Compare Hyundai Accent Insurance Rates in Memphis

Regrettably, about 70% of customers kept their coverage with the same auto insurance company for more than four years, and just under half have never shopped around. Tennessee consumers can save as much as $475 each year, but they just assume it takes a lot of time to go online and compare rates.

To save the most money, the best way to find more affordable car insurance rates in Memphis is to regularly compare price quotes from insurers in Tennessee. This can be done by following these guidelines.

• First, it will benefit you to learn about individual coverages and the things you can change to prevent rate increases. Many policy risk factors that are responsible for high rates like getting speeding tickets and a not-so-good credit rating can be amended by making minor changes in your lifestyle.
• Second, compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only give prices from one company like Progressive or State Farm, while independent agents can provide prices for a wide range of insurance providers.
• Third, compare the quotes to your existing policy and determine if cheaper Accent coverage is available in Memphis. If you can save some money and decide to switch, make sure there is no lapse in coverage.
• Fourth, notify your company or agent to cancel your current policy. Submit a down payment along with a signed application to the new company. As soon as you can, put the proof of insurance certificate in your glove compartment.

The key aspect of shopping around is to make sure you’re comparing the same liability limits and deductibles on every price quote and and to analyze as many car insurance companies as possible. This provides a fair price comparison and plenty of rates choose from.

How Insurers Calculate Hyundai Accent Insurance Premiums

The best way to find cheaper auto insurance is to take a look at some of the elements that come into play when calculating the rates you pay for auto insurance. If you have some idea of what impacts premium levels, this enables you to make decisions that can help you get cheaper rates.

Prevent theft and save – Purchasing a vehicle with a theft deterrent system can save you a little every year. Theft deterrent systems like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems can thwart car theft.

Single vs. married – Being married can actually save you money compared to being single. It is viewed as being more mature than a single person and it’s proven that married couples file fewer claims.

Premiums drop with age – Teen drivers in Tennessee tend to be inattentive with other occupants in the car and because of this, their auto insurance rates are much higher. More mature drivers are proven to be safer behind the wheel, cost insurance companies less in claims, and are generally more financially stable.

The next chart uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.

Safer occupants lowers prices – Vehicles with high crash test scores tend to have better insurance rates. Vehicles built for safety help reduce the chance of injuries in an accident and fewer serious injuries translates into savings for insurance companies passed on to you as lower rates.

Bump up deductibles to lower rates – Physical damage insurance, also called comprehensive and collision insurance, covers damage that occurs to your Hyundai. A few examples of covered claims are running into the backend of another car, damage from fire, or theft. Deductibles for physical damage define the amount you are willing to pay in the event of a claim. The larger the amount you are required to pay out-of-pocket, the lower your rates will be.

Costs increase with policy add-ons – There are quite a few extra coverages you can purchase if you aren’t diligent. Coverage for things like personal injury protection, death and dismemberment, and additional equipment coverage are probably not needed. These coverages may sound good initially, but if they’re wasting money eliminate them to save money.

Don’t abuse policy claims – If you are the type of insured that files lots of claims you can expect increased rates or even have your policy non-renewed. Auto insurance companies in Tennessee generally give better rates to people who do not rely on their insurance for small claims. Your insurance policy is intended for major claims that would cause financial hardship.

Loss statistics for a Hyundai Accent – Companies analyze historical claim data to calculate a rate that offsets possible losses. Vehicles that the statistics show to have higher number or severity of losses will cost more for specific coverages.

The next table illustrates the compiled insurance loss statistics for Hyundai Accent vehicles. For each coverage type, the claim probability for all vehicles averaged together is represented as 100. Values that are 100 or less mean the vehicle has better than average losses, while values that are 100 or greater indicate frequent claims or larger claims.

Many insurance companies like Progressive, Allstate and GEICO provide insurance quotes directly from their websites. The process is quite simple as you just enter your coverage preferences into the form. When complete, the company’s rating system requests your credit score and driving record and provides a quote based on these and other factors. The ability to get online rate quotes for Hyundai Accent insurance in Memphis makes comparing rates easy, and it’s also necessary to get many rate quotes in order to find cheap prices.

In order to get comparison pricing now, compare rate quotes from the providers shown below. If you have coverage now, it’s recommended you input your coverages identical to your current policy. This makes sure you will have a rate comparison for the exact same coverage.

The companies in the list below provide price quotes in Tennessee. If multiple companies are listed, we suggest you click on several of them in order to find the cheapest rates.

Hyundai Accent insurance charts and tables

The information displayed next covers detailed analysis of coverage costs for Hyundai Accent models. Having insight into how rate quotes are calculated can be useful when making decisions on the best policy coverages.

Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Estimates do not factor in specific zip code location which can affect rates greatly.

Higher deductibles lower rates

When buying auto insurance, a common question is how high or low should comp and collision deductibles be. The figures shown below outline the differences in premium rates between low and high comp and collision deductibles. The first rate comparisons uses a $100 deductible for comp and collision and the second rate table uses a $500 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Estimates do not factor in vehicle garaging location which can affect coverage prices considerably.

Using the data above, we can ascertain that using a $100 deductible will cost you about $20 more each month or $240 for a full year than requesting the higher $500 deductible. Since you would have to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at least 20 months between claim filings, you would probably come out ahead if you decide on a higher deductible.

One important caveat is that increasing deductibles to save money means you will have to pay more of your own money at claim time. It will be required that you have enough savings in the event you need to pay the deductible.

The example below demonstrates how choosing different deductibles and can change Hyundai Accent insurance rates for each age group. The premiums are based on a single male driver, comp and collision included, and no other discounts are factored in.

Cost comparison with and without full coverage

The chart below shows the difference between Hyundai Accent car insurance costs with and without physical damage coverage. The rate quotes are based on no claims, a clean driving record, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.

When to switch to liability coverage only

There is no specific rule that works best for making the decision to drop full coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s assume your Hyundai Accent replacement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $5,000 after paying your deductible. If you are paying over $500 annually to have full coverage, then it may be the right time to buy liability only.

There are a few cases where only buying liability is not a good plan. If you still have a loan on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.

Best reasons to buy insurance in Tennessee

Despite the high cost of buying insurance for a Hyundai Accent in Memphis, paying for insurance is not optional due to several reasons.

• Just about all states have minimum liability requirements which means you are required to carry specific limits of liability insurance 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 loan on your Hyundai, it’s most likely the lender will make it a condition of the loan that you have full coverage to ensure they get paid if you total the vehicle. If you let the policy lapse, the bank may buy a policy for your Hyundai at a significantly higher premium and force you to reimburse them the higher price.
• Insurance preserves not only your Hyundai but also your assets. It will also cover medical bills for both you and anyone you injure as the result of an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.

The benefits of having insurance outweigh the cost, especially with large liability claims. But the average driver in Tennessee is overpaying more than $865 each year so compare rate quotes at every renewal to save money.

Discounts mean cheaper rates for Hyundai Accent insurance in Memphis

Auto insurance companies don’t always advertise every available discount in an easy-to-find place, so the list below details a few of the more well known and the more hidden credits available to you.

• Policy Bundle Discount – If you can bundle your auto and home insurance and insure them with the same company they may give you a discount of 10% to 20% off each policy.
• Own a Home and Save – Just being a homeowner may trigger a policy discount on insurance due to the fact that maintaining a home demonstrates responsibility.
• Early Signing – Some insurance companies give discounts for buying a policy before your current expiration date. The savings is around 10%.
• Sign Online – Some of the larger companies provide a small discount simply for signing on the internet.
• First Accident Forgiveness – Not a discount per se, but a few companies such as GEICO, State Farm, and Progressive will allow you to have one accident before your rates go up as long as you don’t have any claims for a particular time prior to the accident.
• Passenger Safety Discount – Factory air bags and/or automatic seat belt systems can receive discounts of 25 to 30%.
• Driver Training Discounts – Completing a course in driver safety can save you 5% or more if you qualify.
• Good Driver Discounts – Insureds who avoid accidents can get discounts for up to 45% lower rates than drivers with accident claims.
• Theft Deterrent System – Cars equipped with anti-theft or alarm systems are stolen with less frequency and qualify for as much as a 10% discount.
• Multi-Vehicle Discounts – Buying insurance for all your vehicles with one company can get a discount for every vehicle.

A quick disclaimer, most of the big mark downs will not be given to the entire policy premium. Most only cut the cost of specific coverages such as collision or personal injury protection. Even though it may seem like you can get free auto insurance, insurance companies wouldn’t stay in business.

The information below shows the comparison of Hyundai Accent yearly insurance costs with and without discounts applied to the premium. The information is based on a male driver, no claims or driving citations, Tennessee state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, claim-free, marriage, multi-car, and homeowner discounts applied.

A list of insurance companies and the discounts they provide can be found below.

• Progressive discounts include multi-policy, homeowner, online quote discount, multi-vehicle, and continuous coverage.
• SAFECO may offer discounts for teen safety rewards, anti-theft, accident prevention training, homeowner, safe driver, and multi-car.
• American Family has discounts for defensive driver, good driver, accident-free, air bags, Steer into Savings, and bundled insurance.
• MetLife offers discounts for accident-free, good student, good driver, multi-policy, and claim-free.
• GEICO includes discounts for membership and employees, military active duty, air bags, daytime running lights, and multi-policy.
• The Hartford offers premium reductions for defensive driver, vehicle fuel type, bundle, air bag, good student, driver training, and anti-theft.

Before purchasing a policy, check with each company or agent how you can save money. All car insurance discounts may not be offered in Memphis. If you would like to view providers with discount insurance rates in Memphis, click here.

Local Memphis insurance agents

Some people just want to buy from a licensed agent and that can be a smart move A good thing about price shopping on the web is the fact that drivers can get better rates and still buy from a local agent. And supporting local insurance agencies is especially important in Memphis.

To find an agent, once you fill out this simple form, your insurance coverage information is emailed to local insurance agents that give free quotes for your auto insurance coverage. It simplifies rate comparisons since you won’t have to find an agent since price quotes are sent immediately to you. You can most likely find cheaper rates and a licensed agent to work with. If you have a need to compare rates from a specific auto insurance provider, you just need to go to their quote page to submit a rate quote request.

Pick the best auto insurance agent in Memphis for you

When finding a local agent, there are two different agency structures to choose from. Agents in Memphis can be categorized as either exclusive or independent.

Independent Auto Insurance Agents (or Brokers)

Agents that elect to be independent are not restricted to one company so they can insure your vehicles with lots of companies and get the cheapest rates. To move your coverage to a new company, they simply switch companies in-house which makes it simple for you.

When comparing auto insurance prices, you will want to get some free quotes from several independent agencies so that you can do a thorough price comparison.

Below are Memphis independent agencies that may be able to provide rate quotes.

View more Memphis agents

Exclusive Agents

Agents of this type work for only one company and examples are State Farm, AAA, and Liberty Mutual. These agents are unable to shop your coverage around so always compare other rates. Exclusive agents are well schooled on the products they sell which helps them sell on service rather than price.

Below is a short list of exclusive insurance agencies in Memphis that can give you comparison quotes.

View more Memphis agents

Picking the best insurance agent shouldn’t rely on just a cheap price quote. Before buying a policy in Memphis, get answers to these questions.

• How is replacement cost determined on your vehicle?
• Do they get extra compensation for selling add-on coverages?
• Do they have cheaper tiers of coverage?
• Is the agent properly licensed in Tennessee?
• How long have they been in business?
• What is the agency’s Better Business Bureau rating?
• Is insurance their full-time profession?

Don’t give up on cheaper rates

As you quote Memphis auto insurance, never buy less coverage just to save a little money. There are too many instances where an insured dropped full coverage and learned later that their decision to reduce coverage ended up costing them more. Your focus should be to purchase plenty of coverage for the lowest price, not the least amount of coverage.

We just covered a lot of tips how to save on Hyundai Accent insurance in Memphis. The key thing to remember is the more rate quotes you have, the better likelihood of getting affordable Hyundai Accent insurance quotes. Drivers may even discover the lowest premium rates come from the least-expected company. They often have lower prices on specific markets than the large multi-state companies such as GEICO and State Farm.

Much more information about car insurance in Tennessee is available at these links:

• Teen Driver Licensing Information (iihs.org)
• How Much is Car Insurance for Single Moms in Memphis? (FAQ)
• Who Has Cheap Memphis Auto Insurance Rates for Drivers with Bad Credit? (FAQ)
• Who Has Cheap Auto Insurance for a Toyota Corolla in Memphis? (FAQ)
• Who Has the Cheapest Memphis Auto Insurance with Multiple Speeding Tickets? (FAQ)
• Who Has Affordable Auto Insurance for Teenage Females in Memphis? (FAQ)
• What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
• Choosing a Car for Your Teen (State Farm)
• Eight Auto Insurance Myths (Insurance Information Institute)