A recent survey discovered that a large majority of consumers have purchased from the same company for four years or more, and practically 40% of insurance customers have never compared rates to find cheaper insurance. With the average insurance premium being $1,380, Tennessee drivers could cut their rates by as much as $475 a year by just comparing rate quotes, but they just don’t understand how much savings they would realize if they swap their current policy for a cheaper one.
If saving money is your primary concern, then the best way to find affordable quotes for Honda Accord Hybrid insurance is to compare prices annually from companies who provide car insurance in Memphis. Prices can be compared by completing these steps.
- First, try to understand coverages and the measures you can take to keep rates low. Many factors that result in higher rates such as traffic citations, accidents, and a low credit rating can be eliminated by making minor changes in your lifestyle. Keep reading for ideas to help prevent expensive coverage and get additional discounts that may have been overlooked.
- Second, get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give prices from a single company like Progressive or Allstate, while independent agents can provide price quotes from multiple insurance companies.
- Third, compare the new rate quotes to your existing policy and determine if cheaper Accord Hybrid coverage is available. If you can save money and decide to switch, make sure there is no lapse between the expiration of your current policy and the new one.
A good tip to remember is to make sure you’re comparing identical coverage information on every quote request and and to get quotes from as many companies as feasibly possible. Doing this ensures an accurate price comparison and a complete selection of prices.
Locating the most cost-effective car insurance policy in Memphis is actually very simple if you learn how to start. If you currently have a car insurance policy, you should be able to save money using this information. Although Tennessee vehicle owners do need to know how companies calculate their prices because it varies considerably.
Get cheaper Honda Accord Hybrid insurance in Memphis with discounts
Insurance is easily one of your largest bills, but there may be some discounts that can help lower your rates. Certain discounts will be triggered automatically at quote time, but a few must be manually applied prior to receiving the credit.
- Waiver for an Accident – This one isn’t a discount, but companies like GEICO and Liberty Mutual will let one accident slide without the usual rate increase so long as you are claim-free for a particular time prior to the accident.
- Early Signing – Some companies give discounts for switching policies before your current Accord Hybrid insurance policy expires. Ten percent is about the average savings.
- Telematics Data Discounts – Drivers who elect to allow driving data submission to track driving patterns remotely such as State Farm’s In-Drive could save a few bucks if they have good driving habits.
- Discounts for Government Workers – Active or retired federal employment could cut as much as 10% off with some insurance companies.
- Student Driver Training – It’s a good idea to have your young drivers enroll in driver’s education in high school.
- Include Life Insurance and Save – Not all insurance companies offer life insurance, but some may give you a discounted insurance rate on car insurance if you buy some life insurance too.
Discounts lower rates, but most of the big mark downs will not be given to the entire policy premium. A few only apply to individual premiums such as comprehensive or collision. So even though you would think having all the discounts means you get insurance for free, you aren’t that lucky.
A few of the larger companies and a summarized list of policyholder discounts can be read below.
- State Farm has savings for student away at school, passive restraint, Steer Clear safe driver discount, good student, accident-free, and anti-theft.
- GEICO offers premium reductions for seat belt use, military active duty, driver training, multi-policy, anti-theft, federal employee, and anti-lock brakes.
- Progressive may have discounts that include multi-policy, homeowner, online signing, good student, and multi-vehicle.
- 21st Century offers discounts including good student, 55 and older, theft prevention, defensive driver, anti-lock brakes, and homeowners.
- American Family offers discounts for mySafetyValet, TimeAway discount, early bird, bundled insurance, and good driver.
- The Hartford may offer discounts for air bag, driver training, defensive driver, vehicle fuel type, anti-theft, and good student.
- AAA discounts include good driver, pay-in-full, multi-car, good student, and multi-policy.
If you need low cost Memphis auto insurance quotes, ask all companies you are considering the best way to save money. Some of the discounts discussed earlier may not apply to policies in your area. If you would like to see a list of companies who offer discounts in Tennessee, follow this link.
Which Honda Accord Hybrid insurance is cheapest in Memphis?
When shopping for cheaper Memphis auto insurance quotes, there are a couple of ways to compare prices from different Memphis insurance companies. The simplest method to compare rates is to perform an online rate comparison.
It’s so simple to compare insurance rates online makes it a waste of time to make phone calls or go to insurance agencies in your area. Shopping for insurance online has made agencies unnecessary unless you require the trained advice that only an agent can give. If you prefer, some companies allow you to compare the best prices online and still use a local agent. Just remember that comparing a large number of companies helps increase your odds of locating the best rates. Not every company provides online rate quotes, so you need to compare price estimates on coverage from those companies, too.
The auto insurance companies shown below offer price comparisons in Tennessee. If your goal is to find cheap car insurance in TN, we suggest you compare several of them in order to get a fair rate comparison.
How do Insurance Companies Determine Honda Accord Hybrid Insurance Premiums?
An important part of buying insurance is that you know some of the factors that go into determining your policy premiums. If you have a feel for what impacts premium levels, this allows you to make educated decisions that may reward you with much lower annual insurance costs. Many things are used when you get your auto insurance bill. Some factors are common sense like your driving record, but some are not as apparent like where you live or your vehicle rating.
The factors shown below are some of the factors used by your company to calculate prices.
- Pleasure use or commuting – The higher the mileage driven every year the more it will cost to insure it. A lot of companies price each vehicle’s coverage based upon how the vehicle is primarily used. Vehicles that sit idle most of the time receive lower rates than vehicles that have high annual mileage. It’s always a good idea to double check that your policy is showing the correct usage for each vehicle. An improperly rated Accord Hybrid can cost quite a bit.
- Pay more by driving carelessly – Having a single chargeable violation may increase your cost by as much as thirty percent. Attentive drivers pay lower auto insurance prices as compared to careless drivers. People who have severe citations such as reckless driving or DUI may find they need to submit a SR-22 form with their state DMV in order to continue driving.
- Premiums can be impacted by your employer – Occupations such as military personnel, business owners, and miners generally pay the highest rates attributed to intense work situations and long work days. On the other hand, professions such as scientists, athletes and the unemployed generally pay rates lower than average.
- If you don’t need it don’t buy it – There are many extra add-on coverages that can add up when buying insurance. Coverages for roadside assistance, accidental death, and term life insurance are probably not needed. These coverages may sound good initially, but if you don’t need them remove them from your policy.
- Advanced theft deterrents – Choosing to buy a car that has an advanced theft prevention system can get you a discount on your insurance. Theft prevention devices like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all aid in stopping your vehicle from being stolen.
- Marriage reduces risk – Getting married can get you a discount on your policy. It generally demonstrates drivers are more mature than a single person and insurance companies reward insureds because married drivers get in fewer accidents.
- Costs impacted by your city – Having an address in a rural area has it’s advantages when shopping for auto insurance. Fewer drivers on the road translates into fewer accident claims in addition to fewer liability claims. People who live in big cities have to deal with traffic congestion and much longer commute distances. More time on the road means higher likelihood of an accident.
- Less chance of injury means lower insurance rates – Safe vehicles tend to have better insurance rates. Safer cars reduce injuries and fewer injuries means lower claim amounts passed on to you as lower rates. If the Honda Accord Hybrid earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website you are probably receiving a discount.
Insurance loss data for Honda Accord Hybrid vehicles – Auto insurance companies analyze claim trends for every vehicle to help determine rates. Vehicles that historically have higher claim frequency or loss amount will have higher rates for specific coverages. The table shown below demonstrates the actual insurance loss data for Honda Accord Hybrid vehicles.
For each insurance policy coverage type, the statistical loss for all vehicles averaged together is considered to be 100. Percentage numbers below 100 represent a good loss history, while percentage values above 100 indicate frequent claims or tendency to have higher losses.
Honda Accord Hybrid Insurance Claim Statistics Specific Honda Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Honda Accord Hybrid 96 80 98 89 76 84BETTERAVERAGEWORSE
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
When to have guidance from an insurance agent
Certain consumers just want to visit with an insurance agent and often times that is recommended An additional benefit of getting online price quotes is the fact that you can find better rates and still have an agent to talk to.
By using this quick form, your insurance data gets sent to agents in your area who will return price quotes for your coverage. You won’t even need to find an agent on your own because prices are sent to you instantly. You can find lower rates AND an agent nearby. If you want to compare prices for a specific company, you just need to visit that company’s website and fill out their quote form.
Finding the right insurance company requires more thought than just a cheap price quote. Here are some questions you should ask.
- Are they involved in claim handling?
- Are you getting all the discounts the company offers?
- In the event of vehicle damage, can you pick the collision repair facility?
- Are claims handled at the agent’s location?
- Is vehicle damage repaired with OEM or aftermarket parts?
- Is insurance their full-time profession?
- Can glass claims be handled at your home?
- How long has the business existed?
If you’re trying to find a reputable agency, there are a couple of types of agencies to choose from. Insurance agents in Memphis are classified as either independent (non-exclusive) or exclusive.
Exclusive Insurance Agencies
These type of agents can usually just insure with one company and examples are AAA, State Farm, Farmers Insurance, and Allstate. They generally cannot compare rates from other companies so if the price isn’t competitive there isn’t much they can do. Exclusive insurance agents receive a lot of sales training on what they offer which helps them sell insurance even at higher premiums.
Listed below is a list of exclusive insurance agencies in Memphis that are able to give price quote information.
Barry Sanders – State Farm Insurance Agent
6060 Quince Rd – Memphis, TN 38119 – (901) 767-2001 – View Map
Henry Hooper II – State Farm Insurance Agent
348 S Main St – Memphis, TN 38103 – (901) 575-0001 – View Map
Independent Insurance Agents
Agents of this type are not locked into one company and that allows them to write policies with many different companies and possibly get better coverage at lower prices. If you want to switch companies, your agent can just switch to a different company and that require little work on your part. If you are comparing insurance prices, it’s recommended you get insurance quotes from multiple independent agents to maximize your price options.
Listed below are Memphis independent insurance agents that are able to give price quotes.
After getting acceptable answers to your questions as well as offering an affordable quote, chances are good that you have found an insurance agency that can be relied on to insure your vehicles.
Why you need insurance
Even though Memphis Accord Hybrid insurance rates can get expensive, maintaining insurance is mandatory in Tennessee but it also protects more than you think.
- Most states have minimum liability requirements which means you are required to carry a specific level of liability protection if you want to drive legally. 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 Honda has a lienholder, most lenders will make it mandatory that you have insurance to protect their interest in the vehicle. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your Honda at an extremely high rate and require you to fork over a much higher amount than you were paying before.
- Insurance protects both your assets and your car. Insurance will also pay for medical expenses for you, your passengers, and anyone else injured in an accident. One of the most valuable coverages, liability insurance, also covers legal expenses if anyone sues you for causing an accident. If damage is caused by hail or an accident, comprehensive and collision coverage will pay to repair the damage.
The benefits of insuring your car greatly outweigh the cost, particularly if you ever have a claim. But the average American driver is overpaying over $825 a year so shop around once a year at a minimum to ensure rates are competitive.
You can find cheaper coverage
Cheap Honda Accord Hybrid insurance in Memphis can be purchased on the web in addition to many Memphis insurance agents, and you should compare price quotes from both to get a complete price analysis. Some insurance companies do not provide internet price quotes and most of the time these regional insurance providers sell through independent agents.
We just covered a lot of information how to save on Honda Accord Hybrid insurance in Memphis. It’s most important to understand that the more companies you get premium rates for, the more likely it is that you will get a better rate. You may even discover the best price on auto insurance is with the least-expected company. They may only write in your state and offer lower premium rates than their larger competitors like State Farm or Progressive.
- Teen Driver Statistics (Insurance Information Institute)
- Who Has Affordable Car Insurance Rates for Good Students in Memphis? (FAQ)
- Who Has Affordable Memphis Auto Insurance for College Students? (FAQ)
- How Much are Car Insurance Quotes for a Chevrolet Silverado in Memphis? (FAQ)
- Your Car has been Stolen: Now What? (Allstate)
- Drunk Driving Statistics (Insurance Information Institute)
- Rollover Crash FAQ (iihs.org)
- Tools for Teen Driving Safety (State Farm)