Surprisingly, a recent survey revealed that most consumers have stayed with the same insurance company for over three years, and just short of a majority have never compared auto insurance rates at all. Tennessee drivers can save as much as $500 each year just by shopping around, but they underestimate the amount of money they would save if they just switched companies.
The best way we recommend to get budget Hummer H3 insurance in Memphis is to start doing a yearly price comparison from insurers who provide car insurance in Tennessee.
First, it will benefit you to learn about what coverages are included in your policy and the factors you can control to prevent rate increases. Many things that cause rate increases such as traffic violations and a substandard credit score can be amended by being financially responsible and driving safely. Read the full article for additional tips to get better rates and find discounts that may have been missed.
Second, obtain price quotes from direct, independent, and exclusive agents. Direct and exclusive agents can provide rates from a single company like GEICO or Allstate, while agents who are independent can quote rates from multiple insurance companies.
Third, compare the new rates to your current policy to determine if switching companies saves money. If you find a lower rate quote and make a switch, make sure there is no lapse in coverage.
Fourth, notify your company or agent of your intention to cancel your current car insurance policy and submit the completed application along with a down payment to your new insurance company. Don’t forget to place your new proof of insurance certificate with the vehicle registration.
A valuable tip to remember is to make sure you’re comparing identical deductibles and limits on each quote and and to get rates from as many car insurance companies as possible. This helps ensure an accurate price comparison and a thorough selection of prices.
Choosing the best rates in Memphis is really quite simple as long as you have a good starting point. If you have auto insurance now, you should be able to save money using this information. Smart shoppers just need to know the proper methods to shop from multiple carriers.
Do you qualify for discounts?
Insurance can be prohibitively expensive, but you can get discounts that could help you make your next renewal payment. Certain discounts will be triggered automatically when you get a quote, but a few must be specially asked for prior to receiving the credit.
- Multi-car Discount – Having multiple vehicles with the same auto insurance company may reduce the rate for each vehicle.
- Organization Discounts – Being a member of certain professional organizations can get you a small discount on your policy.
- Discounts for Federal Employees – Employees or retirees of the government could provide a small rate reduction depending on your company.
- Discount for Life Insurance – Larger auto insurance companies have a small discount if you purchase life insurance from them.
- Safety Restraint Discount – Forcing all vehicle occupants to buckle up before driving can save 10% or more on the premium charged for medical payments and/or PIP.
- Defensive Driver Discounts – Participating in a class that teaches defensive driving techniques can save you 5% or more and easily pay for the cost of the class.
- Active Military Service – Being on active deployment in the military may qualify for rate reductions.
Just know that most discount credits are not given to the entire cost. Some only apply to individual premiums such as liability, collision or medical payments. Even though the math looks like having all the discounts means you get insurance for free, you won’t be that lucky.
The example below compares Hummer H3 car insurance costs with and without policy discounts. The rates are based on a female driver, no accidents or driving violations, Tennessee state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, safe-driver, multi-policy, marriage, and multi-car discounts applied.
A few of the larger companies and a selection of discounts can be found below.
- GEICO may have discounts that include anti-lock brakes, daytime running lights, multi-vehicle, federal employee, and military active duty.
- Travelers discounts include good student, IntelliDrive, student away at school, multi-policy, and early quote.
- Nationwide policyholders can earn discounts including business or organization, accident-free, easy pay, multi-policy, good student, and family plan.
- Farmers Insurance may offer discounts for switch companies, alternative fuel, homeowner, pay in full, good student, and multi-car.
- Esurance offers discounts for online shopper, multi-policy, anti-lock brakes, DriveSense, good driver, and claim free.
- State Farm has savings for student away at school, anti-theft, multiple autos, accident-free, driver’s education, and Steer Clear safe driver discount.
- Progressive may include discounts for homeowner, continuous coverage, online signing, multi-vehicle, and multi-policy.
- Mercury Insurance offers premium reductions for accident-free, type of vehicle, low natural disaster claims, age of vehicle, good student, and location of vehicle.
Double check with every company the best way to save money. Discounts may not be offered everywhere. To see providers that offer some of these discounts in Memphis, click here to view.
Lowering your car insurance rates is a great way to save money. Drivers just need to take a few minutes comparing price quotes from different insurance companies.
The companies in the list below offer price comparisons in Memphis, TN. If you want the best cheap car insurance in TN, we suggest you compare several of them to get the most competitive price.
Car insurance analysis for a Hummer H3
The data table below outlines different insurance costs for Hummer H3 models. Learning how auto insurance prices are formulated is important for making informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| H3 Adventure Package 4WD | $280 | $544 | $390 | $24 | $116 | $1,354 | $113 |
| H3 4WD | $280 | $544 | $390 | $24 | $116 | $1,354 | $113 |
| H3 Luxury Package 4WD | $280 | $544 | $390 | $24 | $116 | $1,354 | $113 |
| H3 Alpha 4WD | $312 | $544 | $390 | $24 | $116 | $1,386 | $116 |
| Get Your Own Custom Quote Go | |||||||
Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Price estimates do not factor in your specific Memphis location which can alter auto insurance rates substantially.
Car insurance deductibles
When shopping for car insurance, a common question is how low should you set your deductibles. The rates shown below approximate the cost difference when you buy lower versus higher physical damage deductibles. The first set of rates uses a $250 physical damage deductible and the second price chart uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| H3 Adventure Package 4WD | $252 | $444 | $288 | $18 | $86 | $1,113 | $93 |
| H3 4WD | $252 | $444 | $288 | $18 | $86 | $1,113 | $93 |
| H3 Luxury Package 4WD | $252 | $444 | $288 | $18 | $86 | $1,113 | $93 |
| H3 Alpha 4WD | $280 | $444 | $288 | $18 | $86 | $1,141 | $95 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| H3 Adventure Package 4WD | $156 | $278 | $288 | $18 | $86 | $826 | $69 |
| H3 4WD | $156 | $278 | $288 | $18 | $86 | $826 | $69 |
| H3 Luxury Package 4WD | $156 | $278 | $288 | $18 | $86 | $826 | $69 |
| H3 Alpha 4WD | $174 | $278 | $288 | $18 | $86 | $844 | $70 |
| Get Your Own Custom Quote Go | |||||||
Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Rate quotes do not factor in vehicle location which can modify price quotes significantly.
Using the data above, we can ascertain that using a $250 deductible costs roughly $25 more each month or $300 every year than buying the higher $1,000 deductible. Since you would pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to go at a minimum 30 months between claim filings, you would probably save some money going with the higher deductible.
The example below shows how different deductible levels and can affect Hummer H3 insurance rates for different categories of driver ages. The data is based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.
Difference between full coverage and liability only rates
The diagram below visualizes the comparison of Hummer H3 car insurance rates with full physical damage coverage compared to only buying liability only. The premiums are based on no violations or claims, $500 deductibles, single marital status, and no discounts are factored in.
Guidelines for eliminating full coverage
There is no definitive formula to stop buying physical damage insurance, but there is a broad guideline. If the yearly cost of comp and collision coverage is about 10% or more of replacement cost minus your deductible, then it might be time to buy liability only.
For example, let’s pretend your Hummer H3 settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $2,000 after paying your policy deductible. If you are paying over $200 a year for full coverage, then you might consider buying liability only.
There are some scenarios where buying only liability insurance is not a good idea. If you haven’t satisfied your loan, you have to carry full coverage as part of the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not consider dropping full coverage.
Get More Affordable Insurance Costs by Understanding These Factors
Part of the car insurance buying process is learning a few of the rating criteria that play a part in calculating the rates you pay for car insurance. If you have some idea of what influences your rates, this allows you to make good choices that will entitle you to lower premium levels.
The list below includes some of the things companies use to determine your premiums.
-
Costs for men may be higher – The statistics show females are less aggressive when driving. However, this does not mean women are BETTER drivers than men. Men and women have at-fault accidents at about the same rate, but males have costlier accidents. Men also get more serious tickets such as reckless driving.
The information below shows the difference between Hummer H3 insurance premiums for male and female drivers. The premiums assume no accidents, no driving violations, comprehensive and collision coverage, $1,000 deductibles, single status, and no other discounts are factored in.
- Save money with responsible credit – A driver’s credit history factor in determining premium rates. So if your credit can be improved, you could pay less to insure your Hummer H3 by improving your rating. Drivers who have very high credit ratings tend to be better drivers and file fewer claims as compared to drivers with poor credit.
- Certain jobs pay higher rates – Did you know your car insurance rates can be affected by your occupation? Occupations such as fire fighters, business owners, and miners tend to have higher rates than average in part from job stress and lengthy work days. Other jobs such as professors, athletes and retirees have lower than average premiums.
- Discounts for theft deterrents – Selecting a car model with advanced anti-theft systems can earn a premium discount. Anti-theft devices such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help prevent your car from being stolen.
When should I discuss my situation with an agent?
Keep in mind that when it comes to choosing coverage online or from an agent, there isn’t really a “perfect” insurance plan. Your needs are unique to you and your insurance should unique, too. These are some specific questions can aid in determining whether your personal situation may require specific advice.
- How much liability do I need to cover my assets?
- I have good health insurance, so how much medical payments coverage do I need?
- Should I rate my vehicle as business use?
- Am I covered when delivering products for my home-based business?
- What if I total my Hummer H3 and owe more than it’s worth?
- How much can I save by bundling my policies?
If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to an agent. To find an agent in your area, fill out this quick form or click here for a list of insurance companies in your area. It’s fast, free and can provide invaluable advice.
Can’t I compare prices from local Memphis car insurance agents?
A small number of people just want to get professional advice from a licensed agent and we recommend doing that Professional agents can make sure you are properly covered and help file insurance claims. One of the great benefits of comparing insurance prices online is that drivers can save money and get the best rates and also buy local.
After completing this quick form, your insurance coverage information is immediately sent to insurance agents in Memphis who will give you quotes for your business. There is no need to leave your computer as quotes are delivered to the email address you provide. If you wish to get a comparison quote from a particular provider, don’t hesitate to go to their quote page and submit a quote form there.
Finding the right company is decision based upon more than just the bottom line cost. Agents should be asked these questions:
- Are they paid to recommend certain coverages?
- Are they actively involved in the community?
- How many companies do they write for?
- Do they feel the quoted coverages are adequate?
- Where are claims handled?
- Will one accident increase rates?
Memphis car insurance agents come in two flavors
When narrowing the list to find a reliable agent, it helps to know the two different types of agents and how they can write your policy. Insurance agencies in Memphis are considered either exclusive agents or independent agents. Either one can sell car insurance policies, but it is a good idea to know the difference in the companies they write for since it can impact which type of agent you select.
Exclusive Insurance Agencies
These agents can only quote rates from one company such as Farmers Insurance and State Farm. They generally cannot provide prices from multiple companies so you might not find the best rates. Exclusive agencies receive a lot of sales training on their products and sales techniques which helps offset the inability to provide other markets. Consumers sometimes use the same agent mostly because of the brand name rather than low rates.
Listed below is a list of exclusive agents in Memphis who may provide you with comparison quotes.
- Arther Wells – State Farm Insurance Agent
4205 Hacks Cross Rd #116 – Memphis, TN 38125 – (901) 363-9217 – View Map - Allstate Insurance: Kevin Howard
1440 E Shelby Dr Ste 2 – Memphis, TN 38116 – (901) 767-0030 – View Map - Bobby Gorman – State Farm Insurance Agent
4947 William Arnold Rd – Memphis, TN 38117 – (901) 767-1361 – View Map
Independent Car Insurance Agencies
Independent agents do not have single company limitations so they can insure your vehicles amongst many companies and find you the best rates. If they quote lower rates, they can switch companies in-house and you stay with the same agent. If you need lower rates, you will want to include rate quotes from at least one independent agent to get the most accurate price comparison. Most can insure with companies you’ve never heard of that can offer cheaper rates than bigger companies.
Listed below are Memphis independent agents that are able to give price quote information.
- BURFORD INSURANCE AGENCY
3325 KIRBY PKWY STE 102 – Memphis, TN 38115 – (901) 507-6873 – View Map - Boyle Insurance Agency, Inc.
5900 Poplar Ave – Memphis, TN 38119 – (901) 766-0200 – View Map - Keltner Insurance Inc.
3232 S Perkins Rd – Memphis, TN 38118 – (901) 797-8665 – View Map
Why you need quality insurance for your Hummer vehicle
Even though Memphis H3 insurance rates can get expensive, insurance is required for several reasons.
- Most states have minimum liability requirements which means state laws require a specific minimum amount of liability insurance 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 your Hummer has a loan, almost every bank will have a requirement that you have physical damage coverage to guarantee payment of the loan. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your Hummer at a more expensive rate and require you to fork over the higher premium.
- Insurance preserves both your assets and your Hummer. It will also cover medical expenses for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also pays for attorney fees and expenses if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.
The benefits of carrying adequate insurance definitely exceed the price paid, especially if you ever need it. According to a 2015 survey, the average American driver is wasting up to $750 every year so you should quote your policy with other companies at every renewal to be sure current rates are still competitive.
Shop around and save
A few companies may not have the ability to get a quote online and many times these regional carriers work with independent agencies. Cheap Hummer H3 insurance in Memphis is available on the web and with local Memphis insurance agents, and you should compare price quotes from both to get a complete price analysis.
In this article, we presented many ideas to compare Hummer H3 insurance car insurance rates in Memphis. The most important thing to understand is the more you quote Memphis auto insurance, the higher your chance of finding inexpensive Memphis auto insurance quotes. You may even be surprised to find that the best price on insurance is with the least-expected company. These companies often have lower premium rates on specific markets as compared to the big name companies such as State Farm or Progressive.
When trying to cut insurance costs, it’s very important that you do not buy less coverage just to save a little money. There have been many cases where drivers have reduced physical damage coverage only to find out that their decision to reduce coverage ended up costing them more. Your aim should be to purchase a proper amount of coverage at the best price while still protecting your assets.
To learn more, link through to these articles:
- What are my Rights when Filing a Claim? (Insurance Information Institute)
- Who Has Affordable Car Insurance for Drivers Under 21 in Memphis? (FAQ)
- Who Has Affordable Auto Insurance for Teenagers in Memphis? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Handicapped Drivers in Memphis? (FAQ)
- Who Has Cheap Auto Insurance Quotes for a 20 Year Old Male in Memphis? (FAQ)
- Side Impact Crash Tests (iihs.org)
- Credit Impacts Car Insurance Rates (State Farm)
- Distracted Driving Statistics (Insurance Information Institute)