It’s a known fact that car insurance companies don’t want customers comparing rates. Drivers who shop around for the cheapest price are highly likely to switch car insurance companies because of the high probability of finding lower rate quotes. A recent car insurance study discovered that consumers who made a habit of comparing rates saved on average $3,400 over four years as compared to drivers who never shopped around for cheaper prices.
If finding the cheapest price for Hyundai Equus insurance is your target objective, then having a good understanding the best way to shop and compare coverage rates can make it easier to find better rates.
The recommended way to get budget Hyundai Equus insurance in Memphis is to do a yearly price comparison from companies in Tennessee.
- Try to comprehend policy coverages and the measures you can control to drop your rates. Many factors that drive up the price such as at-fault accidents, speeding tickets, and a poor credit rating can be rectified by improving your driving habits or financial responsibility.
- Compare prices from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from one company like Progressive or Farmers Insurance, while independent agents can quote rates from many different companies.
- Compare the new rate quotes to the price on your current policy to see if switching to a new carrier will save money. If you find a lower rate and decide to switch, make sure there is no lapse between the expiration of your current policy and the new one.
A crucial key to this process is to make sure you’re comparing identical coverage information on every price quote and and to get rate quotes from all possible companies. This guarantees a level playing field and many rates to choose from.
Seven Tips to Get Cheaper Memphis Insurance Premiums
It’s important that you understand some of the elements that come into play when calculating car insurance rates. When you understand what determines base rates, this empowers consumers to make smart changes that can help you get better car insurance rates.
The itemized list below are a few of the “ingredients” utilized by car insurance companies to help set rates.
More performance means higher prices – The type of car you are buying insurance for makes a big difference in your car insurance bill. The lowest performance passenger models receive the most favorable rates, but the cost you end up paying is determined by many additional factors.
Discounts for married drivers – Walking down the aisle actually saves money when shopping for car insurance. Having a spouse means you’re more stable financially and insurance companies reward insureds because being married results in fewer claims.
Certain occupations pay higher prices – Occupational choices like doctors, executives, and accountants have higher rates than average because of high stress levels and lengthy work days. Conversely, jobs like actors, engineers and performers receive lower rates.
Save mileage and save money – The more you drive your Hyundai annually the higher the price you pay to insure it. Most insurance companies rate vehicles based upon how much you drive. Autos used primarily for pleasure use can get a lower rate as compared to vehicles used primarily for driving to work. A policy that improperly rates your Equus may be costing you higher rates. It’s always a good idea to double check that your car insurance coverage correctly shows the correct usage for each vehicle, because it can save money.
Rates can drop if you have more than one policy – The majority of companies will give lower prices to policyholders who consolidate policies with them in the form of a multi-policy discount. The discount can be ten or even up to twenty percent in some cases. Even if you qualify for this discount already, drivers will still want to compare Hyundai Equus rates in Memphis to confirm you are receiving the best rates possible.
Only buy what you need – Insurance policies have a lot of optional add-on coverages you can purchase on your Equus policy. Coverage for things like rental car reimbursement, accidental death, and motor club memberships are some examples. The coverages may be enticing when discussing your needs, but your needs may have changed so remove them from your policy.
Women tend to cost less – Statistics show females are less aggressive when driving. That doesn’t necessarily mean that males are worse at driving than females. They both cause at-fault accidents in similar numbers, but males cause more damage and cost insurance companies more money. Men also get higher numbers of serious violations like reckless driving and DUI. Youthful male drivers generally have the highest accident percentage and therefore have the most expensive car insurance rates.
Hyundai Equus insurance loss data – Insurers include the past claim history for a vehicle to calculate a rate that will offset any claims. Models that have higher prevalence or dollar amount of losses will have a higher cost to insure.
The next table illustrates the collected loss data for Hyundai Equus vehicles. For each coverage category, the statistical loss for all vehicles as a whole is set at 100. Numbers under 100 mean the vehicle has better than average losses, while values that are above 100 indicate frequent claims or statistically larger claims.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Hyundai Equus 4dr||155||83||225||85|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
A little work can save a LOT of money
Drivers leave their current company for many reasons like policy cancellation, extreme rates for teen drivers, delays in responding to claim requests or lack of trust in their agent. Regardless of your reason, finding a great new company is not as difficult as it may seem.
Some insurance providers do not offer the ability to get quotes online and most of the time these smaller companies provide coverage only through independent insurance agents. Cost effective Hyundai Equus insurance can be found online and also from your neighborhood Memphis agents, and you need to comparison shop both in order to have the best price selection to choose from.
As you restructure your insurance plan, it’s very important that you do not sacrifice coverage to reduce premiums. In too many instances, an insured dropped collision coverage and found out when filing a claim they didn’t have enough coverage. The goal is to purchase plenty of coverage at the best possible price and still be able to protect your assets.
Much more information about auto insurance in Tennessee can be read below:
- Frontal Crash Tests (iihs.org)
- Who Has Affordable Car Insurance Rates for Good Students in Memphis? (FAQ)
- What Insurance is Cheapest for a Ford Fusion in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance for a Ford Explorer? (FAQ)
- Who Has Cheap Memphis Car Insurance for Ride Shares? (FAQ)
- Who Has the Cheapest Memphis Auto Insurance for a School Permit? (FAQ)
- What Insurance is Cheapest for Inexperienced Drivers in Memphis? (FAQ)
- Who Has Cheap Memphis Car Insurance Rates for Nurses? (FAQ)
- Event Data Recorders FAQ (iihs.org)
- Automakers compete to add autobraking (Insurance Institute for Highway Safety)