Surprisingly, a recent survey revealed that the vast majority of auto insurance customers kept buying from the same company for more than four years, and approximately 38% of consumers have never compared auto insurance rates at all. Tennessee drivers could pocket almost $480 a year by just comparing rate quotes, but they don’t want to take the time to compare rate quotes online.
The preferred way to save money on auto insurance rates in Memphis is to start doing an annual price comparison from companies in Tennessee.
- Learn about how insurance works and the changes you can make to keep rates low. Many things that increase rates such as traffic citations, accidents, and a low credit rating can be eliminated by being financially responsible and driving safely.
- Request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can provide rates from one company like GEICO or Allstate, while independent agents can quote rates from multiple insurance companies. Compare rates now
- Compare the price quotes to the price on your current policy to determine if you can save on 328i insurance in Memphis. If you find a better price and decide to switch, make sure coverage does not lapse between policies.
One important bit of advice is to compare identical deductibles and limits on every quote request and and to compare as many car insurance companies as possible. Doing this provides a fair price comparison and the best price selection.
If you currently have a car insurance policy, you should be able to buy cheaper car insurance using the ideas covered in this article. Our goal in writing this article teach you how insurance works and also save some money in the process But Tennessee consumers do need to know how insurance companies determine prices and use this information to your advantage.
Companies offering BMW 328i insurance in Memphis
The companies in the list below offer comparison quotes in Tennessee. If your goal is to find cheaper car insurance in TN, it’s highly recommended you compare several of them in order to find the most competitive rates.
Premium rates and analysis
The table displayed below highlights estimates of rate quotes for BMW 328i models. Learning how insurance quotes are calculated can benefit drivers when making decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| 328I 4-Dr Sedan | $186 | $328 | $298 | $18 | $90 | $920 | $77 |
| 328I 4-Dr Sedan | $186 | $328 | $298 | $18 | $90 | $920 | $77 |
| 328I Station Wagon | $208 | $378 | $252 | $14 | $76 | $928 | $77 |
| 328I 2-Dr Coupe | $208 | $378 | $252 | $14 | $76 | $928 | $77 |
| 328I 2-Dr Coupe | $208 | $378 | $252 | $14 | $76 | $928 | $77 |
| 328I xDrive 4-Dr Sedan | $208 | $378 | $298 | $18 | $90 | $992 | $83 |
| 328I xDrive 4-Dr Sedan | $208 | $378 | $298 | $18 | $90 | $992 | $83 |
| 328I 2-Dr Convertible | $208 | $378 | $298 | $18 | $90 | $992 | $83 |
| 328I 2-Dr Convertible | $208 | $378 | $298 | $18 | $90 | $992 | $83 |
| 328I 2-Dr Coupe | $208 | $378 | $252 | $14 | $76 | $928 | $77 |
| 328I xDrive 2-Dr Coupe | $208 | $378 | $252 | $14 | $76 | $928 | $77 |
| 328I xDrive Station Wagon | $208 | $378 | $252 | $14 | $76 | $928 | $77 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Prices do not factor in Memphis location which can lower or raise price quotes noticeably.
The information below shows how choosing a deductible and can affect BMW 328i insurance rates for different age groups. The prices are based on a married female driver, full coverage, and no discounts are taken into consideration.
Price comparison of only insuring for liability
The information below compares BMW 328i insurance costs with and without full coverage. The rate quotes are based on no claims or violations, $1,000 deductibles, drivers are not married, and no discounts are applied to the premium.
When to drop comprehensive and collision
There is no written rule that is best for determining when to drop full coverage on your policy, but there is a general school of thought. If the annual cost of having full coverage is more than 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s pretend your BMW 328i book value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $6,000 after the policy deductible has been paid. If you are paying more than $600 annually to have full coverage, then you might want to consider buying only liability coverage.
There are some situations where eliminating full coverage is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not opt for liability only.
Car insurance policy discounts you can’t miss
The price of auto insurance can be rather high, but discounts can save money and there are some available that may help make it more affordable. Certain credits will be shown at the time of quoting, but some need to be specifically requested prior to getting the savings. If you are not receiving all the discounts available, you’re just leaving money on the table.
- Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to fasten their seat belts can save up to 10 percent (depending on the company) off the personal injury premium cost.
- Multi-Vehicle Discounts – Insuring more than one vehicle with one company qualifies for this discount.
- Life Insurance Discount – Insurance companies who offer life insurance give a small discount if you purchase some life insurance in addition to your auto policy.
- New Vehicle Savings – Putting coverage on a new 328i can save up to 30% due to better safety requirements for new vehicles.
- Senior Discount – Drivers over the age of 55 could receive a small decrease in premiums.
- Sign Early and Save – A few insurance companies offer discounts for signing up before your current 328i insurance policy expires. It could save around 10% when you buy Memphis car insurance online.
- Responsible Driver Discount – Accident-free drivers could pay up to 40% less as compared to drivers with claims.
- Service Members Pay Less – Having a family member in the military may lower your car insurance rates slightly.
- Passive Restraint Discount – Vehicles with factory air bags or motorized seat belts may qualify for discounts of 20% or more.
Discounts save money, but please remember that some credits don’t apply to your bottom line cost. The majority will only reduce individual premiums such as comprehensive or collision. Despite the appearance that it’s possible to get free car insurance, you won’t be that lucky. Any amount of discount will cut the amount you have to pay.
The information below shows the difference between BMW 328i annual premium costs with and without some available policy discounts. The premium estimates are based on a male driver, no accidents or driving violations, Tennessee state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, multi-car, homeowner, multi-policy, and safe-driver discounts applied.
To see companies with the best BMW 328i insurance discounts in Memphis in Memphis, click here.
Six Things That Determine Your Insurance Rates
A large part of saving on insurance is knowing the rating factors that help determine the price you pay for insurance. When you understand what determines base rates, this helps enable you to make changes that could result in big savings.
- Additional coverages that may be costing you – There are a ton of optional add-on coverages you can purchase on your insurance policy. Insurance for things like rental car coverage, high-cost glass coverage, and term life insurance could be just wasting money. They may seem good initially, but your needs may have changed so consider taking them off your policy.
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Avoid tickets and save – Good drivers tend to pay less for car insurance than bad drivers. Having just one ticket can bump up the cost forty percent or more. Drivers who get dangerous citations like hit and run, DWI or reckless driving convictions are required to prove financial responsibility with their state’s licensing department in order to legally drive.
The diagram below illustrates how violations and at-fault claims impact BMW 328i premium costs for each different age category. The premiums are based on a single male driver, full coverage, $100 deductibles, and no other discounts are factored in.
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Insurance rates and age – Drivers with little experience have been known to get distracted easily when driving therefore insurance rates are much higher. Having to add a teen driver onto a policy can be quite pricey. More mature drivers are shown to be more cautious, cost insurance companies less in claims, and are generally more financially stable.
The following chart uses these assumptions: single driver, full coverage with $1000 deductibles, and no discounts or violations.
- Drive less and save – Driving more miles every year the higher your rates will be. The majority of insurers rate vehicles based on how the vehicle is used. Cars that have low annual miles receive better premium rates than vehicles that have high annual mileage. Having the wrong rating on your 328i can result in significantly higher rates. It’s a good idea to make sure your declarations sheet states the correct usage, because it can save money.
- Vehicle features that lower premiums – Choosing a vehicle that has an advanced theft prevention system can earn a premium discount. Theft deterrent systems like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar help track and prevent your vehicle from being stolen.
- Lower rates for vehicles with better crash test results – Safe vehicles are cheaper to insure. The safest vehicles reduce the chance of injuries and reduced instances of injuries translates into savings for insurance companies and thus lower rates. If the BMW 328i has 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 may be receiving a better rate.
Special considerations
When it comes to choosing proper insurance coverage, there is no single plan that fits everyone. Your situation is unique and your policy should reflect that.
Here are some questions about coverages that might help in determining if your insurance needs will benefit from professional help.
- How can I get high-risk coverage after a DUI?
- What are the liability requirements in my state?
- Do I need rental car coverage?
- Does my insurance cover my expensive audio equipment?
- What is no-fault insurance?
- Should I buy more coverage than the required Tennessee minimum liability coverage?
- Can I afford to pay high deductible claims out of pocket?
If you’re not sure about those questions but you know they apply to you, then you may want to think about talking to a licensed insurance agent. To find an agent in your area, complete this form or you can go here for a list of companies in your area.
When should I talk to an agent?
Many drivers still like to sit down and talk to an agent and that is a personal choice. One of the great benefits of getting free rate quotes online is that drivers can save money and get cheap rate quotes and still buy from a local agent. And buying from neighborhood agents is still important in Memphis.
To help locate an agent, after submitting this quick form, your insurance data is submitted to local insurance agents in Memphis who will give competitive quotes and help you find cheaper coverage. It simplifies rate comparisons since you won’t have to search for an agent because prices are sent immediately to your email address. You can find better rates without a big time investment. If you have a need to quote rates from one company in particular, just navigate to their website and give them your coverage information.
Choose the right car insurance agent
If you’re trying to find an insurance agent, it’s helpful to know the different agency structures and how they can service your needs differently. Agents in Memphis can be described as either independent agents or exclusive agents.
Independent Insurance Agents
These type of agents often have affiliation with several companies and that gives them the ability to insure with an assortment of companies enabling the ability to shop coverage around. To transfer your coverage to a different company, your policy is moved internally and you stay with the same agent.
When comparing insurance prices, you definitely need to check rates from a couple of independent agencies for the best price selection. Many can place coverage with small regional insurance companies which may have better rates.
The following is a partial list of independent agencies in Memphis that may be able to give you free insurance rate quotes.
- Smith-Berclair Insurance
855 Ridge Lake Blvd #400 – Memphis, TN 38120 – (901) 753-4323 – View Map - Bill Blake Auto Insurance
5724 Mt Moriah Rd – Memphis, TN 38115 – (901) 432-5551 – View Map - Farris Evans Insurance Agency Inc
1568 Union Ave – Memphis, TN 38104 – (901) 274-5424 – View Map
Exclusive Agents
Exclusive agencies can usually just insure with one company and examples are AAA, Allstate, State Farm, or Farmers Insurance. These agents are unable to provide prices from multiple companies so they are skilled at selling on more than just price. These agents receive extensive training on sales techniques which can be an advantage. Consumers sometimes use the same exclusive agent partially due to loyalty to the company and solid financial strength.
The following is a list of exclusive agents in Memphis that are able to give price quote information.
- Bobby Gorman – State Farm Insurance Agent
4947 William Arnold Rd – Memphis, TN 38117 – (901) 767-1361 – View Map - Zach Jaworski – State Farm Insurance Agent
6060 Primacy Pkwy #221 – Memphis, TN 38119 – (901) 794-3691 – View Map - State Farm: Warren Hodges
5170 Sanderlin Ave #204 – Memphis, TN 38117 – (901) 767-2000 – View Map
Finding the right car insurance agent should depend on more than just a cheap price. The following questions are important to ask.
- Does the company use OEM repair parts?
- Will high miles depreciate repair valuations?
- Which insurance company do they prefer to write with?
- Do the coverages you’re quoting properly cover your vehicle?
- How much training do they have in personal risk management?
- Does the agent have a valid license to sell insurance in Tennessee?
- Will you work with the agent or an assistant?
Once you have received good feedback to your questions and a low price estimate, you may have found a car insurance agent that is professional and can insure your vehicles.
Which car insurance company is best in Memphis?
Ending up with a highly-rated company can be challenging considering how many companies there are in Tennessee. The company information below could help you decide which car insurance companies you want to consider when comparing rate quotes.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Erie Insurance | 87 | 84 | 85 | 85% | A+ | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Final considerations
When trying to cut insurance costs, never sacrifice coverage to reduce premiums. There have been many situations where an accident victim reduced liability coverage limits and discovered at claim time that the savings was not a smart move. Your objective should be to find the BEST coverage for the lowest price while still protecting your assets.
Discount BMW 328i insurance in Memphis is possible online in addition to local insurance agencies, so you should compare both to get a complete price analysis. A few companies don’t offer online price quotes and usually these regional carriers work with local independent agents.
More detailed car insurance information is available by following these links:
- Speed and Speed Limit FAQ (iihs.org)
- Who Has Cheap Car Insurance Rates for Teachers in Memphis? (FAQ)
- Who Has the Cheapest Memphis Auto Insurance Quotes for 4×4 Vehicles? (FAQ)
- Who Has Cheap Memphis Auto Insurance for Homeowners? (FAQ)
- What Auto Insurance is Cheapest for Retired Military in Memphis? (FAQ)
- Uninsured Motorist Statistics (Insurance Information Institute)
- Airbag FAQ (iihs.org)
- Rental Reimbursement Coverage (Allstate)