We don't have to point out that fact that insurance companies don't want you comparing rates. Consumers who shop around for cheaper prices are inclined to switch to a new company because the odds are good of finding coverage at a more affordable price. A study discovered that people who compared rates regularly saved an average of $860 a year compared to policyholders who never shopped around for better prices.
If saving money on insurance in Memphis is your objective, then understanding how to find companies and compare car insurance can make the process less intimidating.
The easiest way to get budget auto insurance rates in Memphis is to compare quotes once a year from companies in Tennessee. This can be done by completing these steps.
Step 1: Get a basic knowledge of the coverage provided by your policy and the measures you can take to keep rates in check. Many things that drive up the price like careless driving and a lousy credit rating can be controlled by making minor driving habit or lifestyle changes. Keep reading for the details to help prevent costly coverage and get bigger discounts that may have been overlooked.
Step 2: Compare price quotes from direct, independent, and exclusive agents. Exclusive and direct companies can provide rates from one company like Progressive or Farmers Insurance, while independent agents can provide rate quotes for a wide range of insurance providers.
Step 3: Compare the quotes to your existing policy to see if a cheaper rate is available in Memphis. If you find a lower rate and make a switch, make sure coverage is continuous and does not lapse.
One bit of advice is to compare similar deductibles and liability limits on every quote request and and to analyze as many companies as feasibly possible. This enables a fair price comparison and a complete price analysis.
Compare Lexus NX 200t insurance rates
To find cheap prices, there are a couple of ways of comparing rates from many different Tennessee insurance companies. The best method to comparison shop is to perform an online rate comparison.
When comparing auto insurance rates, know that quoting more provides better odds of finding a better price.
The auto insurance companies shown below are our best choices to provide price quotes in Tennessee. In order to find cheap car insurance in Tennessee, we suggest you visit several of them to get the best price comparison.
Car insurance is not optional in Tennessee
Despite the high insurance cost for a Lexus NX 200t in Memphis, maintaining insurance is required in Tennessee but also provides important benefits.
- Almost all states have minimum liability requirements which means you are required to buy specific limits of liability if you drive a vehicle. 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 have a lien on your vehicle, almost all lenders will stipulate that you have comprehensive coverage to guarantee their interest in the vehicle. If coverage lapses or is canceled, the lender will be forced to insure your Lexus for a much higher rate and make you pay the higher premium.
- Car insurance preserves both your car and your personal assets. Insurance will also pay for medical bills incurred in an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, your car insurance policy will pay all costs to repair after the deductible has been paid.
The benefits of carrying enough insurance definitely exceed the cost, specifically if you ever have a liability claim. But the average American driver is overpaying over $810 a year so you should quote rates at every policy renewal to ensure rates are inline.
Insurance quotes and discounts
Auto insurance companies don't list their entire list of discounts in an easy-to-find place, so here is a list some of the best known as well as some of the hidden discounts that may be available.
- Accident Waiver - This one isn't a discount, but a few companies such as Liberty Mutual, Allstate and State Farm will let one accident slide before your rates go up so long as you haven't had any claims for a particular time prior to the accident.
- Discounts for Responsible Drivers - Safe drivers can save up to 40% or more on their Memphis auto insurance quote than drivers with accident claims.
- Multiple Policy Discount - If you can bundle your auto and homeowners insurance and insure them both with the same insurance company you could get a discount of over 10 percent off each policy depending on the company.
- Online Discount - Many larger companies give back up to $50 shop Memphis auto insurance on the internet.
- Memphis Homeowners Discount - Owning a home in Memphis can earn you a little savings because owning a home is proof of financial responsibility.
- Membership in Organizations - Belonging to qualifying clubs or civic groups can get you a small discount on insurance.
Drivers should understand that many deductions do not apply to your bottom line cost. Most only cut the price of certain insurance coverages like comprehensive or collision. Just because it seems like you could get a free insurance policy, insurance companies aren't that generous.
A few of the larger companies and their offered discounts are outlined below.
- GEICO policyholders can earn discounts including military active duty, membership and employees, driver training, five-year accident-free, and seat belt use.
- MetLife offers discounts for good student, accident-free, multi-policy, good driver, and claim-free.
- Progressive includes discounts for multi-vehicle, online signing, continuous coverage, homeowner, and online quote discount.
- Travelers offers premium reductions for early quote, hybrid/electric vehicle, driver training, IntelliDrive, and multi-policy.
- SAFECO has savings for anti-theft, teen safe driver, drive less, multi-car, bundle discounts, and homeowner.
- AAA may include discounts for pay-in-full, good student, multi-car, AAA membership discount, anti-theft, good driver, and education and occupation.
Before you buy a policy, ask each company how you can save money. Savings might not apply in Memphis.