Do you think you bought an under-performing, overpriced auto insurance policy? It's quite common and there are lots of people in the same boat.
A recent auto insurance study discovered that most consumers kept their policy with the same company for four years or more, and just short of a majority have never shopped around. Memphis insurance shoppers could save about $500 every year by just shopping around, but they don't know how much money they would save if they swap their current policy for a cheaper one.
Steps to buying low-cost Ford Five Hundred insurance in Memphis
The preferred way to get discount Ford Five Hundred insurance in Memphis is to start doing a yearly price comparison from insurers in Tennessee. Drivers can shop around by following these guidelines.
Step 1: It will benefit you to learn about car insurance and the measures you can take to keep rates down. Many rating criteria that drive up the price like traffic violations and an unacceptable credit score can be amended by making minor driving habit or lifestyle changes. Keep reading for additional ideas to get affordable coverage and get bigger discounts.
Step 2: Compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from one company like GEICO or Allstate, while independent agents can give you price quotes from multiple companies. Compare rates now
Step 3: Compare the quotes to your current policy premium to determine if you can save on Five Hundred insurance in Memphis. If you can save some money and make a switch, make sure coverage does not lapse between policies.
Step 4: Give notification to your agent or company of your intention to cancel your existing policy and submit the completed application along with a down payment for the new coverage. Be sure to safely store the certificate verifying coverage along with the vehicle's registration papers.
The most important part of shopping around is to try to use identical coverage information on every quote and and to get price quotes from as many companies as possible. Doing this helps ensure an accurate price comparison and and a good selection of different prices.
Due to the abundance of options for buying cheap insurance for a Ford Five Hundred in Memphis, it can be challenging to choose the cheapest company.
It's a good idea to do rate comparisons occasionally because insurance prices are rarely the same from one policy term to another. Even if you think you had the best rates on Ford Five Hundred insurance in Memphis a few years ago there is a good chance you can find better rate quotes now. You can find a lot of misleading information regarding Five Hundred insurance out there, but in just a couple of minutes you can learn some great ways to buy auto insurance cheaper in Memphis.
Shopping around for cheaper car insurance coverage in Memphis is not as confusing as people think. Nearly each driver who compares rates for car insurance should find lower prices. Although Tennessee drivers need to have an understanding of how big insurance companies sell online and use it to your advantage.
The Ford Five Hundred Insurance Cost Equation
Lots of things are part of the calculation when premium rates are determined. Some factors are common sense like an MVR report, although others are less obvious like where you live or how financially stable you are. Smart consumers have a good feel for the factors that play a part in calculating the rates you pay for insurance. If you have a feel for what determines premiums, this enables you to make decisions that can earn you lower premium levels.
Save by driving cars with good safety ratings - Safer cars get lower rates. Highly rated vehicles reduce occupant injuries and fewer injuries means less money paid by your insurance company and lower rates for you. If your Ford has ratings of a minimum four stars on Safercar.gov or an "acceptable" rating on iihs.org you may be receiving a better rate.
Bundle policies and save - Most major insurance companies apply lower prices to insureds that have more than one policy in the form of a multi-policy discount. Even if you qualify for this discount already, it's always a smart idea to get quotes from other companies to verify if the discount is saving money.
Never let your insurance policy lapse - Having a lapse in insurance coverage can be a sure-fire way to trigger a rate increase. Not only will you pay higher rates, failure to provide proof of insurance will get you a hefty fine and possibly a revoked license.
Liability is important - Liability coverage is the protection when you are responsible for physical damage or personal injury to other. Liability provides legal defense which can be incredibly expensive. This coverage is very inexpensive when compared to the cost of physical damage coverage, so buy as much as you can afford.
Discounts for married couples - Having a spouse may earn you lower rates compared to being single. Having a significant other generally demonstrates drivers are more mature and statistics show drivers who are married file infrequent claims.
Gender and auto insurance costs - The statistics show women tend to be less risk to insure than men. This data doesn't prove that females are better drivers. Females and males cause auto accidents at a similar rate, but the men cause more damage. Not only that, but men also have more aggressive citations like driving under the influence (DUI). Male teenagers are most likely to cause an accident and therefore have the most expensive insurance rates.
Do you know you're credit history? - Having a good credit score is likely to be a major factor in determining your rates. Therefore, if your credit history can use some improvement, you could be paying less to insure your Ford Five Hundred by improving your credit score. Insureds with excellent credit scores tend to be better drivers and file fewer claims than drivers with bad credit.
Don't neglect these discounts on Ford Five Hundred insurance in Memphis
Companies that sell car insurance don't always advertise all their discounts very clearly, so the below list has some of the more common and also the lesser-known discounts that you can inquire about if you buy Memphis car insurance online.
- Federal Government Employee - Employees or retirees of the government could qualify for a slight premium decrease with a few insurance companies.
- Professional Organizations - Participating in qualifying employment or professional organizations can get you a small discount on your next renewal.
- Student Discounts - Getting good grades may save you up to 25%. The good student discount can last well after school through age 25.
- Life Insurance Discount - Some insurance companies give better rates if you take out a life insurance policy as well.
- Telematics Data - Drivers that enable driving data collection to track driving manner by using a telematics device like Allstate's Drivewise might see lower rates if they exhibit good driving behavior.
- Multi-policy Discount - If you can combine your homeowners and auto policy with one insurance company you may earn at least 10 to 15 percent or more.
You can save money using discounts, but most credits do not apply to the overall cost of the policy. Some only apply to the cost of specific coverages such as comprehensive or collision. Just because you may think having all the discounts means you get insurance for free, that's just not realistic. Any amount of discount will definitely reduce your policy premium.
Larger insurance companies and a partial list of their discounts are:
- Travelers may have discounts that include early quote, multi-policy, new car, student away at school, hybrid/electric vehicle, continuous insurance, and home ownership.
- 21st Century offers discounts for good student, driver training, student driver, anti-lock brakes, defensive driver, and 55 and older.
- State Farm has discounts for multiple policy, defensive driving training, good driver, driver's education, passive restraint, Steer Clear safe driver discount, and student away at school.
- GEICO offers premium reductions for anti-theft, multi-vehicle, daytime running lights, seat belt use, and emergency military deployment.
- SAFECO discounts include drive less, safe driver, multi-car, anti-theft, bundle discounts, and homeowner.
- AAA policyholders can earn discounts including good student, AAA membership discount, good driver, pay-in-full, education and occupation, multi-car, and multi-policy.
When getting a coverage quote, ask all companies you are considering to apply every possible discount. Savings may not apply to policies in Memphis.
Which auto insurance company is best in Tennessee?
Choosing a high-quality company can be challenging considering how many choices drivers have in Tennessee. The ranking data listed below could help you pick which companies you want to consider to insure your vehicles.
Top 10 Memphis Car Insurance Companies by A.M. Best Rank
- Travelers - A++
- USAA - A++
- GEICO - A++
- State Farm - A++
- Erie Insurance - A+
- Titan Insurance - A+
- Esurance - A+
- Progressive - A+
- Nationwide - A+
- The Hartford - A+
You can find cheap coverage
As you restructure your insurance plan, you should never buy less coverage just to save a little money. There are many occasions where consumers will sacrifice comprehensive coverage or liability limits only to find out that the savings was not a smart move. Your aim should be to buy the best coverage you can find at a price you can afford while still protecting your assets.
Cost effective Ford Five Hundred insurance can be sourced both online in addition to many Memphis insurance agents, and you should be comparing both to get a complete price analysis. Some insurance companies may not have online rate quotes and many times these small, regional companies only sell through independent insurance agents.
Steps to finding more affordable Ford Five Hundred insurance in Memphis
If saving money is your primary concern, then the best way to find better pricing on car insurance rates in Memphis is to make a habit of comparing prices annually from insurers who provide car insurance in Tennessee. Price quotes can be compared by following these guidelines.
- Take a little time to learn about coverages and the factors you can control to drop your rates. Many risk factors that cause high rates like speeding and a not-so-good credit history can be remedied by improving your driving habits or financial responsibility.
- Obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like Progressive and State Farm, while independent agencies can quote prices from many different companies.
- Compare the new rate quotes to your existing coverage to see if a cheaper price is available in Memphis. If you can save some money, ensure coverage does not lapse between policies.
- Give notification to your current company of your intention to cancel your current car insurance policy and submit a down payment and signed policy application to the new insurer. Be sure to put the new certificate of insurance in an easily accessible location.
A valuable tip to remember is to compare the same deductibles and limits on each quote and and to get price quotes from as many car insurance companies as possible. This ensures a fair rate comparison and a good representation of prices.
For more information, take a look at these articles:
- Preventing Carjacking and Theft (Insurance Information Institute)
- Who Has Cheap Memphis Auto Insurance Quotes for 18 Year Olds? (FAQ)
- What Insurance is Cheapest for College Graduates in Memphis? (FAQ)
- Collision Coverage (Liberty Mutual)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Collision Insurance Coverage (Nationwide)