GMC Terrain Insurance Rates in Memphis

It goes without saying that auto insurance companies want to keep you from shopping around. Insureds who shop for lower rates will presumably switch companies because of the good chance of finding a more affordable policy premium. A study showed that people who make a habit of shopping around saved on average $865 annually compared to those who didn’t regularly shop around.

If finding budget-friendly rates on insurance is your ultimate objective, then having a grasp of how to compare insurance rates can help you be more efficient.

Discount GMC Terrain insuranceThe best way we recommend to quote cheaper auto insurance rates in Memphis is to start comparing rates regularly from providers who provide car insurance in Tennessee.

  1. Learn about auto insurance and the modifications you can make to keep rates down. Many factors that cause high rates such as traffic violations and a less-than-favorable credit score can be improved by improving your driving habits or financial responsibility.
  2. Compare prices from direct, independent, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like GEICO or Farmers Insurance, while agents who are independent can provide price quotes from many different companies.
  3. Compare the price quotes to your existing rates to see if you can save by switching companies. If you can save money and decide to switch, make sure there is no lapse in coverage.

A good tip to remember is that you’ll want to make sure you compare identical coverage information on every quote request and and to analyze as many different insurance providers as possible. This ensures an accurate price comparison and a complete selection of prices.

Premium rates and analysis

The table shown next outlines different insurance policy prices for GMC Terrain models. Understanding how auto insurance prices are formulated is important for making informed decisions.

GMC Terrain Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Terrain SLE 2WD $244 $516 $298 $18 $88 $1,164 $97
Terrain SLE AWD $244 $516 $298 $18 $88 $1,164 $97
Terrain SLT 2WD $274 $608 $298 $18 $88 $1,286 $107
Terrain SLT AWD $274 $608 $298 $18 $88 $1,286 $107
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Data rating is based on single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Price information does not factor in zip code location which can revise auto insurance rates substantially.

Higher deductibles save money

One common question asked by Memphis drivers is which deductibles should you choose. The premium rates below determine the differences in premium rates of buying low and high policy deductibles. The first data set uses a $100 comprehensive and collision deductible and the second rate chart uses a $500 deductible.

GMC Terrain insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Terrain SLE 2WD $248 $448 $246 $14 $74 $1,055 $88
Terrain SLE AWD $248 $448 $246 $14 $74 $1,055 $88
Terrain SLT 2WD $280 $528 $246 $14 $74 $1,167 $97
Terrain SLT AWD $280 $528 $246 $14 $74 $1,167 $97
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GMC Terrain insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Terrain SLE 2WD $182 $304 $246 $14 $74 $820 $68
Terrain SLE AWD $182 $304 $246 $14 $74 $820 $68
Terrain SLT 2WD $204 $358 $246 $14 $74 $896 $75
Terrain SLT AWD $204 $358 $246 $14 $74 $896 $75
Get Your Own Custom Quote Go

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

Based on this data, we can arrive at the conclusion that using a $100 deductible costs approximately $21 more each month or $252 every year averaged for all Terrain models than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you have at least 19 months between claims, you would save money if you choose a higher deductible. The table below shows the way you can decide this on your own policy.

Average monthly premium for $100 deductibles: $93
Average monthly premium for $500 deductibles (subtract): – $72
Monthly savings from raising deductible: $21
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $21
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 19 months

The diagram below shows how choosing a deductible and can impact GMC Terrain insurance costs for each different age category. The prices are based on a married male driver, full physical damage coverage, and no discounts are factored in.

Driving violations and accidents

The illustration below illustrates how traffic citations and at-fault fender-benders increase GMC Terrain insurance costs for each age group. The data assumes a married male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.

GMC Terrain insurance rates by gender

The information below illustrates the difference between GMC Terrain insurance premiums for male and female drivers. The data is based on no violations or claims, comp and collision included, $500 deductibles, single marital status, and no policy discounts are applied.

GMC Terrain liability-only versus full coverage

The example below compares GMC Terrain car insurance rates with full coverage and liability only. The data assumes no violations or claims, $100 deductibles, drivers are single, and no discounts are applied.

When to switch to liability coverage only

There is no clear-cut rule to exclude physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your GMC Terrain settlement value is $4,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $3,000 after you pay the deductible. If premiums are more than $300 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.

There are a few situations where buying only liability insurance is not financially feasible. If you still have a lienholder on your title, you have to carry full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.

What Impacts GMC Terrain Insurance Costs?

Lots of factors are considered when you quote your car insurance policy. A few of the factors are predictable like an MVR report, but other criteria are not as apparent like your vehicle usage or your financial responsibility.

The factors shown below are a partial list of the pieces that factor into prices.

Car insurance companies ranked

Buying coverage from the right insurance provider can be a challenge considering how many companies there are in Tennessee. The rank data in the next section may help you analyze which auto insurers you want to consider when comparing rates.

Top 10 Memphis Car Insurance Companies Ranked by Value

  1. Mercury Insurance
  2. Travelers
  3. American Family
  4. AAA Insurance
  5. Safeco Insurance
  6. Progressive
  7. The Hartford
  8. Erie Insurance
  9. Esurance
  10. The General

Top 10 Memphis Car Insurance Companies Ranked by Claims Service

  1. Travelers
  2. Allstate
  3. Nationwide
  4. State Farm
  5. GEICO
  6. Liberty Mutual
  7. American Family
  8. Esurance
  9. AAA Insurance
  10. Titan Insurance

Be persistent to save money

When searching for affordable Memphis car insurance quotes, don’t be tempted to buy lower coverage limits just to save a few bucks. There are many occasions where an insured dropped full coverage only to find out they didn’t have enough coverage. Your goal should be to buy the best coverage you can find at the best price while not skimping on critical coverages.

Drivers who switch companies do it for many reasons like questionable increases in premium, policy cancellation, policy non-renewal or even an unsatisfactory settlement offer. No matter why you want to switch, finding a great new company is actually quite simple.

Throughout this article, we presented quite a bit of information on how to find cheaper GMC Terrain insurance in Memphis. It’s most important to understand that the more quotes you get, the more likely it is that you will get a better rate. You may even discover the lowest auto insurance rates are with the smaller companies.

Even more information is located at these sites: