It’s easy to assume that auto insurance companies don’t want you quoting rates from other companies. People who shop around for cheaper price quotes will presumably switch to a new company because there is a great chance of finding more affordable rates. A recent survey revealed that drivers who compared prices regularly saved about $865 annually compared to those who never shopped around for better prices.
If finding budget-friendly auto insurance is your ultimate target, learning how to quote and compare insurance can help simplify the task of finding more affordable coverage.
Really, the only way to get budget Volvo S80 insurance is to regularly compare price quotes from companies who provide car insurance in Memphis. You can compare rates by following these steps.
- Step 1: Take a few minutes and learn about policy coverages and the changes you can make to keep rates low. Many factors that cause rate increases like inattentive driving and a negative credit score can be rectified by making lifestyle changes or driving safer. Later in this article we will cover ideas to prevent high prices and get discounts that may be overlooked.
- Step 2: Get rate quotes from direct, independent, and exclusive agents. Direct and exclusive agents can only give prices from a single company like GEICO and Allstate, while independent agents can provide prices for a wide range of insurance providers. Start a quote
- Step 3: Compare the new rate quotes to your existing rates to see if a cheaper price is available. If you find a lower rate quote and buy the policy, ensure coverage does not lapse between policies.
- Step 4: Tell your current company to cancel your current auto insurance policy. Submit a completed application and payment to your new company or agent. Make sure you put the certificate of insurance along with the vehicle’s registration papers.
A valuable tip to remember is to use identical coverage information on every quote and and to get prices from every company you can. Doing this ensures the most accurate price comparison and many rates to choose from.
Finding the cheapest insurance coverage in Memphis is not that difficult. If you’re already insured, you will surely be able to find better prices using the concepts covered in this article. Although Tennessee consumers benefit from understanding how big insurance companies set your policy premium and take advantage of how the system works.
The best way to compare insurance rates in your area is to know the fact most insurance companies actually pay money for the chance to quote your coverage. To start a quote, the only thing you need to do is give them some information such as distance driven, how your vehicles are used, if you’re married, and what you do for a living. That information is automatically sent to multiple auto insurance providers and they return quotes instantly to find the best rate.
If you would like to compare rates now, click here then complete the form.
The companies shown below are ready to provide price comparisons in Memphis, TN. To get cheap car insurance in Memphis, we recommend you compare several of them to get a more complete price comparison.
Analysis of coverages
The premium table displayed next showcases different insurance prices for Volvo S80 models. Having insight into how insurance rates are figured can be useful when making smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|S80 T6 AWD||$268||$628||$326||$20||$98||$1,340||$112|
|S80 Executive AWD||$268||$710||$326||$20||$98||$1,422||$119|
|S80 V8 AWD||$296||$710||$326||$20||$98||$1,450||$121|
|Get Your Own Custom Quote Go|
Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Premium amounts do not factor in specific location which can revise coverage prices considerably.
Volvo S80 insurance rates by gender in Memphis
The diagram below shows the comparison of Volvo S80 car insurance costs for male and female drivers. Data assumes no violations or accidents, comprehensive and collision coverage, $500 deductibles, single status, and no discounts are applied to the premium.
Liability only or full coverage
The diagram below visualizes the comparison of Volvo S80 yearly insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The price estimates are based on no accidents, no driving violations, $100 deductibles, single status, and no discounts are applied.
When to buy liability coverage only
There is no set rule of when to eliminate physical damage coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.
For example, let’s say your Volvo S80 replacement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, you would only receive $7,000 after you pay the deductible. If you are currently paying more than $700 annually for comprehensive and collision coverage, then it could be time to drop full coverage.
There are some circumstances where buying only liability insurance is not financially feasible. If you still owe money on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.
Lower rates by qualifying for discounts
Auto insurance companies don’t always publicize every discount available very well, so here is a list both the well known and the harder-to-find car insurance savings.
- Bundled Policy Discount – If you insure your home and vehicles with one insurance company you could earn a discount of at least 10 to 15 percent or more.
- Seat Belt Discounts – Requiring all passengers to wear their seat belts may be able to save a few bucks off the PIP or medical payment premium.
- Data Collection Discounts – Policyholders that allow driving data collection to look at their driving habits by installing a telematics device like Allstate’s Drivewise could see a rate decrease if they exhibit good driving behavior.
- E-sign – A few larger companies give back up to $50 for buying your policy on the web.
- Pay Early and Save – If you can afford to pay the entire bill instead of monthly or quarterly installments you may reduce your total bill.
- Student Discount for Driver Training – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class as it can save substantially.
- First Accident Forgiveness – This one isn’t a discount, but some insurance companies may permit one accident before your rates go up so long as you haven’t had any claims prior to being involved in the accident.
- Safety Course Discount – Taking part in a course in defensive driver could cut 5% off your bill and easily recoup the cost of the course.
- Multiple Cars – Buying a policy with multiple cars with one company qualifies for this discount.
- Theft Deterrent – Cars with anti-theft systems are stolen less frequently and qualify for as much as a 10% discount.
Policy discounts save money, but many deductions do not apply to the entire policy premium. Most only apply to individual premiums such as physical damage coverage or medical payments. Despite the fact that it seems like you would end up receiving a 100% discount, it’s just not the way it works.
The diagram below illustrates the difference between Volvo S80 insurance prices with and without discounts applied to the policy rates. The rates are based on a female driver, no claims or violations, Tennessee state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, homeowner, multi-policy, multi-car, and claim-free discounts applied.
Popular car insurance companies and some of the premium reductions they offer are detailed below.
- State Farm has discounts for Steer Clear safe driver discount, anti-theft, student away at school, good driver, defensive driving training, multiple autos, and multiple policy.
- GEICO offers premium reductions for defensive driver, anti-lock brakes, five-year accident-free, air bags, anti-theft, and multi-vehicle.
- Liberty Mutual offers discounts for newly married, multi-car, hybrid vehicle, exclusive group savings, new vehicle discount, new graduate, and preferred payment discount.
- The Hartford policyholders can earn discounts including good student, defensive driver, driver training, anti-theft, bundle, and vehicle fuel type.
- MetLife has savings for defensive driver, claim-free, accident-free, multi-policy, good student, and good driver.
- Progressive may include discounts for homeowner, online signing, multi-vehicle, continuous coverage, online quote discount, and good student.
When quoting, ask each company or agent to apply every possible discount. Some credits may not apply to policies in Memphis. To see a list of providers that offer many of these discounts in Memphis, follow this link.
Protect your S80 and other assets
Despite the high cost of buying insurance for a Volvo S80 in Memphis, buying auto insurance may be mandatory for several reasons.
- Just about all states have mandatory liability insurance requirements which means state laws require specific limits of liability insurance 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 you have a lien on your S80, most banks will have a requirement that you buy insurance to ensure they get paid if you total the vehicle. If you cancel or allow the policy to lapse, the bank may buy a policy for your Volvo for a lot more money and require you to reimburse them the higher premium.
- Insurance safeguards both your assets and your car. It also can pay for medical bills for you, your passengers, and anyone else injured in an accident. Liability insurance also pays expenses related to your legal defense if you are sued as the result of an accident. If you have damage to your Volvo as the result of the weather or an accident, comprehensive and collision coverage will cover the repair costs.
The benefits of insuring your car definitely exceed the price paid, especially with large liability claims. On average, a vehicle owner in Memphis overpays as much as $800 each year so we recommend shopping around at least once a year to help ensure money is not being wasted.
Tennessee car insurance companies
Choosing a good quality insurer can be challenging considering how many different companies sell coverage in Tennessee. The company rank data below could help you choose which car insurance providers you want to consider comparing prices from.
Top 10 Memphis Car Insurance Companies Overall
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Your car insurance coverage should be tailored to you
When quoting and choosing coverage online or from an agent, there really is not a perfect coverage plan. Every situation is different.
These are some specific questions might point out whether or not you might need an agent’s assistance.
- What happens if I owe more than my Volvo S80 is worth?
- What is medical payments coverage?
- Is a blown tire covered by insurance?
- How much coverage applies to personal belongings?
- Am I covered if I drive in a foreign country?
- Are my tools covered if they get stolen from my vehicle?
- Does my policy cover me if I wreck while driving under the influence?
If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, take a second and complete this form.
Buying from insurance agents
A lot of people would prefer to talk to a local agent and doing so can bring peace of mind A nice benefit of comparing rate quotes online is that you can obtain lower rates but still work with a licensed agent.
By using this form (opens in new window), your insurance data is sent to local insurance agents who will give competitive quotes for your insurance coverage. There is no need to leave your house due to the fact that quote results will go to the email address you provide. Get lower rates and work with a local agent. If you need to quote rates from a specific insurance company, you would need to find their quoting web page and give them your coverage information.
Picking the best company should include more criteria than just a low price. Ask your prospective agent these questions:
- What insurance companies do they work with in Memphis?
- How long have they been in business?
- Will the quote change when the policy is issued?
- Will their companies depreciate repairs to your car based on the mileage?
- Is auto insurance their primary focus in Memphis?
- Are you getting all the discounts the company offers?
If you want to buy auto insurance from a local agent, there are two different types of agencies and how they can service your needs differently. Auto insurance agents can be categorized as either independent or exclusive.
Exclusive Insurance Agencies
Exclusive insurance agents can usually just insure with one company such as State Farm, Allstate, and Farm Bureau. They are unable to give you multiple price quotes so always compare other rates. Exclusive agents receive extensive training on their company’s products and that can be a competitive advantage.
Shown below are Memphis exclusive insurance agencies that can give you comparison quotes.
Independent Agents (or Brokers)
Independent agencies often have many company appointments and that enables them to quote your coverage through lots of different companies depending on which coverage is best. If premiums increase, they simply move your policy to a different company which makes it simple for you.
When comparing rates, it’s recommended you get some free quotes from independent agents for the best price selection.
Shown below is a short list of independent insurance agents in Memphis who can help you get comparison quotes.