Do you want the cheapest GMC Canyon insurance in Memphis? Finding low-cost insurance for a GMC Canyon in Tennessee can turn out to be a painful process, but you can use a few tricks to make it easier. There is a better way to shop for insurance and we’ll show you the proper way to compare rates for a new or used GMC and obtain the cheapest rates from Memphis insurance agents and online providers.
It’s easy to assume that auto insurance companies don’t want you quoting rates from other companies. Drivers who get price quotes annually will probably switch companies because they have good chances of getting low-cost coverage. A recent survey discovered that people who compared rate quotes regularly saved approximately $70 a month as compared to drivers who never compared prices.
If finding the lowest price for GMC Canyon insurance in Memphis is why you’re here, knowing how to quote prices and compare insurance premiums can make shopping around easier.
You should make it a habit to shop coverage around once or twice a year since insurance prices tend to go up over time. Despite the fact that you may have had the best rate on GMC Canyon insurance in Memphis two years ago you may be paying too much now. Forget all the misinformation about insurance because you’re about to find out the things you must know in order to eliminate unnecessary coverages and save money on GMC Canyon insurance in Memphis.
Rates and statistics
The premium information shown below outlines different prices for GMC Canyon models. Having insight into how car insurance premiums are determined helps drivers make smart choices when comparing insurance quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Canyon SLE Regular Cab 2WD||$122||$206||$272||$16||$82||$698||$58|
|Canyon SLE Ext Cab 2WD||$122||$252||$272||$16||$82||$744||$62|
|Canyon SLE Ext Cab Z71 2WD||$122||$252||$272||$16||$82||$744||$62|
|Canyon SLE Crew Cab 2WD||$122||$252||$272||$16||$82||$744||$62|
|Canyon SLE Regular Cab 4WD||$140||$206||$272||$16||$82||$716||$60|
|Canyon SLE Crew Cab Z71 2WD||$140||$252||$272||$16||$82||$762||$64|
|Canyon SLT Ext Cab 2WD||$140||$252||$272||$16||$82||$762||$64|
|Canyon SLE Ext Cab 4WD||$140||$206||$272||$16||$82||$716||$60|
|Canyon SLT Crew Cab 2WD||$140||$296||$272||$16||$82||$806||$67|
|Canyon SLE Ext Cab Z71 4WD||$140||$252||$272||$16||$82||$762||$64|
|Canyon SLE Crew Cab 4WD||$158||$252||$272||$16||$82||$780||$65|
|Canyon SLE Crew Cab Z71 4WD||$158||$252||$272||$16||$82||$780||$65|
|Canyon SLT Crew Cab 4WD||$158||$252||$272||$16||$82||$780||$65|
|Canyon SLT Ext Cab 4WD||$158||$252||$272||$16||$82||$780||$65|
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Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Premium costs do not factor in the specific area where the vehicle is garaged which can change insurance rates substantially.
The information below highlights how deductible selection and can increase or decrease GMC Canyon yearly insurance costs for different age groups. The price estimates are based on a married male driver, full coverage, and no additional discounts are factored in.
Drive responsibly or pay higher rates
The illustration below shows how violations and accidents increase GMC Canyon car insurance costs for different insured age categories. The premiums assume a single female driver, comp and collision included, $250 deductibles, and no discounts are factored in.
Price comparison of only insuring for liability
The illustration below shows the comparison of GMC Canyon yearly insurance costs with full coverage compared to only the Tennessee minimum liability coverage. The prices are based on a clean driving record, no claims, $100 deductibles, marital status is single, and no policy discounts are applied.
When to stop buying full coverage
There is no exact rule to eliminate physical damage coverage, but there is a general convention. If the annual cost of your full coverage insurance is 10% or more of the settlement you would receive from your company, then you might consider buying liability only.
For example, let’s assume your GMC Canyon book value is $7,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, you would only receive $6,000 after paying your policy deductible. If it’s costing in excess of $600 a year to have full coverage, the it may be a good time to stop paying for full coverage.
There are some cases where eliminating full coverage is not advised. If you haven’t paid off your loan, you have to keep full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
Get cheaper GMC Canyon insurance in Memphis with discounts
Buying car insurance is not cheap, but companies offer discounts that many people don’t even know exist. Larger premium reductions will be automatically applied at the time you complete a quote, but once in a while a discount must be manually applied prior to getting the savings.
- Pay Early and Save – If you can afford to pay the entire bill instead of monthly or quarterly installments you may have a lower total premium amount.
- Safety Course Discount – Taking part in a course teaching defensive driver skills could possibly earn you a 5% discount and make you a better driver.
- Paperless Signup – A handful of insurance companies will give you a small discount for completing your application on their website.
- Policy Bundle Discount – When you combine your auto and homeowners insurance with one insurance company you may save at least 10% off all policies.
- One Accident Forgiven – This isn’t a discount exactly, but a handful of insurance companies will allow you to have one accident before they charge you more for coverage with the catch being you have to be claim-free for a certain period of time.
- Seat Belt Usage – Requiring all passengers to buckle their seat belts could save 15% on medical payment and PIP coverage.
Please keep in mind that some of the credits will not apply to the whole policy. Some only reduce the price of certain insurance coverages like medical payments or collision. So even though it sounds like it’s possible to get free car insurance, that’s just not realistic.
The example below illustrates the difference between GMC Canyon car insurance costs with and without discounts applied to the policy premium. The costs are based on a male driver, no claims or driving citations, Tennessee state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, homeowner, marriage, safe-driver, claim-free, and multi-policy discounts applied.
Auto insurance companies that may have most of these discounts include:
Before purchasing a policy, check with each company which discounts can lower your rates. Some of the discounts discussed earlier may not apply in your state. To choose providers with significant discounts in Tennessee, click here to view.
Car insurance policy coverages for a GMC Canyon
Understanding the coverages of your policy helps when choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be confusing and reading a policy is terribly boring.
Liability coverage will cover damage that occurs to a person or their property. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see liability limits of 25/50/15 which stand for a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a total limit of $15,000 for damage to vehicles and property.
Liability coverage protects against claims such as medical expenses, emergency aid, repair bills for other people’s vehicles, legal defense fees and loss of income. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible. Tennessee requires drivers to carry at least 25/50/15 but you should consider buying more liability than the minimum.
The illustration below demonstrates why buying the state minimum limits may not be high enough to cover claims.
Medical costs insurance
Personal Injury Protection (PIP) and medical payments coverage pay for bills like prosthetic devices, doctor visits and rehabilitation expenses. They can be utilized in addition to your health insurance policy or if you are not covered by health insurance. Coverage applies to not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is not an option in every state but can be used in place of medical payments coverage
This gives you protection from other drivers when they do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your GMC Canyon.
Since a lot of drivers only carry the minimum required liability limits (25/50/15), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea.
Comprehensive or Other Than Collision
This will pay to fix damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for claims such as damage from getting keyed, a tree branch falling on your vehicle, vandalism and falling objects. The most you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
Collision insurance will pay to fix damage to your Canyon from colliding with a stationary object or other vehicle. You have to pay a deductible then your collision coverage will kick in.
Collision coverage protects against claims like backing into a parked car, scraping a guard rail, crashing into a ditch and hitting a mailbox. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. Drivers also have the option to choose a higher deductible on your Canyon to bring the cost down.
Find cheaper rates by being thorough
When trying to cut insurance costs, don’t be tempted to buy lower coverage limits just to save a few bucks. There are a lot of situations where drivers have reduced collision coverage and found out when filing a claim that it was a big mistake. The aim is to buy the best coverage you can find at a price you can afford, but do not sacrifice coverage to save money.
Drivers leave their current company for many reasons like delays in paying claims, delays in responding to claim requests, unfair underwriting practices or high prices. Regardless of your reason, finding a great new company is not as hard as you think.
More affordable car insurance in Memphis is possible online as well as from independent agents in Memphis, and you should be comparing both in order to have the best price selection to choose from. Some car insurance companies do not offer internet price quotes and usually these smaller providers only sell through independent agents.
How to find the cheapest rates for GMC Canyon insurance in Memphis
Truthfully, the best way to find the cheapest price for auto insurance rates is to regularly compare quotes from providers who provide car insurance in Memphis.
- Gain an understanding of how car insurance works and the things you can change to lower rates. Many things that are responsible for high rates like traffic violations, accidents, and poor credit history can be remedied by making lifestyle changes or driving safer.
- Get rate quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like GEICO or Allstate, while independent agencies can provide rate quotes for a wide range of insurance providers.
- Compare the new quotes to the price on your current policy to see if a cheaper price is available in Memphis. If you can save money and change companies, make sure there is no lapse in coverage.
One tip to remember is to use the same liability limits and deductibles on each quote request and and to get price estimates from as many auto insurance providers as possible. This helps ensure the most accurate price comparison and and a good selection of different prices.
To read more, link through to the following helpful articles:
- Credit Impacts Car Insurance Rates (State Farm)
- Who Has Cheap Memphis Auto Insurance for Business Use? (FAQ)
- Information for Teen Drivers (GEICO)
- What if I Can’t Find Coverage? (Insurance Information Institute)