Really, the only way to get budget Toyota Tundra insurance is to start doing a yearly price comparison from different companies who can sell car insurance in Memphis. Drivers can shop around by completing these steps.
Step 1: Take a little time to learn about how insurance works and the things you can change to prevent rate increases. Many risk factors that result in higher prices such as distracted driving and a negative credit history can be eliminated by making minor changes to your lifestyle. This article provides information to get cheaper coverage and get additional discounts.
Step 2: Quote rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can give quotes from one company like Progressive and State Farm, while independent agents can give you price quotes from multiple sources.
Step 3: Compare the new rates to the price on your current policy to see if a cheaper rate is available in Memphis. If you find a lower rate quote and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
The key thing to remember is to try to use similar limits and deductibles on every price quote and and to get rates from all possible companies. Doing this enables a fair price comparison and a better comparison of the market.
It’s amazing but nearly 70% of Tennessee drivers kept their policy with the same company for at least the last four years, and nearly half have never shopped around. The average driver in the U.S. can save hundreds of dollars each year just by shopping around, but they just don’t understand how much money they would save if they switched.
Cutting your Memphis auto insurance rates isn’t really that difficult. Consumers just need to take a few minutes to compare rates to see which company has affordable Toyota Tundra insurance quotes.
Comparison shopping price quotes online is easy and it replaces the need to go to insurance agencies in your area. Buying insurance online eliminates the middleman unless you want the guidance of an agent trained in personal lines coverage. It is possible to compare the best prices online but buy the policy through an agent.
The following companies have been selected to offer comparison quotes in Tennessee. If your goal is to find cheap auto insurance in Memphis, we suggest you visit two to three different companies to find the cheapest car insurance rates.
Here’s why insurance is not optional
Even though it can be expensive, paying for insurance is required for several reasons.
- Most states have mandatory insurance requirements which means you are required to buy a specific minimum amount of liability insurance 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.
- If you took out a loan on your Toyota Tundra, it’s most likely the lender will require you to have full coverage to protect their interest in the vehicle. If coverage lapses or is canceled, the lender may have to buy a policy to insure your Toyota for a lot more money and force you to pay a much higher amount than you were paying before.
- Insurance preserves both your assets and your Toyota Tundra. Insurance will pay for most medical and hospital costs incurred in an accident. Liability coverage, the one required by state law, also pays expenses related to your legal defense if you are sued as the result of an accident. If damage is caused by hail or an accident, comprehensive and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of buying insurance more than cancel out the cost, particularly if you ever have a claim. Unknowingly, the average driver is currently overpaying as much as $825 a year so you should quote and compare rates at least once a year to save money.
Toyota Tundra coverage statistics
The coverage table shown next outlines detailed analysis of insurance coverage prices for Toyota Tundra models. Having a better idea how policy premiums are formulated is important for making smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Tundra Regular Cab 2WD||$136||$256||$368||$22||$110||$892||$74|
|Tundra SR/5 Double Cab 2WD||$156||$312||$368||$22||$110||$968||$81|
|Tundra SR/5 Crew Max 2WD||$156||$312||$368||$22||$110||$968||$81|
|Tundra Regular Cab 4WD||$176||$312||$368||$22||$110||$988||$82|
|Tundra Double Cab 4WD||$176||$312||$368||$22||$110||$988||$82|
|Tundra SR/5 Double Cab 4WD||$176||$312||$368||$22||$110||$988||$82|
|Tundra Limited Double Cab 2WD||$176||$368||$368||$22||$110||$1,044||$87|
|Tundra Limited Crew MAX 2WD||$176||$368||$368||$22||$110||$1,044||$87|
|Tundra Limited Crew MAX 4WD||$196||$368||$368||$22||$110||$1,064||$89|
|Tundra SR/5 Crew Max 4WD||$196||$368||$368||$22||$110||$1,064||$89|
|Get Your Own Custom Quote Go|
Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Premium costs do not factor in garaging location in Memphis which can change price quotes greatly.
Liability only or full coverage
The example below illustrates the difference between Toyota Tundra insurance prices with and without physical damage coverage. The costs are based on no claims or driving violations, $100 deductibles, marital status is single, and no discounts are applied to the premium.
Guidelines for dropping full coverage
There is no clear-cut rule for dropping physical damage coverage, but there is a broad guideline. If the annual cost of your full coverage insurance is more than about 10% of the vehicle’s replacement cost less your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Toyota Tundra replacement cost is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company would pay you is $6,000 after the deductible is paid. If you are paying more than $600 a year for full coverage, then you might want to consider buying only liability coverage.
There are some circumstances where dropping full coverage is not a good plan. If you still owe money on your vehicle, you have to maintain full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should maintain full coverage.
Insurance policy discounts you can’t miss
Companies offering auto insurance don’t always advertise their entire list of discounts in an easy-to-find place, so the list below gives a summary of a few of the more common and the more hidden credits that may apply to you.
- Paperwork-free – Many insurance companies provide a small discount for buying your policy digitally online.
- Passive Restraints – Cars that have air bags or motorized seat belts may earn rate discounts of more than 20%.
- Discount for New Cars – Putting insurance coverage on a new Tundra can cost up to 25% less since newer vehicles are generally safer.
- No Charge for an Accident – Not really a discount, but companies like Liberty Mutual and GEICO will forgive one accident without the usual rate increase if you have no claims before the accident.
- Save with More Vehicles Insured – Purchasing coverage when you have multiple cars or trucks on one policy may reduce the rate for each vehicle.
Drivers should understand that most credits do not apply to the entire cost. Some only apply to the cost of specific coverages such as liability, collision or medical payments. Even though it may seem like all those discounts means the company will pay you, you won’t be that lucky.
The information below compares Toyota Tundra insurance rates with and without discounts applied to the premium. The information is based on a female driver, no tickets, no at-fault accidents, 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, homeowner, claim-free, multi-car, multi-policy, and safe-driver discounts applied.
To see providers offering insurance discounts in Tennessee, click here to view.
When should I get advice from an insurance agent?
Many drivers prefer to have an agent’s advice and that is just fine! Professional agents can help determine the best coverages and help submit paperwork. One of the best bonuses of getting online price quotes is that you can obtain cheaper auto insurance rates and still choose a local agent.
Once you complete this form (opens in new window), the coverage information is submitted to local insurance agents who will give competitive quotes to get your business. You don’t have to even leave your home as quotes are delivered instantly to you. If you want to get a price quote for a specific company, just visit that company’s website and fill out the quote form the provide.
Finding the right insurer requires more thought than just a cheap price. These are valid questions to ask:
- How many companies do they write for?
- If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
- Can you contact them at any time?
- Which members of your family are coverage by the policy?
- Will the quote change when the policy is issued?
- What is the agency’s Better Business Bureau rating?
- How long has their agency been open in Memphis?
Choose the right car insurance agent
If you want to buy car insurance from a reliable agent, it helps to know the two different types of agents and how they work. Car insurance agents are considered either independent or exclusive depending on the company they work for. Either one can insure your vehicles properly, but it’s worth mentioning why they differ because it may have an impact on buying decisions.
Exclusive Insurance Agencies
Agents that choose to be exclusive can only provide pricing for a single company like Farmers Insurance, State Farm, Allstate, and AAA. They are unable to give you multiple price quotes so they are skilled at selling on more than just price. These agents are well schooled in insurance sales and that can be a competitive advantage.
Shown below is a short list of exclusive insurance agencies in Memphis that can give you price quote information.
Independent Car Insurance Agents
Independent agencies do not write with just one company so they can insure your vehicles with an assortment of companies and possibly get better coverage at lower prices. If premiums increase, they simply move your policy to a different company and you stay with the same agent.
When shopping rates, you need to get some free quotes from multiple independent agents to maximize your price options.
The following is a list of independent insurance agents in Memphis who can help you get price quote information.
When buying adequate coverage, there is no perfect coverage plan. Each situation is unique.
For example, these questions may help highlight if your insurance needs could use an agent’s help.
- Should I have combined single limit or split liability limits?
- Is my Toyota Tundra covered for smoke damage?
- What happens if I owe more than my Toyota Tundra is worth?
- What does medical payments coverage do?
- Do I need to call my car insurance company before buying a new car?
- When should I not file a claim?
- What does roadside assistance cover?
- What is the ISO rating for a Toyota Tundra?
- Is there coverage for injuries to my pets?
If you don’t know the answers to these questions, you may need to chat with a licensed agent. To find lower rates from a local agent, simply complete this short form. It only takes a few minutes and you can get the answers you need.
Be persistent and save
People change insurance companies for any number of reasons including high rates after DUI convictions, an unsatisfactory settlement offer, delays in paying claims and even questionable increases in premium. No matter why you want to switch, finding a new auto insurance company is less work than it seems.
When buying insurance coverage, do not skimp on critical coverages to save a buck or two. There have been many cases where consumers will sacrifice liability limits or collision coverage and learned later they didn’t have enough coverage. The ultimate goal is to purchase a proper amount of coverage for the lowest cost, not the least amount of coverage.
Low-cost Toyota Tundra insurance in Memphis is possible from both online companies as well as from independent agents in Memphis, and you should compare rates from both to have the best selection. Some companies don’t offer rate quotes online and many times these small, regional companies prefer to sell through independent agencies.
Additional detailed information can be found in these articles:
- Insuring a Leased Car (Insurance Information Institute)
- Who Has Affordable Auto Insurance for Welfare Recipients in Memphis? (FAQ)
- How Much is Car Insurance for Veterans in Memphis? (FAQ)
- What Auto Insurance is Cheapest for Low Credit Scores in Memphis? (FAQ)
- How Much is Memphis Auto Insurance for High Risk Drivers? (FAQ)
- How Much is Memphis Car Insurance for Government Employees? (FAQ)
- Who Has Affordable Memphis Auto Insurance for Postal Workers? (FAQ)
- What Auto Insurance is Cheapest for a Chevrolet Equinox in Memphis? (FAQ)
- What Car Insurance is Cheapest for Electric Cars in Memphis? (FAQ)
- How Much are Memphis Car Insurance Quotes for 16 Year Olds? (FAQ)
- What Insurance is Cheapest for a Learners Permit in Memphis? (FAQ)
- Senior Drivers (Insurance Information Institute)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Understanding Rental Car Insurance (Insurance Information Institute)
- Things to Know Before you Cancel Insurance (Allstate)