No one anticipates paying for insurance, especially knowing they could lower their rates if they shopped around.
We don’t have to tell you that auto insurance companies don’t want you shop around. People who perform rate comparisons are very likely to switch to a new company because there is a great chance of finding a more affordable policy premium. A recent study showed that people who shopped around every year saved an average of $3,450 over four years as compared to drivers who don’t regularly compare prices.
If finding low prices for car insurance is your ultimate goal, then having a grasp of how to find companies and compare insurance can help make the process easier. Many insurers compete for your insurance dollar, so it can be very hard to choose a provider and uncover the absolute lowest rate on Chevy Corvette insurance in Memphis.
You should take the time to compare rates at least once a year because insurance prices go up and down regularly. Even if you got the best deal on Chevy Corvette insurance in Memphis at your last renewal you will most likely find a better rate quote today. Forget all the misinformation about insurance because we’re going to demonstrate the only way to find the best coverage while lowering your premiums.
If you are already insured or just want a better rate, you can learn to get lower rates while maximizing coverage. Choosing the best rates in Memphis can initially seem challenging. Comparison shoppers just have to understand the tricks to shop from many different companies.
Best Chevy Corvette insurance rates in Tennessee
The companies shown below can provide free quotes in Memphis, TN. If you wish to find the best auto insurance in Tennessee, we recommend you compare several of them to find the most affordable auto insurance rates.
Rates and detailed analysis
The coverage table shown below highlights detailed analysis of insurance costs for Chevy Corvette models. Knowing how premiums are formulated can help drivers make informed purchases.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Corvette 2-Dr Coupe||$344||$688||$190||$12||$58||$1,292||$108|
|Corvette GS 2-Dr Coupe||$408||$768||$190||$12||$58||$1,436||$120|
|Corvette 2-Dr Convertible||$408||$768||$246||$14||$74||$1,510||$126|
|Corvette GS 2-Dr Convertible||$440||$848||$246||$14||$74||$1,622||$135|
|Corvette Z06 2-Dr Coupe||$440||$848||$190||$12||$58||$1,548||$129|
|Corvette ZR1 2-Dr Coupe||$568||$1168||$190||$12||$58||$1,996||$166|
|Get Your Own Custom Quote Go|
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Information does not factor in specific location information which can decrease or increase auto insurance rates greatly.
The information below shows how choosing a deductible and can impact Chevy Corvette yearly insurance costs for different age groups of insureds. The costs are based on a single female driver, full coverage, and no discounts are applied to the premium.
Men versus women drivers and insurance cost
The diagram below visualizes the comparison of Chevy Corvette car insurance costs for male and female drivers. The data is based on a clean driving record, no at-fault accidents, comprehensive and collision coverage, $250 deductibles, single marital status, and no other discounts are factored in.
Car insurance discounts help lower rates for Chevy Corvette insurance in Memphis
Car insurance is not an enjoyable expense, but you may qualify for discounts that can help lower your rates. Larger premium reductions will be automatically applied at the time of purchase, but once in a while a discount must be manually applied in order for you to get them.
- E-sign Discounts – A few companies give back up to $50 for completing your application online.
- College Student – College-age children living away from Memphis attending college and don’t have a car may qualify for this discount.
- Driver’s Education for Students – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class if offered at their school.
- Air Bags and Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems can qualify for discounts of 20 to 30 percent.
- Student Discounts – Excelling in school can save 20 to 25%. This discount can apply up to age 25.
- Switch and Save Discount – Some car insurance companies provide a discount for buying a policy early. You can save around 10% with this discount.
- New Car Discount – Buying a new car model can get you a discount since newer vehicles have better safety ratings.
- Military Discounts – Having an actively deployed family member may qualify for rate reductions.
- Drive Less and Save – Low mileage vehicles can earn cheaper car insurance rates.
A quick disclaimer, most credits do not apply to the entire cost. Most only apply to individual premiums such as comprehensive or collision. Even though it appears you could get a free car insurance policy, it just doesn’t work that way. But any discount will cut the cost of coverage.
The diagram below shows the difference between Chevy Corvette premium costs with and without discounts applied to the premium. The price estimates are based on a female driver, no claims, a clean driving record, Tennessee state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, safe-driver, claim-free, multi-policy, marriage, and multi-car discounts applied.
To see a list of insurers who offer car insurance discounts in Memphis, follow this link.
Why Your Insurance Costs might be higher
Multiple criteria are considered when premium rates are determined. Some of the criteria are obvious like your driving record, but other factors are less obvious like where you live or your financial responsibility. When buying car insurance it’s important to understand the factors that go into determining the rates you pay for car insurance. If you know what positively or negatively impacts your premiums, this empowers consumers to make smart changes that can earn you much lower annual insurance costs.
The list below includes some of the things utilized by car insurance companies to help set prices.
- You might pay higher costs if you are single – Walking down the aisle can actually save you money on car insurance. It demonstrates that you tend to be more mature and responsible and statistics show married couples file fewer claims.
- Claim-free discounts can add up – If you’re an insured who likes to file claims you shouldn’t be surprised to get much higher rates or policy non-renewal. Companies in Tennessee give most affordable rates to insureds who only file infrequent claims. Your insurance policy is intended to be relied upon for claims that you cannot pay yourself.
The type of vehicle makes a difference – The make and model of the car you need to insure makes a huge difference in your rates. The lowest rates will normally be found when insuring economy passenger models, but many other things help determine your insurance rates.
The chart below uses these assumptions: married female driver age 50, full coverage with $500 deductibles, and no discounts or violations. It shows Chevrolet Corvette policy rates compared to other vehicles that have a range of performance rating factors.
- Your car’s features help determine premiums – Purchasing a vehicle with a theft deterrent system can help lower your premiums. Anti-theft features like OnStar, LoJack tracking, and tamper alarms all aid in stopping auto theft.
Claims statistics for a Chevy Corvette – Companies use claims history to calculate a rate that will offset losses. Vehicles that statistically have higher claim frequency or loss amount will have higher rates for specific coverages.
The next table illustrates the collected loss data for Chevy Corvette vehicles. For each type of coverage, the claim amount for all vehicles, regardless of make or model, is a value of 100. Values below 100 suggest a better than average loss history, while numbers above 100 point to more claims or larger claims.
Chevrolet Corvette Insurance Loss Statistics Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Chevrolet Corvette 2dr 116 36 101 42 48 39 Chevrolet Corvette Convertible 99 25 57 36 Chevrolet Corvette Z06 2dr 176 126BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
What if I want to buy from local Memphis car insurance agents?
A lot of people just prefer to buy from a licensed agent and that is a smart decision Good agents will help you protect your assets and will help you if you have claims. One of the great benefits of comparing insurance prices online is the fact that you can find lower rates and still have an agent to talk to. Buying from and supporting neighborhood agents is important particularly in Memphis.
To make it easy to find an agent, after completing this simple form, your insurance coverage information is submitted to local insurance agents in Memphis who will gladly provide quotes for your insurance coverage. You never need to leave your house since price quotes are sent to your email. If you have a need to compare prices from a particular provider, just visit that company’s website and fill out their quote form.
Is an exclusive or independent auto insurance agent right for you?
When researching a local agent, there are a couple of different agency structures and how they function. Agents in Memphis can be categorized as either independent or exclusive depending on the company they work for. Either can write insurance policies, but it is a good idea to know the difference in how they write coverage because it can influence which agent you choose.
Independent Insurance Agents (or Brokers)
Independent agents can sell policies from many different companies so they can quote policies through lots of different companies and potentially find a lower price. If your premiums go up, they simply move the coverage in-house and you don’t have to find a new agent.
If you need lower rates, we recommend you compare prices from a few independent agents in order to compare the most rates.
The following is a list of independent agencies in Memphis that can possibly get you rate quotes.
Exclusive Insurance Agents
Exclusive insurance agents normally can only provide a single company’s rates such as Allstate, Farmers Insurance, State Farm, and AAA. Exclusive agents cannot provide prices from multiple companies so if the price isn’t competitive there isn’t much they can do. Exclusive agents receive extensive training on their products and sales techniques which helps them compete with independent agents.
Below are Memphis exclusive insurance agencies that can give you price quote information.
Kathy Thurmond-Edwards- State Farm Insurance Agent
680 W Brookhaven Cir – Memphis, TN 38117 – (901) 767-7744 – View Map
Picking an auto insurance agent requires you to look at more than just the bottom line cost. Get answers to these questions too.
- Can glass repairs be made at your home?
- Can you use your own choice of collision repair facility?
- Does the agency have a positive business rating?
- What companies can they write with?
- Will the company cover a rental car if your car is getting fixed?
- Will your rates increase after a single accident?
- How are claims handled?
- What are their preferred companies if they are an independent agency?
After you get good responses for all questions you ask and locked in a price quote, you have narrowed it down to an insurance agency that is reliable enough to properly insure your vehicles.
One last thing about your coverage
Lower-priced insurance in Memphis is attainable online and from local insurance agents, and you should compare price quotes from both so you have a total pricing picture. There are still a few companies who may not offer online rate quotes and usually these smaller companies work with independent agencies.
As you go through the steps to switch your coverage, it’s not a good idea to sacrifice coverage to reduce premiums. In too many instances, consumers will sacrifice comprehensive coverage or liability limits and found out when filing a claim they didn’t have enough coverage. The ultimate goal is to buy a smart amount of coverage at the best possible price, but do not sacrifice coverage to save money.
How to buy discount Chevy Corvette insurance in Memphis
If you want to save the most money, the best way to find low-cost car insurance rates in Memphis is to compare quotes once a year from providers in Tennessee. Prices can be compared by following these guidelines.
Step 1: Gain an understanding of the coverage provided by your policy and the modifications you can make to prevent high rates. Many factors that increase rates such as traffic citations, accidents, and poor credit can be amended by making lifestyle changes or driving safer.
Step 2: Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like Progressive and State Farm, while independent agents can quote prices for a wide range of companies.
Step 3: Compare the new rates to your current policy premium and see if there is a cheaper rate. If you find a better price and buy the policy, make sure there is no lapse between the expiration of your current policy and the new one.
Step 4: Notify your agent or company of your intention to cancel your current policy and submit the required down payment along with the signed application for your new coverage. Once the paperwork is finalized, safely store the certificate verifying proof of insurance with your registration paperwork.
The critical component of shopping around is to use identical limits and deductibles on every price quote and and to get rate quotes from all possible companies. Doing this enables a fair rate comparison and the best price quote selection.
Additional information can be read on the following sites:
- Coverage Information (Progressive Insurance)
- Who Has Affordable Auto Insurance for Welfare Recipients in Memphis? (FAQ)
- How Much are Auto Insurance Rates for Drivers Requiring a SR22 in Memphis? (FAQ)
- Who Has Affordable Memphis Auto Insurance for a GMC Sierra? (FAQ)
- Who Has Cheap Auto Insurance for a Toyota Corolla in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance for Homeowners? (FAQ)
- What Auto Insurance is Cheapest for a Chevrolet Equinox in Memphis? (FAQ)
- Pickups fall short in headlight tests (Insurance Institute for Highway Safety)
- Cellphones, Texting and Driving (iihs.org)
- Bodily Injury Coverage (Liberty Mutual)