It takes a little time, but the best way to find cheaper car insurance rates is to compare quotes annually from insurance carriers in Memphis. You can compare rates by following these steps.
Step 1: Get an understanding of how insurance companies determine prices and the steps you can take to keep rates low. Many things that are responsible for high rates like traffic citations and a negative credit score can be amended by paying attention to minor details.
Step 2: Compare rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from one company like Progressive or State Farm, while agents who are independent can provide price quotes from multiple sources. View companies
Step 3: Compare the new rate quotes to your current policy to see if a cheaper rate is available in Memphis. If you find a better price, verify that coverage does not lapse between policies.
Step 4: Provide notification to your current agent or company of your intent to cancel your current policy and submit a completed application and payment to the new insurer. Be sure to put the certificate of insurance in your vehicle’s glove compartment or console.
One key aspect of rate comparisons is to compare similar limits and deductibles on each price quote and and to get price estimates from as many carriers as you can. This helps ensure an apples-to-apples comparison and a better comparison of the market.
A recent study showed that a large majority of drivers in Tennessee kept their coverage with the same auto insurance company for more than four years, and 38% of customers have never quoted auto insurance rates at all. American insurance shoppers can save hundreds of dollars each year by just comparing rate quotes, but they just feel it’s too hard to compare rates and save money.
If you already have coverage or are just looking to switch companies, you can follow these tips to buy cheaper car insurance without sacrificing coverage. Shopping for the best-priced protection in Memphis is not as confusing as people think. Comparison shoppers only need an understanding of the least time-consuming way to compare different rates online.
The auto insurance companies shown below are our best choices to provide free rate quotes in Memphis, TN. If you want to find cheap auto insurance in Memphis, it’s a good idea that you visit as many as you can to get the most competitive price.
Get discounts on Memphis auto insurance
Auto insurance is expensive, but you can get discounts that you may not even know about. Many discounts should be triggered when you purchase, but less common discounts must be requested specifically before you will receive the discount.
- New Vehicle Savings – Adding a new car to your policy can save you some money due to better safety requirements for new vehicles.
- Own a Home – Owning your own home or condo may earn you a small savings since home ownership requires a higher level of personal finance.
- Accident-Free Discounts – Drivers who don’t have accidents have much lower rates in comparison with bad drivers.
- Good Student – Getting good grades could provide a savings of up to 20% or more. The discount lasts up to age 25.
- Low Miles Discount – Driving less could earn lower rates due to less chance of an accident.
- Multi-Vehicle Discounts – Buying a policy with more than one vehicle with the same company could earn a price break for each car.
- One Accident Forgiven – Not a discount per se, but some insurance companies permit an accident before they charge you more for coverage if you are claim-free for a certain period of time.
A little note about advertised discounts, most discount credits are not given to the overall cost of the policy. Most only reduce the cost of specific coverages such as comprehensive or collision. So when the math indicates having all the discounts means you get insurance for free, that’s just not realistic.
Car insurance companies who might offer these money-saving discounts possibly include:
Before purchasing a policy, check with all the companies to give you their best rates. Some credits might not be offered on policies everywhere. To see a list of insurers that offer discounts in Tennessee, follow this link.
Here’s why car insurance is not optional
Despite the high cost, insurance may be mandatory for several reasons.
- Just about all states have minimum liability requirements which means you are required to carry a specific minimum amount of liability 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 you have a loan on your vehicle, almost every bank will have a requirement that you have insurance to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank may buy a policy for your GMC at an extremely high rate and force you to reimburse them much more than you were paying before.
- Car insurance protects not only your vehicle but also your financial assets. It will also provide coverage for many types of medical costs for you, your passengers, and anyone else injured in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, your policy will cover the repair costs.
The benefits of buying enough insurance greatly outweigh the cost, particularly when you have a large claim. Despite what companies tell you, the average driver overpays more than $750 every year so you should quote and compare rates at every renewal to ensure rates are competitive.
Car insurance company ratings
Insuring your vehicle with the best car insurance company can be difficult considering how many companies there are in Tennessee. The ranking information listed below may help you choose which providers you want to consider purchasing a policy from.
Top 10 Memphis Car Insurance Companies Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- AAA Insurance
- Titan Insurance
Top 10 Memphis Car Insurance Companies Ranked by Value
- Mercury Insurance
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- Erie Insurance
- The General
When in doubt talk to an agent
Always keep in mind that when comparing proper insurance coverage, there is no single plan that fits everyone. Your needs are unique to you so this has to be addressed.
Here are some questions about coverages that may help highlight whether or not you will benefit from professional help.
- Am I covered if I hit someone who is not insured?
- Do I need replacement cost coverage on my GMC Envoy?
- Do I need special endorsements for business use of my vehicle?
- When should I buy a commercial auto policy?
- Am I covered if I wreck a rental car?
- Do I have coverage if I rent a car in Mexico?
- Do I need more liability coverage?
- Why is insurance for a teen driver so high in Memphis?
- I have good health insurance, so how much medical payments coverage do I need?
- How does medical payments coverage work?
If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to an insurance agent. If you don’t have a local agent, complete this form or go to this page to view a list of companies. It only takes a few minutes and may give you better protection.
Local Memphis car insurance agents
Some consumers just prefer to talk to a local agent and there is nothing wrong with that. Licensed agents are very good at helping people manage risk and help file insurance claims. One of the best bonuses of price shopping on the web is that drivers can save money and get cheap auto insurance quotes but still work with a licensed agent.
To find an agent, once you fill out this form (opens in new window), your insurance data is emailed to local insurance agents in Memphis that can provide free Memphis auto insurance quotes for your business. You won’t need to find an agent due to the fact that quote results will go directly to your email. In the event you want to compare prices from a specific company, you would need to visit that company’s website and fill out their quote form.
Finding the right provider should include more criteria than just the quoted price. Here are some questions you might want to ask.
- Do the coverages you’re quoting properly cover your vehicle?
- Will they make sure you get an adequate claim settlement?
- Do they have cheaper tiers of coverage?
- Is every driver in your family covered?
- Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
- Do they specialize in personal lines auto insurance in Memphis?
- By raising physical damage deductibles, how much would you save?
If you would like to find a reliable insurance agency, it’s helpful to know the types of insurance agents and how they differ in how they can insure your vehicles. Auto insurance policy providers can either be exclusive or independent agents depending on their company appointments. Both types can write policy coverage, but it is important to understand the difference in how they write coverage because it can influence your agent selection.
Exclusive Insurance Agencies
Agents in the exclusive channel generally can only insure with one company and some examples include Allstate, State Farm and Farmers Insurance. Exclusive agencies are unable to provide other company’s prices so they are skilled at selling on more than just price. Exclusive agents are well schooled on their company’s products and that enables them to sell even at higher rates. Drivers often buy insurance from these agents partially due to the prominence of the brand rather than low rates.
The following are exclusive insurance agents in Memphis willing to provide rate quotes.
- Sylvia Walker – State Farm Insurance Agent
2900 Kirby Pkwy Ste 2 – Memphis, TN 38119 – (901) 794-8848 – View Map
- Rickey Jeans – State Farm Insurance Agent
4285 Elvis Presley Blvd – Memphis, TN 38116 – (901) 346-0300 – View Map
- Allstate Insurance: Kevin Howard
1440 E Shelby Dr Ste 2 – Memphis, TN 38116 – (901) 767-0030 – View Map
Independent Insurance Agents
Independent agents are not locked into one company so they have the ability to put coverage with multiple insurance companies and get you the best rates possible. If prices rise, your agent can switch companies and you don’t have to find a new agent. When comparing rates, you need to include price quotes from several independent agencies for maximum quote selection. They also have the ability to place coverage with smaller regional carriers which could offer lower prices.
The following is a short list of independent agents in Memphis who can help you get comparison quotes.
- Smith-Berclair Insurance
855 Ridge Lake Blvd #400 – Memphis, TN 38120 – (901) 753-4323 – View Map
- Nationwide Insurance: Clarence Mosley Jr
4132 Elvis Presley Blvd – Memphis, TN 38116 – (901) 346-2550 – View Map
- AutoSave Insurance
2550 Poplar Ave – Memphis, TN 38112 – (901) 458-1630 – View Map