Affordable Quotes for Mazda 5 Insurance in Memphis

Insurance for Mazda 5There isn’t anyone who likes paying for auto insurance, in particular when they are paying too much.

It’s an obvious conclusion that insurance companies don’t want you to compare rates. Insureds who shop around once a year are very likely to buy a new policy because they stand a good chance of finding a policy with more affordable rates. A recent survey found that consumers who compared rate quotes regularly saved $3,400 over four years compared to drivers who never shopped around for better prices.

If finding budget-friendly rates on Mazda 5 insurance in Memphis is your objective, learning how to quote prices and compare insurance can make it simple to find affordable coverage. Due to the large number of choices for buying affordable insurance for a Mazda 5 in Memphis, it can be hard to locate the right auto insurance provider.

You need to compare prices quite often because prices change quite often. Just because you had the lowest rate on Mazda 5 insurance in Memphis a few years ago other companies may now be cheaper. Forget all the misinformation about auto insurance because you’re going to learn the proper way to save money, get proper coverage and the best rates.

Affordable companies for Mazda 5 insurance in Tennessee

The companies shown below can provide free rate quotes in Memphis, TN. If you want to find the cheapest car insurance in TN, we suggest you click on several of them in order to get a fair rate comparison.

Mazda 5 insurance analysis

The coverage information below highlights estimates of insurance rates for Mazda 5 models. Having insight into how auto insurance premiums are formulated can help customers make decisions on which coverage to buy.

Mazda 5 Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $104 $190 $278 $16 $84 $672 $56
5 Touring Station Wagon $118 $232 $278 $16 $84 $728 $61
5 Grand Touring Station Wagon $118 $232 $278 $16 $84 $728 $61
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Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Premium costs do not factor in vehicle location which can raise or lower rates significantly.

Comparison of policy deductibles

One of the more difficult decisions when buying car insurance is which comprehensive and collision deductibles to buy. The tables below can help you understand the premium difference of buying low and high deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second rate table uses a $500 deductible.

Mazda 5 insurance rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $216 $368 $246 $14 $74 $943 $79
5 Touring Station Wagon $248 $448 $246 $14 $74 $1,055 $88
5 Grand Touring Station Wagon $248 $448 $246 $14 $74 $1,055 $88
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Mazda 5 insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
5 Sport Station Wagon $158 $250 $246 $14 $74 $742 $62
5 Touring Station Wagon $182 $304 $246 $14 $74 $820 $68
5 Grand Touring Station Wagon $182 $304 $246 $14 $74 $820 $68
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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 homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Prices do not factor in specific location which can impact coverage prices noticeably.

Using the data above, we can ascertain that using a $100 deductible will cost you about $19 more each month or $228 annually averaged for all 5 models than selecting the higher $500 deductible. Since you would pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you tend to go more than 21 months between claim filings, you would come out ahead if you opt for a higher deductible. The illustration below shows a better example of how you can come to your own conclusion.

Average monthly premium for $100 deductibles: $85
Average monthly premium for $500 deductibles (subtract): – $66
Monthly savings from raising deductible: $19
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $19
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 21 months

An important thing to remember is that raising deductibles to get cheaper rates means you pay more out-of-pocket when you file a claim. You will want to have some non-essential savings in the event you have to pay more for the deductible.

Mazda 5 insurance rates by gender

The example below shows the comparison of Mazda 5 insurance costs for male and female drivers. The costs are based on no claims or driving citations, comp and collision included, $250 deductibles, marital status is single, and no additional discounts are factored in.

Mazda 5 liability-only versus full coverage

The illustration below shows the comparison of Mazda 5 yearly insurance costs with full coverage compared to only the Tennessee minimum liability coverage. Data assumes no driving violations, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are taken into consideration.

Guidelines for eliminating full coverage

There is no clear-cut rule to drop full coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is more than about 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.

For example, let’s pretend your Mazda 5 claim settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after paying your deductible. If you are paying more than $600 annually for full coverage, then you may want to consider only buying liability coverage.

There are some conditions where eliminating full coverage is not advised. If you have an outstanding loan on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is totaled, you should not consider dropping full coverage.

What Determines Mazda 5 Insurance Premiums?

Consumers need to have an understanding of some of the factors that are used to determine your car insurance rates. When consumers understand what impacts premium levels, this enables you to make decisions that can earn you better car insurance rates.

Prevent car insurance lapses – Going without insurance will be a guaranteed way to pay more for car insurance. Not only will you pay higher rates, getting caught without coverage may result in fines and jail time.

Safety first – Vehicles with good safety scores tend to have better insurance rates. Vehicles engineered for safety help reduce the chance of injuries in an accident and fewer serious injuries means less money paid by your insurance company and thus lower rates.

Driver age impacts premiums – Teen drivers in Tennessee are proven to be less responsible with other occupants in the car and because of this, their car insurance rates are much higher. Adding a teenage driver onto your car insurance will cause a huge premium hike. Older insureds are viewed as being more responsible, statistically cause fewer accidents, and receive fewer citations.

The chart below uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.

Small claims can cost you – If you frequently file small claims, you can pretty much guarantee higher premiums or even policy non-renewal. Insurance companies in Tennessee provide lower rates to people who file claims infrequently. Insurance coverage is intended for claims that you cannot pay yourself.

Your location is important – Choosing to live in less populated areas of the country is a positive aspect when shopping for auto insurance. Drivers who live in large cities regularly have congested traffic and longer commutes to work. Fewer drivers means fewer accidents in addition to lower liability claims.

Job and insurance rates – Did you know your occupation can influence how much you pay for car insurance? Careers such as military generals, airline pilots, and miners tend to pay the highest rates in part from intense work requirements and lots of time spent at work. On the flip side, careers like scientists, athletes and performers pay lower than average rates.

Deter vehicle theft – Selecting a car model with a theft deterrent system can earn a premium discount. Anti-theft features like vehicle immobilizer systems, OnStar, and tracking devices like LoJack help track and prevent auto theft.

Liability safeguards assets – Liability coverage kicks in if ever you are found liable for damages from an accident. It will provide legal defense which can cost thousands of dollars. Liability insurance is pretty cheap compared to other policy coverages, so do not skimp.

Mazda 5 historical loss data – Insurance companies use claims history when they set coverage costs for each model. Models that historically have higher claim frequency or loss amount will have increased rates. The table below outlines the collected loss data for Mazda 5 vehicles.

For each policy coverage, the claim amount for all vehicles compiled together equals 100. Percentage numbers below 100 suggest a positive loss record, while numbers that are greater than 100 indicate more frequent losses or an increased chance of a larger loss.

Insurance Loss Ratings for Mazda 5 Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Mazda 5 86 86 73 103 95 91

Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Take advantage of these discounts

Insurance can be prohibitively expensive, but there may be some discounts to help bring down the price. Certain credits will be shown when you purchase, but some need to be specifically requested before being credited.Discount insurance

A little note about advertised discounts, some credits don’t apply to the entire cost. Some only apply to individual premiums such as comp or med pay. Just because you may think having all the discounts means you get insurance for free, companies don’t profit that way. Any qualifying discounts will help lower your overall premium however.

The illustration below illustrates the difference between Mazda 5 insurance costs with and without some available policy discounts. The data assumes a male driver, no violations or claims, Tennessee state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, safe-driver, multi-policy, multi-car, marriage, and homeowner discounts applied.

The best insurance companies and some of their more popular discounts are outlined below.

If you need lower rates, check with every company how you can save money. Some credits may not apply to policyholders in every state. To see a list of insurance companies that provide some of the discounts listed above in Memphis, click here to view.

Local neighborhood Memphis car insurance agents

Some consumers just prefer to go talk to an agent and often times that is recommended Licensed agents are very good at helping people manage risk and give you someone to call. A nice benefit of comparing insurance prices online is that you can obtain lower car insurance rates but still work with a licensed agent. Putting coverage with local agents is definitely important in Memphis.

Memphis insurance agentsUpon completion of this short form, your insurance coverage information is instantly submitted to local insurance agents in Memphis who will return price quotes and help you find cheaper coverage. It’s much easier because you don’t need to contact an agency since price quotes are sent immediately to you. If for some reason you want to quote rates from a particular provider, just navigate to their website and fill out their quote form.

When narrowing the list to find an insurance agent, there are a couple of types of agencies and how they operate. Auto insurance agents in Memphis can either be independent (non-exclusive) or exclusive. Either one can insure your vehicles properly, but it’s a good idea to understand the difference in how they write coverage since it can impact your agent selection.

Independent Agents

Independent insurance agents are not locked into one company and that allows them to write policies with many different companies and help determine which has the cheapest rates. To transfer your coverage to a different company, the business is moved internally without you having to go to a different agency.

When comparing rates, we highly recommend that you get insurance quotes from at least one independent agent to have the best price comparison.

Listed below is a partial list of independent insurance agents in Memphis that may be able to provide price quotes.

855 Ridge Lake Blvd #400Memphis, TN 38120(901) 753-4323View Map

5545 Murray Ave Ste 107Memphis, TN 38119(901) 767-3379View Map

1374 Airways BlvdMemphis, TN 38114(901) 323-6159View Map

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Exclusive Insurance Agents

Agents of this type have only one company to place business with such as State Farm or Allstate. They usually cannot provide prices from multiple companies so you might not find the best rates. They are usually quite knowledgeable on their company’s products which helps overcome the inability to quote other rates.

Below are exclusive insurance agencies in Memphis who can help you get price quotes.

5170 Sanderlin Ave #204Memphis, TN 38117(901) 767-2000View Map

2657 Appling Rd #101Memphis, TN 38133(901) 372-2228View Map

5812 Winchester RdMemphis, TN 38115(901) 794-3771View Map

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Finding a good car insurance agent requires you to look at more than just a cheap price. Any agent in Memphis should have no problem answering these questions:

Insurance agents can help

When it comes to buying adequate coverage, there isn’t really a one-size-fits-all type of policy. Every insured’s situation is different and your auto insurance should be unique as well.Safe vehicles cost less to insure
These are some specific questions can help discover whether you could use an agent’s help.

If you can’t answer these questions but a few of them apply, 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 auto insurance companies in your area. It’s fast, doesn’t cost anything and you can get the answers you need.

What is YOUR best insurance company?

When searching for inexpensive Memphis car insurance quotes, don’t be tempted to skimp on critical coverages to save a buck or two. There have been many situations where an insured cut full coverage and found out when filing a claim that the savings was not a smart move. Your objective should be to purchase plenty of coverage at the best possible price.

Some insurance providers do not offer online quoting and many times these smaller companies provide coverage only through independent insurance agencies. Budget-conscious Mazda 5 insurance is possible from both online companies in addition to local insurance agencies, so you need to compare both to get a complete price analysis.

How to buy discount Mazda 5 insurance in Memphis

To save the most money, the best way to quote cheaper Mazda 5 insurance in Memphis is to start doing an annual price comparison from insurance carriers who sell auto insurance in Tennessee. Rate comparisons can be done by following these guidelines.

First, try to learn about how car insurance works and the things you can control to keep rates down. Many policy risk factors that result in higher rates such as speeding tickets, accidents and a less-than-favorable credit rating can be rectified by making minor driving habit or lifestyle changes.

Second, compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from a single company like Progressive or Farmers Insurance, while independent agencies can provide price quotes from multiple sources. View prices

Third, compare the quotes to the price on your current policy to see if switching to a new carrier will save money. If you find a lower rate quote and buy the policy, make sure coverage is continuous and does not lapse.

Fourth, give notification to your current company to cancel your existing policy. Submit payment along with a signed and completed policy application to your new company or agent. Once the application is submitted, put the certificate verifying proof of insurance with the vehicle registration.

A tip to remember is to compare the same level of coverage on every price quote and and to get rate quotes from as many companies as possible. Doing this ensures a fair price comparison and and a good selection of different prices.

Additional auto insurance information can be read at these links: