If your goal is the lowest price, then the best way to get low-cost auto insurance rates is to compare prices annually from different companies in Memphis. Prices can be compared by completing these steps.
First, try to learn about how companies set rates and the things you can change to prevent high rates. Many rating factors that drive up the price such as speeding tickets, accidents and a low credit rating can be amended by paying attention to minor details.
Second, request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only provide price estimates from one company like Progressive or Farmers Insurance, while independent agents can give you price quotes from many different companies.
Third, compare the new rates to the premium of your current policy to see if you can save by switching companies. If you find better rates, make sure coverage does not lapse between policies.
The critical component of shopping around is to use similar limits and deductibles on every quote and and to get price estimates from as many companies as feasibly possible. This ensures a level playing field and a thorough price selection.
It’s shocking but about 70% of customers have stayed with the same insurance company for four years or more, and nearly 40% of drivers have never compared quotes from other companies. Most drivers in the United States can save hundreds of dollars each year by just shopping around, but they won’t spend time to go online and compare rates.
If you are already insured, you will definitely be able to reduce the price you pay using the tips covered below. Finding and buying more affordable coverage in Memphis is not that difficult. Nevertheless, Tennessee vehicle owners can benefit from knowing how the larger insurance companies calculate your car insurance rates and use it to your advantage.
The quickest method we recommend to compare car insurance company rates for Toyota Sequoia insurance in Memphis is to know the fact most insurance companies participate in online systems to give rate comparisons. All you need to do is provide information including the type of vehicles you drive, your occupation, whether you are married, and distance driven. Your details gets transmitted to multiple companies and you will receive price estimates very quickly.
To find the cheapest Toyota Sequoia insurance rates, click here and enter your coverage details.
The companies shown below are our best choices to provide price quotes in Tennessee. To get cheap car insurance in Memphis, TN, it’s a good idea that you click on several of them to get the best price comparison.
Best reasons to buy auto insurance in Tennessee
Despite the potentially high cost of Toyota Sequoia insurance, insuring your vehicle is most likely required but also gives you several important benefits.
First, the majority of states have mandatory insurance requirements which means the state requires a specific minimum amount of liability insurance coverage 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.
Second, if you took out a loan on your Sequoia, it’s most likely the lender will require you to have physical damage coverage to guarantee loan repayment. If you let the policy lapse, the bank or lender will purchase a policy for your Toyota at a much higher rate and force you to pay for the expensive policy.
Third, insurance protects both your assets and your vehicle. It also can pay for hospital and medical expenses incurred in an accident. One policy coverage, liability insurance, also pays for attorney fees and expenses if you are sued as the result of an accident. If your car is damaged in a storm or accident, comprehensive and collision coverage will pay to repair the damage.
The benefits of carrying enough insurance greatly outweigh the cost, particularly for liability claims. But the average driver in Tennessee is wasting up to $750 every year so compare rates at every policy renewal to ensure rates are inline.
Rates and detailed analysis
The price information shown below covers different insurance prices for Toyota Sequoia models. Having knowledge of how rate quotes are established can aid in making decisions on the best policy coverages.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Sequoia SR/5 2WD | $194 | $312 | $272 | $16 | $82 | $876 | $73 |
| Sequoia SR/5 4WD | $194 | $368 | $272 | $16 | $82 | $932 | $78 |
| Sequoia Limited 2WD | $216 | $368 | $272 | $16 | $82 | $954 | $80 |
| Sequoia Limited 4WD | $216 | $368 | $272 | $16 | $82 | $954 | $80 |
| Sequoia Platinum 2WD | $216 | $424 | $272 | $16 | $82 | $1,010 | $84 |
| Sequoia Platinum 4WD | $216 | $424 | $272 | $16 | $82 | $1,010 | $84 |
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Prices above based on married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Table data does not factor in the specific area where the vehicle is garaged which can raise or lower price quotes considerably.
Impact of speeding/accidents on car insurance rates
The diagram below illustrates how violations and at-fault accidents can raise Toyota Sequoia insurance costs for different age groups. The costs are based on a single female driver, comp and collision included, $500 deductibles, and no other discounts are factored in.
Comparison of full coverage and liability-only policies
The diagram below illustrates the comparison of Toyota Sequoia annual premium costs with full coverage compared to only the Tennessee minimum liability coverage. The premium estimates are based on no violations or claims, $100 deductibles, drivers are single, and no discounts are applied to the premium.
Guidelines for dropping full coverage
There is no written rule of when to drop comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then you might consider buying liability only.
For example, let’s assume your Toyota Sequoia settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, you would only receive $7,000 after the policy deductible has been paid. If you are paying in excess of $700 annually for full coverage, then you might want to consider buying only liability coverage.
There are some scenarios where buying only liability insurance is not financially feasible. If you haven’t satisfied your loan, you have to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not drop full coverage.
Do you qualify for discounts?
Auto insurance companies don’t necessarily list all possible discounts in an easy-to-find place, so the list below contains both the well known and the harder-to-find ways to save on car insurance.
- Early Switch Discount – Select companies give a discount for buying a policy before your current expiration date. The savings is around 10%.
- ABS Braking Discount – Cars with anti-lock braking systems prevent accidents and earn discounts up to 10%.
- Senior Discount – If you qualify as a senior citizen, you can get reduced rates.
- Lower Rates for Military – Being deployed in the military could mean lower prices.
- Save with More Vehicles Insured – Purchasing coverage when you have primary and secondary vehicles with the same company can reduce rates for all insured vehicles.
While discounts sound great, it’s important to understand that most of the big mark downs will not be given to the entire policy premium. Most only reduce specific coverage prices like liability, collision or medical payments. Just because it seems like you could get a free car insurance policy, car insurance companies aren’t that generous.
The diagram below illustrates the difference between Toyota Sequoia insurance premiums with and without policy discounts. The data is based on a male driver, no claims or driving citations, Tennessee state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, marriage, multi-car, homeowner, and claim-free discounts applied.
Some of the insurance companies that may offer quotes with these benefits include:
If you are trying to find affordable Memphis auto insurance quotes, ask every prospective company which credits you are entitled to. Some discounts might not be available to policyholders in Memphis. To choose providers that offer many of these discounts in Tennessee, click here.
Comparing prices from local Memphis car insurance agents
Some consumers would rather visit with an insurance agent and that is recommended in a lot of cases The biggest benefit of getting online price quotes is the fact that drivers can get the best rates and still have an agent to talk to.
To make it easy to find an agent, after completing this form (opens in new window), your information is transmitted to local insurance agents who will give competitive quotes for your business. It makes it easy because there is no need to even leave your home due to the fact that quote results will go to you. Get lower rates and a licensed agent to talk to. If for some reason you want to compare prices from a specific insurance provider, you would need to search and find their rate quote page and complete a quote there.
Finding the right provider shouldn’t rely on just a low price. The answers to these questions are important, too.
- Is the coverage adequate for your vehicle?
- Do they have designations such as AIC, CPCU, or CIC?
- How long have they worked with personal auto insurance coverage?
- Where would glass claims be handled in Memphis?
- Can they provide you with a list of referrals?
- How are claims handled?
- Does the company allow you to choose your own collision repair facility?
- Do they write coverage based solely on cost?
Listed below is a list of car insurance companies in Memphis who can help you get price quote information for Toyota Sequoia insurance in Memphis.
- Deloris Burrow – State Farm Insurance Agent
3558 Hickory Hill Rd – Memphis, TN 38115 – (901) 373-8052 – View Map - Sylvia Walker – State Farm Insurance Agent
2900 Kirby Pkwy Ste 2 – Memphis, TN 38119 – (901) 794-8848 – View Map - Clay and Land Insurance, Inc.
866 Ridgeway Loop Rd #200 – Memphis, TN 38120 – (901) 767-3600 – View Map - Nationwide Insurance: Clarence Mosley Jr
4132 Elvis Presley Blvd – Memphis, TN 38116 – (901) 346-2550 – View Map
It’s not one size fits all
When it comes to buying coverage for your vehicles, there isn’t really a one-size-fits-all type of policy. Everyone’s needs are different so this has to be addressed.
These are some specific questions may help highlight if your situation might need professional guidance.
- Why do I only qualify for high-risk insurance?
- Can my babysitter drive my car?
- How much coverage applies to personal belongings?
- Do I need special coverage while pulling a rented trailer?
- Do I need medical payments coverage since I have good health insurance?
- How much underlying liability do I need for an umbrella policy?
- What states are considered no-fault?
- Who is covered by my policy?
- When should I remove comp and collision on my Toyota Sequoia?
If it’s difficult to answer those questions, you may need to chat with a licensed agent. If you want to speak to an agent in your area, complete this form or you can also visit this page to select a carrier
Car insurance companies ranked
Picking the highest-rated auto insurance provider can be rather challenging considering how many companies there are to choose from in Memphis. The rank data in the lists below could help you analyze which auto insurance companies to look at when shopping your coverage around.
| 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 |
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Data Source: Insure.com Best Car Insurance Companies
In the end, you can save money
Cheaper insurance in Memphis is available online and from local insurance agents, and you need to price shop both in order to have the best chance of saving money. Some insurance companies may not provide online rate quotes and most of the time these smaller companies work with independent insurance agents.
In this article, we covered many ideas to compare Toyota Sequoia insurance premium rates in Memphis. The key thing to remember is the more price quotes you have, the higher your chance of finding cheaper Memphis auto insurance quotes. Drivers may even discover the most savings is with a lesser-known regional company. These smaller insurers may have significantly lower prices on certain market segments than their larger competitors like State Farm and Allstate.
Even more information is available in the articles below:
- Red Light Cameras (State Farm)
- Who Has Affordable Car Insurance Rates for Good Students in Memphis? (FAQ)
- What Car Insurance is Cheapest for Electric Cars in Memphis? (FAQ)
- Vehicle Insurance (Wikipedia)
- Collision Coverage (Liberty Mutual)
- Auto Theft Statistics (Insurance Information Institute)