Remarkably, a study showed that over 70% of consumers have remained with the same auto insurance company for more than four years, and virtually 40% of consumers have never compared rate quotes at all. The average driver in Tennessee could save an average of approximately 35% each year by just comparing quotes, but they don’t want to take the time to find lower-cost rates by getting comparison quotes.
It takes a little time, but the best way to get more affordable car insurance rates is to compare prices regularly from insurers that sell auto insurance in Memphis.
- First, try to learn a little about how auto insurance works and the things you can control to lower rates. Many policy risk factors that result in higher rates like your driving record and bad credit can be rectified by making lifestyle changes or driving safer.
- Second, request price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can provide rates from a single company like GEICO or Farmers Insurance, while independent agents can give you price quotes from many different companies. Get quotes now
- Third, compare the new rate quotes to your current policy to see if a cheaper price is available. If you can save some money and switch companies, verify that coverage does not lapse between policies.
- Fourth, give notification to your agent or company to cancel the current policy and submit payment and a signed application to the new company. As soon as you have the new policy, safely store the certificate verifying proof of insurance along with your vehicle registration.
One thing to remember is to use the same deductibles and limits on every price quote and and to look at every insurance company. This guarantees an accurate price comparison and many rates to choose from.
If you have coverage now or just want cheaper coverage, you will benefit by learning to find better prices without reducing coverage. Buying the cheapest insurance in Memphis can be easy if you know a few tricks. Comparison shoppers only need to know how to shop for insurance instantly.
How to Lower Your Insurance Costs
Lots of things are taken into consideration when you get your auto insurance bill. Some are pretty understandable like an MVR report, although some other factors are not quite as obvious such as your marital status or your commute time.
The list below includes some of the most common factors that factor into prices.
- Rural areas have lower costs – Living in less populated areas of the country has definite advantages when insuring your vehicles. Drivers who live in large cities have to deal with more auto accidents and higher rates of accident claims. Lower population means fewer accidents in addition to lower liability claims.
- Careless drivers pay higher costs – Only having one speeding ticket could increase your next policy renewal forty percent or more. Drivers who don’t get tickets pay lower auto insurance prices than their less careful counterparts. Drivers who get license-revoking violations such as DUI, reckless driving or excessive speeding may need to prove financial responsibility with their state’s department of motor vehicles in order to continue driving.
- Insurance companies don’t like frequent insurance claims – Insurance companies in Tennessee provide the lowest premiums to policyholders who only file infrequent claims. If you are the type of insured that files lots of claims you can look forward to higher premiums or even policy non-renewal. Insurance coverage is designed for major claims that would cause financial hardship.
- Discounts for multiple policies – Some insurance companies apply better rates to buyers who consolidate policies with them. It’s known as a multi-policy discount. Discounts can add up to ten or even up to twenty percent in some cases. Even with this discount applied, consumers should still get quotes from other companies to help guarantee you have the best rates.
- High performance equals high premiums – The make and model of the car, truck or SUV you need insurance for makes a significant difference in your rates. Smaller low performance passenger vehicles usually have the lowest premiums, but the final cost of insurance is determined by many other factors.
Getting more affordable Kia Optima Plug-In Hybrid car insurance pricing doesn’t have to be difficult. Drivers just need to spend a little time comparing rates online with multiple companies.
Comparing free rates online is easy and it, takes the place of having to drive to local Memphis insurance agencies. The ability to get quotes online reduces the need to sit down with an agent unless you have a need for the professional assistance that only a licensed agent can provide. Although you can comparison shop online and still use a local agent.
The companies shown below provide comparison quotes in Tennessee. To buy cheap car insurance in Tennessee, it’s highly recommended you visit as many as you can to get the best price comparison.
Choosing the best Kia vehicle insurance in Tennessee is an important decision
Despite the fact that car insurance is not cheap in Memphis, insurance serves an important purpose.
First, most states have mandatory insurance requirements which means state laws require a minimum amount of liability 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.
Second, if your vehicle has a lienholder, it’s most likely the lender will stipulate that you buy full coverage to guarantee their interest in the vehicle. If coverage lapses or is canceled, the bank will be required to insure your Kia at an extremely high rate and force you to reimburse them for the expensive policy.
Third, car insurance preserves both your assets and your vehicle. It also can pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. Liability coverage, the one required by state law, will also pay to defend you if you are sued as the result of your driving. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of carrying adequate insurance greatly outweigh the cost, especially with large liability claims. On average, a vehicle owner in Memphis overpays as much as $869 every year so compare quotes from several companies at least once a year to ensure rates are inline.
Cheap Memphis car insurance quotes with discounts
Companies offering auto insurance do not list every policy discount very clearly, so the next list breaks down both the well known and also the more inconspicuous savings tricks you should be using when you buy Memphis auto insurance online.
- Air Bags and Passive Restraints – Cars that have air bags or automatic seat belts can get savings of more than 20%.
- Senior Discount – Drivers over the age of 55 could receive a slight reduction on a Memphis auto insurance quote.
- Student in College – Any of your kids who live away from home at college and do not take a car to college can be insured at a reduced rate.
- Online Discount – Some insurance companies give back up to $50 for completing your application on their website.
- Own a Home and Save – Just being a homeowner may trigger a policy discount on car insurance due to the fact that maintaining a home means you have a higher level of financial diligence.
- Theft Deterrent Discount – Cars equipped with tracking devices and advanced anti-theft systems can help prevent theft and that can save you a little bit as well.
Discounts lower rates, but many deductions do not apply to the entire cost. Most cut individual premiums such as liability, collision or medical payments. So when it seems like all the discounts add up to a free policy, it doesn’t quite work that way. But all discounts will definitely reduce your premiums.
To view insurers that can offer you the previously mentioned discounts in Memphis, click here to view.
Buying from insurance agents
Many drivers would rather get advice from a local agent and that is a personal choice. Good agents are very good at helping people manage risk and help you file claims. A nice benefit of getting online price quotes is that you can obtain cheap rate quotes and still have an agent to talk to. Buying from small agencies is important particularly in Memphis.
For easy comparison, once you complete this form (opens in new window), your information is immediately sent to local insurance agents who want to provide quotes and help you find cheaper coverage. It simplifies rate comparisons since you won’t have to find an agent because quoted prices will be sent to you instantly. If for some reason you want to get a comparison quote for a specific company, you just need to navigate to their website and fill out the quote form the provide.
How to choose the best auto insurance agent in Memphis
If you want to use a reputable agency, it’s important to understand the types of insurance agents and how they operate. Insurance agents can be classified as either exclusive or independent. Either can write insurance policies, but it’s worth learning the difference between them because it can factor into the selection process.
Independent Agencies or Brokers
These agents are appointed with more than one company so they can write business through many companies and find the cheapest rate. If prices rise, your agent can just switch to a different company and you don’t have to find a new agent.
When comparing insurance rates, you should always get rate quotes from multiple independent agents so that you have a good selection of quotes to compare.
Featured below is a list of independent insurance agencies in Memphis that may be able to provide cheap rate quotes.
Nationwide Insurance: Bennita J Wade Agency
1503 Union Ave Ste 220 – Memphis, TN 38104 – (901) 276-8571 – View Map
First Reliable Insurance Agency
5495 Winchester Rd Suite 3 – Memphis, TN 38115 – (901) 362-6052 – View Map
Oseman Insurance Agency
6750 Poplar Ave #410 – Memphis, TN 38138 – (901) 562-0151 – View Map
Exclusive Insurance Agencies
Agents in the exclusive channel work for only one company like Farmers Insurance, State Farm, Allstate, and AAA. They generally cannot provide prices from multiple companies so they have no alternatives for high prices. Exclusive insurance agents are highly trained on what they offer which aids in selling service over price.
Below is a list of exclusive agents in Memphis that are able to give price quote information.
Ruby Williams – State Farm Insurance Agent
3624 Austin Peay Hwy #5 – Memphis, TN 38128 – (901) 388-0000 – View Map
Allstate Insurance: Willie E. Martin
3315 Kirby Pkwy – Memphis, TN 38115 – (901) 365-2008 – View Map
Dan Crawford – State Farm Insurance Agent
5705 Stage Rd #160 – Memphis, TN 38134 – (901) 372-4400 – View Map
Finding a good car insurance agent requires more thought than just a cheap price quote. The answers to these questions are important, too.
- How much can you save by raising your physical damage deductibles?
- How does the company pay claims for a total loss?
- Are they full-time agents?
- Do they get paid more for recommending certain coverages?
- What is the financial rating for the quoted company?
Upon receiving good responses to all your questions and a low price estimate, you’ve probably found a car insurance agent that is professional and can provide insurance coverage.
Best car insurance in Tennessee
Selecting the highest-rated insurer is difficult considering how many different companies there are to choose from in Tennessee. The ranking data listed below can help you analyze which car insurance providers to look at comparing rate quotes with.
Top 10 Memphis Car Insurance Companies Overall
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
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+
Be persistent and save
Low-cost Kia Optima Plug-In Hybrid insurance in Memphis is definitely available both online as well as from insurance agents, and you need to price shop both in order to have the best price selection to choose from. Some companies do not provide online price quotes and these smaller companies only sell through local independent agents.
As you restructure your insurance plan, it’s very important that you do not buy poor coverage just to save money. There have been many cases where an insured dropped liability coverage limits only to regret at claim time that the few dollars in savings costed them thousands. Your goal should be to find the BEST coverage at the best price while not skimping on critical coverages.
Additional detailed information can be found in these articles:
- Crash Avoidance Technologies FAQ (iihs.org)
- Who Has Affordable Car Insurance Quotes for Used Cars in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance for Business Use? (FAQ)
- What Insurance is Cheapest for Inexperienced Drivers in Memphis? (FAQ)
- Driving in Bad Weather (Insurance Information Institute)
- Senior Drivers (Insurance Information Institute)
- Understanding your Policy (NAIC.org)
- Comprehensive Coverage (Liberty Mutual)