It’s hard to fathom, but a large majority of car insurance policyholders kept buying from the same company for over three years, and 38% of customers have never compared rates from other carriers. Consumers in Tennessee can cut their rates by up to 35% a year by just shopping around, but they underestimate how much money they would save if they moved their coverage to a different company.
If you want to save the most money, the best way to find better pricing on Honda HR-V insurance is to do an annual price comparison from different companies who provide auto insurance in Memphis.
Step 1: Spend a few minutes and learn about how auto insurance works and the steps you can take to keep rates low. Many rating criteria that increase rates like traffic citations and a bad credit rating can be improved by paying attention to minor details. Continue reading for more details to prevent rate hikes and find additional discounts you may qualify for.
Step 2: Quote rates from direct, independent, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like Progressive or State Farm, while agents who are independent can quote prices from multiple insurance companies.
Step 3: Compare the new rates to your current policy premium and see if you can save money. If you find a better price and buy the policy, make sure there is no lapse in coverage.
Step 4: Tell your current agent or company of your intent to cancel your current auto insurance policy and submit payment and a completed application to the new company. As soon as you have the new policy, place the new certificate verifying proof of insurance in your vehicle.
The key thing to remember is to try to compare similar limits and deductibles on each price quote and and to get rates from as many different companies as possible. Doing this provides a fair rate comparison and plenty of rates choose from.
Finding affordable insurance coverage in Memphis is really not that difficult. If you are insured now or are looking for a new policy, you can follow these tips to find better prices without reducing protection. Drivers just need to understand the most time-saving way to shop for insurance from many different companies online.
The method we recommend to get rate comparisons for Honda HR-V insurance in Memphis is to understand most of the bigger providers will pay a fee to give free rates quotes. To start a quote, the only thing you need to do is spend a couple of minutes providing details including if your license is active, types of safety features, if you require a SR-22, and your general credit rating. The rating information is sent automatically to many different companies and they return quotes instantly to find the best rate.
To check rates for your car now, click here and find out if lower rates are available in Memphis.
The companies shown below are our best choices to provide comparison quotes in Memphis, TN. If your goal is to find the cheapest car insurance in Tennessee, it’s highly recommended you get rate quotes from several of them in order to find the cheapest rates.
Verify you’re earning every discount
Some providers do not advertise the complete list of policy discounts very well, so the following list contains both well-publicized as well as some of the hidden ways to save on car insurance.
- Discounts for New Vehicles – Insuring a new HR-V can cost up to 25% less compared to insuring an older model.
- Early Signing – Some larger companies provide a discount for signing up before your current expiration date. It can save you around 10%.
- Accident Free – Drivers who don’t have accidents can earn big discounts as opposed to drivers who are more careless.
- Payment Method – By paying your policy upfront rather than paying monthly you may have a lower total premium amount.
- Driving Data Discount – Insureds that choose to allow driving data submission to analyze driving patterns by using a telematic data system such as Snapshot from Progressive or Drivewise from Allstate could save a few bucks if their driving habits are good.
- Theft Deterrent System – Cars and trucks optioned with advanced anti-theft systems are stolen less frequently so companies will give you a small discount.
- Smart Student Discounts – Being a good student can be rewarded with saving of up to 25%. This discount can apply up to age 25.
- E-sign Discounts – Some of the larger companies give back up to $50 shop Memphis auto insurance online.
- More Vehicles More Savings – Having all your vehicles with the same company can reduce the rates for all insured vehicles.
- Seat Belt Usage – Requiring all passengers to use their safety belts may be able to save a few bucks off PIP or medical payments premium.
One thing to note about discounts is that most discount credits are not given to the overall cost of the policy. Some only apply to the price of certain insurance coverages like comprehensive or collision. Even though the math looks like you would end up receiving a 100% discount, car insurance companies aren’t that generous.
Popular car insurance companies and a summarized list of policyholder discounts can be found below.
- State Farm has discounts for Drive Safe & Save, anti-theft, accident-free, safe vehicle, defensive driving training, and good driver.
- Progressive offers discounts for multi-vehicle, homeowner, online quote discount, continuous coverage, multi-policy, and online signing.
- Travelers may offer discounts for early quote, continuous insurance, student away at school, home ownership, new car, good student, and save driver.
- American Family offers discounts including accident-free, good student, bundled insurance, air bags, early bird, and mySafetyValet.
- Liberty Mutual may include discounts for multi-policy, newly retired, new move discount, preferred payment discount, new graduate, and good student.
When comparing rates, check with every prospective company the best way to save money. Depending on the company, some discounts might not apply in your area.
Three reasons to not skimp on car insurance
Despite the fact that car insurance is not cheap in Memphis, insurance serves an important purpose.
- Most states have compulsory liability insurance requirements which means it is punishable by state law to not carry specific limits of liability coverage in order to license the vehicle. 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 HR-V, it’s most likely the lender will make it a condition of the loan that you buy full coverage to ensure loan repayment if the vehicle is totaled. If the policy lapses, the lender will be forced to insure your Honda at a more expensive rate and require you to reimburse them for the much more expensive policy.
- Insurance protects both your Honda HR-V and your personal assets. It also can pay for hospital and medical expenses for yourself as well as anyone injured by you. As part of your policy, liability insurance also pays for attorney fees and expenses if you cause an accident and are sued. If your car is damaged in a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to have it repaired.
The benefits of buying car insurance definitely exceed the price paid, especially with large liability claims. According to a 2015 survey, the average American driver is overpaying over $700 annually so smart consumers compare quotes at least once a year to make sure the price is not too high.
Local Memphis auto insurance agents
Some people just prefer to go talk to an agent and there is nothing wrong with that. Good insurance agents can help you choose the best coverages and help you file claims. An additional benefit of comparing rates online is you may find cheap car insurance quotes and still have a local agent.
After completing this short form, your insurance coverage information is submitted to companies in Memphis that can provide free Memphis auto insurance quotes for your business. There is no reason to leave your house as quotes are delivered to your email. If you need to compare prices from a specific company, you just need to jump over to their website and submit a quote form there.
Choosing the best company needs to be determined by more than just a cheap price quote. Any good agent in Memphis should know the answers to these questions.
- Will high miles depreciate repair valuations?
- Does the company have a solid financial rating?
- Which family members are covered?
- Is their price quote a firm figure or are their hidden costs?
- Are they actively involved in the community?
- How will an accident affect your rates?
- How long has their agency been open in Memphis?
- Are they giving you every discount you deserve?
Auto insurance agents in Memphis come in two varieties
If you’re trying to find local Memphis agents, it helps to know the two different agency structures and how they differ in how they can insure your vehicles. Car insurance agencies can be categorized as either independent agents or exclusive agents. Either one can write policy coverage, but it’s good to learn the subtle differences because it can influence the selection process.
Exclusive Car Insurance Agencies
Exclusive agents generally can only insure with one company like Allstate, State Farm and Farmers Insurance. Exclusive agents cannot provide other company’s prices so you might not find the best rates. They are well schooled on the products they sell which helps offset the inability to provide other markets. Consumers sometimes purchase coverage from exclusives primarily because of high brand loyalty rather than having the cheapest rates.
Listed below is a short list of exclusive agents in Memphis who may provide you with price quotes.
- Parker Rhett – State Farm Insurance Agent
4515 Poplar Ave #416 – Memphis, TN 38117 – (901) 680-7400 – View Map
- Michelle L Wilson – State Farm Insurance Agent
5384 Poplar Ave Ste 439 – Memphis, TN 38119 – (901) 590-1922 – View Map
- Ulysses Cosby – State Farm Insurance Agent
248 Cooper St – Memphis, TN 38104 – (901) 276-1044 – View Map
Independent Agents (or Brokers)
Independent agents do not have single company limitations and that enables them to quote your coverage with any number of different companies and get the cheapest rates. If they quote lower rates, an independent agent can move your coverage which is easy for the insured. When comparing car insurance prices, you will definitely want to get some free quotes from at a minimum one independent agency in order to have the best price comparison. Many can place coverage with less well-known companies that may provide cheaper car insurance rates.
The following are independent insurance agencies in Memphis that are able to give price quote information.
- Boyle Insurance Agency, Inc.
5900 Poplar Ave – Memphis, TN 38119 – (901) 766-0200 – View Map
- Nationwide Insurance: Tri-State Insurance Agency Inc
5545 Murray Ave Ste 107 – Memphis, TN 38119 – (901) 767-3379 – View Map
- Sneed Insurance
6645 Stage Rd #200 – Memphis, TN 38134 – (901) 372-4580 – View Map