you can afford.
Better drivers have lower rates – Attentive drivers get better rates compared to drivers with tickets. Even a single moving violation could increase your next policy renewal twenty percent or more. Drivers unfortunate enough to have dangerous tickets such as DUI, reckless driving or excessive speeding may find that they have to to complete a SR-22 with the DMV in their state in order to legally drive a vehicle.
The example below illustrates how violations and at-fault collisions increase Mini Cooper auto insurance rates for different insured age categories. The prices are based on a single male driver, full coverage, $500 deductibles, and no discounts are applied.
Cheaper rates after marriage – Having a significant other may save some money on your policy. It is viewed as being more responsible and insurance companies like that being married results in fewer claims.
Advanced GPS tracking and theft deterrents – Buying a car that has a built-in theft deterrent system can help lower your premiums. Anti-theft devices such as GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping auto theft.
The more you drive the more you pay – The more you drive each year the more it will cost to insure it. Almost all companies charge to insure your cars based upon how you use the vehicle. Autos that are left in the garage get more affordable rates as compared to vehicles used primarily for driving to work. Having the wrong rating on your Cooper is throwing money out the window. It’s a smart idea to ensure your auto insurance declarations sheet shows the right rating data.
Mini Cooper insurance loss data – Insurance companies analyze the history of losses to help calculate premium costs. Vehicles that the data determines to have a trend towards higher claim severity or frequency will have higher premium rates.
The next table illustrates the historical loss data for Mini Cooper vehicles. For each type of coverage, the statistical loss for all vehicles averaged together is a value of 100. Values that are below 100 are indicative of better than average losses, while values that are above 100 indicate more frequent losses or an increased likelihood of larger losses.
|Specific Mini Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Mini Cooper Convertible||80||72||100||57|
|Mini Cooper Coupe||72||60|
|Mini Cooper Roadster Convertible||57||50||78|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Lower-cost Memphis insurance quotes with discounts
Car insurance companies don’t always advertise all their discounts in an easy-to-find place, so we break down both the well known as well as some of the hidden credits that you can use to lower your rates.
- Telematics Devices – Drivers who elect to allow companies to track where and when they drive by using a telematics device such as Progressive’s Snapshot and State Farm’s In-Drive could see a rate decrease if they are good drivers.
- Government Employees – Employees or retirees of the government can save as much as 8% depending on your company.
- Clubs and Organizations – Joining a civic or occupational organization in Memphis is a good way to get lower rates when shopping for insurance.
- Theft Deterrent Discount – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and can earn a small discount on your policy.
- Passive Restraints – Vehicles equipped with air bags or automatic seat belts could see savings up to 30%.
- Accident-Free Discounts – Drivers with accident-free driving histories pay less compared to policyholders that have many claims.
- Discount for Good Grades – This discount can earn a discount of 20% or more. This discount can apply well after school through age 25.
- Driver Education Discount – Have your child successfully take a driver’s education course as it can save substantially.
- Low Mileage Discounts – Keeping the miles down on your Mini could be rewarded with discounted prices on garaged vehicles.
- First Accident Forgiveness – Not necessarily a discount, but a few companies such as Allstate, State Farm and GEICO will turn a blind eye to one accident before raising your premiums if you have no claims for a specific time period.
Don’t be shocked that most discounts do not apply to the entire policy premium. The majority will only reduce the price of certain insurance coverages like collision or personal injury protection. Despite the appearance that all those discounts means the company will pay you, insurance companies wouldn’t stay in business.
The illustration below shows the comparison of Mini Cooper auto insurance costs with and without some available policy discounts. The rates are based on a male driver, no claims or driving citations, Tennessee state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, homeowner, safe-driver, multi-car, and multi-policy discounts applied.
Some of the insurance companies that may have some of the above discounts include:
Before purchasing a policy, check with each insurance company to apply every possible discount. Some of the earlier mentioned discounts may not be offered in Memphis. To see insurance companies offering insurance discounts in Memphis, click this link.
Neighborhood agents and car insurance
A lot of people prefer to get professional advice from a licensed agent and that is OK! Agents can make sure you are properly covered and help you file claims. A good thing about comparing car insurance online is that you can obtain the best rates and still buy from a local agent. Putting coverage with small agencies is still important in Memphis.
After completing this form (opens in new window), the coverage information is transmitted to local insurance agents that can give you free Memphis car insurance quotes and help you find cheaper coverage. There is no reason to visit any agencies as quotes are delivered immediately to you. If for some reason you want to quote rates from a specific company, you can always go to their quote page and fill out their quote form.
When looking for a reliable insurance agent, there are two different types of agencies to choose from. Agents are categorized either independent agents or exclusive agents depending on their employer. Both types can sell car insurance policies, but we need to point out why they differ since it can affect the kind of agent you use.
Independent agencies do not sell for just one brand so they can insure your vehicles through many companies and get the cheapest rates. If they find a cheaper price, your policy is moved internally and you don’t have to switch agencies. When comparing car insurance prices, you should always compare prices from multiple independent agents to have the best price comparison.
Featured below is a short list of independent insurance agencies in Memphis who may be able to give you cheap rate quotes.
Agents of this type work for only one company and examples are Farmers Insurance, State Farm, or Allstate. They generally cannot place coverage with different providers so they really need to provide good service. Exclusive agents are trained well on their company’s products which helps offset the inability to provide other markets.
Shown below is a short list of exclusive agencies in Memphis willing to provide price quote information.
Deciding on an car insurance agent should depend on more than just the quoted price. Any agent in Memphis should have no problem answering these questions:
- Which companies do they recommend if they are an independent agency?
- Does the company use OEM repair parts?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- How long have they worked with personal auto insurance coverage?
- What discounts might you be missing?
- Do you have coverage for a rental car if your vehicle is in the repair shop?
- What company holds the largest book of business for them?
- Do they write coverage based solely on cost?
Get the best coverage at the most affordable price
Cheap Mini Cooper insurance in Memphis is attainable both online and from local insurance agents, and you should compare rates from both in order to have the best price selection to choose from. There are still a few companies who don’t offer rate quotes online and these smaller companies only sell coverage through local independent agencies.
As you prepare to switch companies, make sure you don’t reduce needed coverages to save money. In too many instances, someone sacrificed liability limits or collision coverage and discovered at claim time that the few dollars in savings costed them thousands. The goal is to purchase plenty of coverage at a price you can afford.
Throughout this article, we presented a lot of information how to reduce Mini Cooper insurance rates online in Memphis. The most important thing to understand is the more price quotes you have, the more likely it is that you will get a better rate. Consumers may even find the lowest rates come from some of the smallest insurance companies. Some small companies may only write in your state and offer lower car insurance rates as compared to the big name companies such as State Farm or Progressive.
Additional information can be read on the following sites:
- Information for Teen Drivers (GEICO)
- Who Has Cheap Auto Insurance Rates for Teenage Males in Memphis? (FAQ)
- What Insurance is Cheapest for High School Students in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance Quotes for a Jeep Grand Cherokee? (FAQ)
- How Much are Auto Insurance Rates for a Ford Escape in Memphis? (FAQ)
- How Much are Memphis Car Insurance Rates for a Honda Civic? (FAQ)
- Who Has the Cheapest Auto Insurance for 19 Year Olds in Memphis? (FAQ)
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Neck Injury FAQ (iihs.org)
- Things to Know Before you Cancel Insurance (Allstate)
- Distracted Driving Statistics (Insurance Information Institute)