The best way we recommend to get budget auto insurance rates in Memphis is to start doing a yearly price comparison from different companies that insure vehicles in Tennessee.
- First, get a basic knowledge of how car insurance works and the modifications you can make to keep rates low. Many policy risk factors that drive up the price like getting speeding tickets and an imperfect credit rating can be amended by making minor changes in your lifestyle. This article gives tips to keep prices down and find discounts that may have been missed.
- Second, compare prices from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only provide price estimates from one company like GEICO or Farmers Insurance, while independent agents can provide prices from multiple companies. Start a quote
- Third, compare the price quotes to your current policy premium to see if a cheaper price is available in Memphis. If you can save money and make a switch, ensure there is no coverage lapse between policies.
- Fourth, provide proper notification to your current company of your decision to cancel your current auto insurance policy. Submit any necessary down payment along with the completed application to the new company. Once received, put the certificate verifying proof of insurance with your vehicle's registration.
An important bit of advice to remember is to use identical limits and deductibles on every quote request and and to get prices from every insurance company. Doing this ensures an accurate price comparison and a thorough selection of prices.
Everyone knows that car insurance companies don't want you to compare rates. Insureds who shop around for cheaper price quotes will probably buy a different policy because there is a great chance of finding a policy with better rates. A study discovered that consumers who routinely compared rates saved $3,400 over four years compared to other drivers who don't make a habit of comparing rates.
If finding low prices for Honda CR-V insurance is your goal, then having an understanding of how to choose a company and compare coverage rates can save time and money.
Low cost Honda CR-V insurance prices in Memphis, TN
Keep in mind that making a lot of price comparisons helps increase your odds of locating a lower rate.
The car insurance companies shown below provide free rate quotes in Memphis, TN. In order to find cheap car insurance in Memphis, we suggest you visit two to three different companies to get the most competitive price.
Car insurance data for a Honda CR-V
The rate table shown next covers different policy rates for Honda CR-V models. Learning how rates are formulated can be useful when making informed decisions when shopping around for a new policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|CR-V LX 2WD||$152||$282||$320||$18||$96||$868||$72|
|CR-V EX 2WD||$152||$282||$320||$18||$96||$868||$72|
|CR-V LX 4WD||$152||$282||$320||$18||$96||$868||$72|
|CR-V EX 4WD||$174||$282||$320||$18||$96||$890||$74|
|CR-V EX-L 2WD||$174||$282||$320||$18||$96||$890||$74|
|CR-V EX-L 4WD||$174||$282||$320||$18||$96||$890||$74|
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Data based on single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Price information does not factor in Memphis location which can change premiums substantially.
The information below highlights how deductible choice and can increase or decrease Honda CR-V insurance rates for different age groups. Data assumes a single female driver, comp and collision included, and no discounts are factored in.
How accidents and tickets impact rates
The diagram below highlights how traffic violations and at-fault fender-benders can raise Honda CR-V insurance costs for different age groups. The rates are based on a single female driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
Honda CR-V liability rates compared to full coverage
The illustration below illustrates the comparison of Honda CR-V insurance costs with full physical damage coverage and with liability coverage only. The price estimates are based on no claims or violations, $100 deductibles, drivers are not married, and no discounts are factored in.
When to drop full coverage
There is no exact rule to eliminate full coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then it's probably a good time to buy liability coverage only.
For example, let's say your Honda CR-V replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $8,000 after paying your policy deductible. If it's costing in excess of $800 annually for physical damage coverage, then you might consider buying liability only.
There are some cases where buying only liability insurance is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage to protect the lienholder's interest in the vehicle. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not buy liability only.
Learn How to Buy Car Insurance for Less
Smart consumers have a good feel for some of the factors that play a part in calculating your car insurance rates. When you know what positively or negatively controls the rates you pay, this enables you to make decisions that could result in much lower annual insurance costs.
Listed below are some of the items car insurance companies consider when setting your prices.
Do safer cars cost less to insure? - Safer cars are cheaper to insure. Vehicles engineered for safety reduce the chance of injuries and better occupant protection means your insurance company pays less and thus lower rates. If your Honda has at least four stars on Safercar.gov you may qualify for a discount.
Never allow your policy to lapse - Not maintaining insurance is illegal and companies may charge more for letting your coverage cancel without a new policy in place. And not only will insurance be more expensive, failure to provide proof of insurance will get you a hefty fine and possibly a revoked license. You may have to prove you have insurance by filing a SR-22 with the Tennessee motor vehicle department to get your license reinstated.
Can a thief steal your car? - Choosing to buy a car with anti-theft technology or alarm system can get you a discount on your car insurance. Anti-theft features such as LoJack tracking devices, vehicle tamper alarm systems or GM's OnStar system help track and prevent car theft and help bring rates down.
Impacts performance impacts auto insurance premiums - The make and model of the vehicle you are buying insurance for makes a huge difference in your rates. The lowest rates tend to be for smaller low performance passenger cars, but the final cost of insurance is determined by many other factors.
The next chart uses these variables: married female driver age 30, full coverage with $500 deductibles, and no discounts or violations. It compares Honda CR-V insurance rates compared to other makes and models that have different performance risks.
Infrequent drivers can save - The more miles you rack up on your Honda each year the higher the price you pay to insure it. The majority of insurers charge to insure your cars based upon how much you drive. Vehicles used primarily for pleasure use can be on a lower rate level compared to those used for work or business. It's a good idea to make sure your car insurance policy states the correct driver usage, because it can save money. Having an incorrect usage rating on your CR-V may be costing you.
Insurance losses for a Honda CR-V - Insurers take into consideration historical loss data for every vehicle to determine a rate that will be profitable for them. Models that are shown to have higher frequency or amount of claims will cost more for specific coverages.
The information below illustrates the insurance loss data used by companies for Honda CR-V vehicles. For each coverage type, the claim probability for all vehicles, without regard to make or model, equals 100. Percentages below 100 indicate a favorable loss history, while percentages above 100 indicate higher probability of having a loss or tendency to have higher losses.
|Specific Honda Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Honda CR-V 4dr 2WD||68||81||58||93||86||77|
|Honda CR-V 4dr 4WD||69||82||69||90||87||78|
Statistics from IIHS.org for 2013-2015 Model Years
Buying the right Honda vehicle insurance in Tennessee is an important decision
Even though Memphis CR-V insurance rates can get expensive, insurance is required by state law in Tennessee and it also provides benefits you may not be aware of.
- Almost all states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability insurance coverage in order to be legal. 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 you bought your Honda with a loan, almost every bank will have a requirement that you carry insurance to ensure they get paid if you total the vehicle. If you let the policy lapse, the bank may buy a policy for your Honda for a lot more money and force you to reimburse them for the expensive policy.
- Auto insurance protects not only your Honda CR-V but also your financial assets. Insurance will also pay for hospital and medical expenses that are the result of an accident. Liability insurance also covers all legal expenses up to the policy limit if you cause an accident and are sued. If your Honda gets damaged, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of having auto insurance are definitely more than the cost, particularly for liability claims. According to a 2015 survey, the average American driver is currently overpaying as much as $820 a year so you should quote and compare rates every year to ensure rates are competitive.