It’s safe to conclude that insurance companies want to keep your business as long as possible. Insureds who get comparison quotes once a year are inclined to switch car insurance companies because of the good chance of finding lower rate quotes. Surprisingly, a recent survey revealed that consumers who shopped around saved on average $850 each year compared to people who never shopped around for cheaper prices.
If finding the cheapest rates on Chevy Silverado 3500HD insurance is your intention, then having a grasp of how to shop and compare insurance rates can help simplify the task of finding more affordable coverage.
Really, the only way to get more affordable car insurance rates in Memphis is to compare prices annually from providers who can sell car insurance in Tennessee. You can compare prices by following these steps.
- Step 1: Gain an understanding of how your policy works and the changes you can make to keep rates in check. Many rating criteria that cause high rates like high-risk driving behaviors and a not-so-good credit history can be remedied by making small lifestyle or driving habit changes. This article provides the details to help prevent costly coverage and find overlooked discounts.
- Step 2: Compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from a single company like Progressive or Farmers Insurance, while independent agents can provide price quotes from multiple companies.
- Step 3: Compare the new rates to your existing policy and determine if cheaper Silverado 3500HD coverage is available. If you find a lower rate quote, make sure coverage is continuous and does not lapse.
The most important part of shopping around is to try to use identical coverages on each quote and and to get rate quotes from as many car insurance companies as possible. This enables a fair rate comparison and plenty of rates choose from.
Finding the cheapest car insurance coverage in Memphis is much easier if you know where to start. If you already have coverage, you should be able to find the best rates using the tips covered below. Smart shoppers just need to understand the most effective way to buy car insurance from many different companies online.
Getting a cheaper price on Chevy Silverado 3500HD insurance is surprisingly easy. Consumers just need to spend a few minutes on the computer comparing free Memphis car insurance quotes to find the company with affordable Memphis car insurance quotes.
The companies in the list below can provide free rate quotes in Memphis, TN. To get cheap car insurance in Memphis, TN, we recommend you compare several of them in order to find the most competitive rates.
Statistics and details
The coverage table displayed next showcases detailed analysis of insurance policy prices for Chevy Silverado 3500HD models. Understanding more about how rates are established can benefit drivers when making smart choices when comparing insurance rates.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado 3500HD LT Crew Cab 4WD | $198 | $320 | $472 | $28 | $142 | $1,160 | $97 |
| Silverado 3500HD LT Extended Cab 4WD | $198 | $320 | $472 | $28 | $142 | $1,160 | $97 |
| Silverado 3500HD LT Crew Cab 2WD | $198 | $278 | $378 | $22 | $114 | $990 | $83 |
| Silverado 3500HD LTZ Crew Cab 2WD | $218 | $278 | $378 | $22 | $114 | $1,010 | $84 |
| Silverado 3500HD LT Crew Cab Diesel 2WD | $218 | $320 | $378 | $22 | $114 | $1,052 | $88 |
| Silverado 3500HD LTZ Crew Cab Diesel 2WD | $218 | $320 | $378 | $22 | $114 | $1,052 | $88 |
| Get Your Own Custom Quote Go | |||||||
Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Table data does not factor in Memphis location which can lower or raise auto insurance rates significantly.
Policy deductibles
One of the most common insurance questions is which deductible level should you buy. The rates below can help show how much more you’ll pay between low and high insurance deductibles. The first set of prices uses a $250 physical damage deductible and the second pricing table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado 3500HD LT Crew Cab 4WD | $280 | $510 | $360 | $22 | $108 | $1,305 | $109 |
| Silverado 3500HD LT Extended Cab 4WD | $280 | $510 | $360 | $22 | $108 | $1,305 | $109 |
| Silverado 3500HD LT Crew Cab 2WD | $280 | $444 | $288 | $18 | $86 | $1,141 | $95 |
| Silverado 3500HD LTZ Crew Cab 2WD | $310 | $444 | $288 | $18 | $86 | $1,171 | $98 |
| Silverado 3500HD LT Crew Cab Diesel 2WD | $310 | $510 | $288 | $18 | $86 | $1,237 | $103 |
| Silverado 3500HD LTZ Crew Cab Diesel 2WD | $310 | $510 | $288 | $18 | $86 | $1,237 | $103 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Silverado 3500HD LT Crew Cab 4WD | $228 | $412 | $360 | $22 | $108 | $1,130 | $94 |
| Silverado 3500HD LT Extended Cab 4WD | $228 | $412 | $360 | $22 | $108 | $1,130 | $94 |
| Silverado 3500HD LT Crew Cab 2WD | $228 | $358 | $288 | $18 | $86 | $978 | $82 |
| Silverado 3500HD LTZ Crew Cab 2WD | $252 | $358 | $288 | $18 | $86 | $1,002 | $84 |
| Silverado 3500HD LT Crew Cab Diesel 2WD | $252 | $412 | $288 | $18 | $86 | $1,056 | $88 |
| Silverado 3500HD LTZ Crew Cab Diesel 2WD | $252 | $412 | $288 | $18 | $86 | $1,056 | $88 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Premium costs do not factor in Memphis location which can modify insurance rates substantially.
Using the data above, we can ascertain that using a $250 deductible will cost in the ballpark of $15 more each month or $180 each year across all Chevrolet Silverado 3500HD models than selecting the higher $500 deductible. Because you would be required to pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you average at a minimum 17 months between claims, you would probably be better off by going with a higher deductible.
How to decide to raise your deductibles
| Average monthly premium for $250 deductibles: | $103 |
| Average monthly premium for $500 deductibles (subtract): | – $88 |
| Monthly savings from raising deductible: | $15 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $15 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 17 months |
The example below illustrates how your choice of deductibles and can increase or decrease Chevy Silverado 3500HD insurance costs for each age group. The rate quotes are based on a married male driver, full coverage, and no discounts are taken into consideration.
Illustration showing the impact of accidents and violations
The chart below shows how speeding tickets and at-fault fender-benders can raise Chevy Silverado 3500HD auto insurance rates for different ages of insureds. The premiums assume a married male driver, comp and collision included, $500 deductibles, and no discounts are taken into consideration.
How much more does full coverage cost?
The example below illustrates the comparison of Chevy Silverado 3500HD annual premium costs with and without physical damage coverage. Data assumes no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no additional discounts are factored in.
Should you pay for full coverage?
There is no definitive guideline to stop paying for physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
For example, let’s say your Chevy Silverado 3500HD claim settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after the deductible is paid. If it’s costing in excess of $800 annually for comprehensive and collision coverage, then you might want to think about dropping full coverage.
There are some circumstances where dropping physical damage coverage is not in your best interest. If you still owe money on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is totaled, you should maintain full coverage.
Why do I need car insurance?
Despite the potentially high cost of Chevy Silverado 3500HD insurance, paying for auto insurance is not optional due to several reasons.
- Almost all states have compulsory liability insurance requirements which means state laws require specific minimum amounts of liability protection in order to license the 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 your Silverado 3500HD has a lienholder, more than likely the lender will force you to have full coverage to protect their interest in the vehicle. If you let the policy lapse, the bank will be required to insure your Chevy at a more expensive rate and force you to pay for the expensive policy.
- Insurance protects both your vehicle and your assets. It will also pay for medical transport and hospital expenses that are the result of an accident. Liability coverage also covers legal expenses if anyone sues you for causing an accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.
The benefits of carrying enough insurance greatly outweigh the cost, particularly when you have a large claim. But the average driver in Tennessee overpays as much as $810 a year so smart consumers compare quotes each time the policy renews to make sure the price is not too high.
Reduce Insurance Rates with These Tips
Multiple criteria are used in the calculation when premium rates are determined. Some are pretty understandable such as your driving history, but other criteria are less apparent like your continuous coverage or your financial responsibility. The best way to find cheaper insurance is to take a look at some of the things that play a part in calculating the rates you pay for insurance. When you understand what impacts premium levels, this enables you to make decisions that can earn you much lower annual insurance costs.
The following are most of the major factors used by insurance companies to determine prices.
- Pay more if you have a long commute – Residing in small towns and rural areas is a good thing when it comes to insurance. Urban drivers tend to have more traffic problems and longer commute times. Fewer people translates into fewer accident claims and a lower car theft rate.
- Save money by raising comp and collision deductibles – Deductibles for physical damage are the amount of money you are required to spend out-of-pocket if a covered claim is submitted. Insurance for physical damage to your car, termed comprehensive and collision coverage on your policy, covers damage that occurs to your car. Some coverage claims are colliding with a stationary object, damage from fire, and damage caused by road hazards. The more damage repair cost you have to pay, the less your insurance will be.
- How credit rating affects insurance prices – Your credit history is likely to be a major factor in determining what you pay. If your credit history can be improved, you could save money insuring your Chevrolet Silverado 3500HD by repairing your credit. People that have very high credit ratings tend to be better drivers and file fewer claims as compared to drivers with bad credit.
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High premiums for teenage drivers – More experienced drivers are shown to be more cautious, cause fewer claims and accidents, and are safer drivers. Young drivers are proven to be easily distracted when driving and because of this, their insurance rates are much higher.
The following chart assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.
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Are you male or female? – Over the last 50 years, statistics have shown that females take fewer risks when driving. However, don’t assume that females are better drivers. Males and females are responsible for auto accidents at a similar rate, but the males tend to have more serious accidents. They also get more serious tickets like driving under the influence (DUI). Male teenagers have the highest risk to insure so it costs more to insure them.
The example below compares Chevy Silverado 3500HD insurance rates for male and female drivers. The premium estimates are based on no tickets, no at-fault accidents, full physical damage coverage, $1,000 deductibles, drivers are single, and no discounts are factored in.
Determine discounts on Memphis car insurance
Car insurance can be pricey, but companies offer discounts that can help lower your rates. Certain credits will be shown when you complete an application, but lesser-known reductions have to be asked for before they will apply. If you do not double check each discount available, you are not getting the best rate possible.
- Drivers Education – Require your teen driver to enroll in driver’s education in school or through a local driver safety program.
- College Student – Any of your kids who are attending college without a vehicle on campus can be insured at a reduced rate.
- Life Insurance – Not every insurance company offers life insurance, but if they do you may earn a break if you buy some life insurance too.
- Multiple Vehicles – Insuring several vehicles with one company may reduce the rate for each vehicle.
- Bundle and Save – When you have multiple policies with the same company you may save at least 10% off all policies.
- Discounts for Good Drivers – Insureds who avoid accidents can pay as much as 50% less than drivers with accidents.
- Low Mileage Discounts – Keeping the miles down on your Chevy may allow you to get slightly better prices than normal.
- Data Collection Discounts – Insureds that choose to allow their car insurance company to monitor driving manner by using a small device installed in their vehicle like Drivewise from Allstate or In-Drive from State Farm may get a rate reduction if their driving habits are good.
- ABS Brakes – Cars, trucks, and SUVs that have anti-lock braking systems can reduce accidents and qualify for as much as a 10% discount.
One thing to note about discounts is that most credits do not apply to the entire cost. Most only apply to specific coverage prices like medical payments or collision. So when it seems like you would end up receiving a 100% discount, company stockholders wouldn’t be very happy.
The example below illustrates the comparison of Chevy Silverado 3500HD premium costs with and without some available policy discounts. The prices are based on a female driver, no accidents or driving violations, Tennessee state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, claim-free, homeowner, safe-driver, multi-policy, and marriage discounts applied.
A few popular companies and the discounts they provide can be read below.
- Farmers Insurance may offer discounts for pay in full, distant student, good student, bundle discounts, mature driver, and business and professional.
- State Farm includes discounts for driver’s education, accident-free, good driver, passive restraint, and Drive Safe & Save.
- Liberty Mutual offers discounts including multi-policy, new move discount, new vehicle discount, newly retired, and preferred payment discount.
- MetLife has savings for accident-free, good driver, defensive driver, good student, and claim-free.
- Progressive policyholders can earn discounts including online signing, multi-policy, homeowner, online quote discount, good student, continuous coverage, and multi-vehicle.
Double check with every prospective company to give you their best rates. Some discounts may not be available in your state. To see a list of companies that have a full spectrum of discounts in Tennessee, click this link.
Car insurance agents can find coverage gaps
Some people would prefer to talk to a local agent. Professional insurance agents will help you protect your assets and give you someone to call. A nice benefit of comparing rates online is that you can obtain the best rates and still have an agent to talk to.
By using this short form, the coverage information is instantly submitted to participating agents in Memphis who can give free rate quotes for your insurance coverage. It makes it easy because there is no need to search for an agent since price quotes are sent to you instantly. If you want to get a comparison quote from a specific company, you can always go to their quote page and complete a quote there.
Finding the right company needs to be determined by more than just the price. Here are some questions to ask:
- How many years have they been established?
- What company holds the largest book of business for them?
- Do the agents have professional certifications like CPCU or CIC?
- Do they reduce claim amounts on high mileage vehicles?
- How experienced are they in personal risk management?
- How are they compensated?
- How often do they review policy coverages?
- Will they make sure you get an adequate claim settlement?
The difference between Memphis car insurance agents
If you want to use a reliable insurance agency, there are two different types of agencies that differ in how they can insure your vehicles. Car insurance agencies may be either independent agents or exclusive agents. Both can properly insure your vehicles, but it’s important to know the difference in the companies they write for because it can impact the kind of agent you use.
Exclusive Car Insurance Agencies
Exclusive insurance agents can only write with one company and examples are State Farm, Allstate and AAA. Exclusive agencies are unable to compare other company’s rates so they have to upsell other benefits. These agents are usually quite knowledgeable on their products and sales techniques which aids in selling service over price. Consumers sometimes use the same agent partially due to high brand loyalty and strong financial ratings.
The following is a list of exclusive insurance agents in Memphis who can help you get rate quotes.
- Farmers Insurance: Candace Hall
1444 E Shelby Dr #329 – Memphis, TN 38116 – (901) 345-2615 – View Map - Arther Wells – State Farm Insurance Agent
4205 Hacks Cross Rd #116 – Memphis, TN 38125 – (901) 363-9217 – View Map - Henry Hooper II – State Farm Insurance Agent
348 S Main St – Memphis, TN 38103 – (901) 575-0001 – View Map
Independent Car Insurance Agencies
Independent agencies are normally appointed by many insurers so they have the ability to put coverage with any number of different companies and find the cheapest rate. If you want to switch companies, the agent simply finds a different carrier and you don’t have to do anything.
When shopping rates, it’s recommended you check rates from a few independent agents for maximum quote selection. Most can insure with mutual insurance companies who may have lower rates.
The following are Memphis independent agencies who can help you get rate quotes.
- Oseman Insurance Agency
6750 Poplar Ave #410 – Memphis, TN 38138 – (901) 562-0151 – View Map - Smith-Berclair Insurance
855 Ridge Lake Blvd #400 – Memphis, TN 38120 – (901) 753-4323 – View Map - Fred L. Davis Insurance Agency – Car Insurance Agency
1374 Airways Blvd – Memphis, TN 38114 – (901) 323-6159 – View Map
Once you have answers to your satisfaction to all your questions and an affordable coverage quote, you may have just found an insurance agent that is reputable and can insure your vehicles.
What is YOUR best insurance company?
Low-cost Chevy Silverado 3500HD insurance in Memphis can be found on the web and also from your neighborhood Memphis agents, so get free Memphis car insurance quotes from both of them to get a complete price analysis. Some insurance companies do not provide online quoting and many times these smaller companies prefer to sell through local independent agencies.
When you buy Memphis car insurance online, don’t be tempted to reduce coverage to reduce premium. There have been many cases where an accident victim reduced collision coverage only to discover later they didn’t have enough coverage. Your goal should be to purchase plenty of coverage at the best possible price, but do not sacrifice coverage to save money.
People switch companies for any number of reasons including being labeled a high risk driver, delays in paying claims, delays in responding to claim requests and even poor customer service. It doesn’t matter what your reason, switching auto insurance companies is less work than it seems.
More detailed auto insurance information is available by following these links:
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)
- What Auto Insurance is Cheapest for Drivers Under 25 in Memphis? (FAQ)
- Who Has Cheap Car Insurance Rates for a Toyota RAV4 in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance Rates After a Speeding Ticket? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for a Subaru Outback in Memphis? (FAQ)
- How Much are Car Insurance Rates for Uber Drivers in Memphis? (FAQ)
- Who Has Affordable Auto Insurance for Drivers with Accidents in Memphis? (FAQ)
- Auto Insurance FAQ (Farmers Insurance)
- Distracted Driving (Insurance Information Institute)
- Teen Driver Licensing Information (iihs.org)