The best way we recommend to find lower priced Lincoln MKC insurance in Memphis is to begin comparing prices regularly from companies in Tennessee. This can be done by following these steps.
- First, gain an understanding of individual coverages and the things you can control to drop your rates. Many risk factors that increase rates such as traffic violations, accidents, and a low credit score can be eliminated by making minor changes in your lifestyle. Later in this article we will cover more information to help keep rates affordable and get discounts that may be overlooked.
- Second, request rate estimates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give prices from a single company like GEICO or Allstate, while independent agents can give you price quotes for a wide range of insurance providers. View a list of agents
- Third, compare the quotes to the price on your current policy and see if you can save money. If you find a lower rate and make a switch, ensure there is no coverage lapse between policies.
- Fourth, tell your current agent or company to cancel your current coverage. Submit a down payment and signed policy application to your new agent or company. When you receive it, place your new certificate verifying coverage somewhere easily accessible.
The most important part of shopping around is to compare the same deductibles and limits on every quote request and and to get rates from as many different companies as possible. This provides the most accurate price comparison and a complete price analysis.
It’s a fact that insurance companies don’t want you shop around. Drivers who shop around for cheaper rates are likely to buy a different policy because there is a significant possibility of finding a policy with more affordable rates. Surprisingly, a recent survey revealed that drivers who routinely shopped around saved over $3,450 over four years compared to policyholders who never compared prices.
If finding the lowest price for insurance is your objective, knowing how to compare insurance rates can save time, money, and frustration.
If you have car insurance now, you will most likely be able to find the best rates using this strategy. Finding the cheapest car insurance coverage in Memphis can really be easy if you know what you’re doing. But Tennessee vehicle owners do need to understand the way insurance companies determine what you pay because it varies considerably.
Reduce Insurance Rates with These Tips
The best way to find cheaper insurance is to take a look at some of the elements that help determine the price you pay for insurance. If you have some idea of what impacts premium levels, this enables informed choices that will entitle you to lower rates. Many things are used when quoting car insurance. Some are obvious such as traffic violations, although some other factors are less obvious such as your marital status and annual miles driven.
- Fast cars cost more to insure – The type of car you are buying insurance for makes a huge difference in how high your rates are. Economy passenger cars generally receive the lowest base rates, but the final cost of insurance is determined by many other factors.
- Premiums increase with driving tickets – Having a single speeding ticket can increase rates twenty percent or more. Careful drivers get better rates compared to drivers with tickets. Drivers who have gotten multiple violations like DUI, reckless driving or excessive speeding may face state-mandated requirements to complete a SR-22 with the DMV in their state in order to keep their license.
- Insurance rates and your job – Occupations such as military generals, executives, and financial analysts tend to pay higher rates than the rest of us due to high stress and lengthy work days. Conversely, professions such as scientists, students and homemakers pay lower than average rates.
- High credit scores equal low costs – Your credit score is a big factor in calculating your premium rate. Insureds that have very good credit scores tend to be less risk to insure than those with poor credit scores. If your credit is low, you may save money insuring your Lincoln MKC if you improve your credit rating.
- Raise comp and collision deductibles and save – Insurance for physical damage, termed comprehensive and collision coverage on your policy, protects your Lincoln from damage. Examples of some claims that would be covered would be a broken windshield, hitting a deer, and having your car stolen. The deductibles tell how much you are willing to pay if the claim is covered. The more damage repair cost you have to pay, the lower your rates will be.
- Low mileage costs less – Driving a lot of miles annually the higher your rates will be. Almost all companies calculate rates based upon how the vehicle is primarily used. Cars not used for work or commuting get more affordable rates as compared to vehicles used primarily for driving to work. Having an incorrect usage rating on your MKC may be costing you higher rates. Ask your agent if your insurance declarations sheet shows the proper vehicle usage, because it can save money.
Lincoln MKC claim probability – Insurers use claims history to help set a rate to offset losses. Vehicles that the statistics show to have higher losses will have a higher premium rate. The table below illustrates the historical loss data for Lincoln MKC vehicles.
For each coverage type, the claim probability for all vehicles, regardless of make or model, is set at 100. Values under 100 suggest a better than average loss history, while percentages above 100 point to more losses or statistically larger claims.
Insurance Loss Ratings for Lincoln MKC Vehicles Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Lincoln MKC 4dr 2WD 97 76 69 Lincoln MKC 4dr 4WD 99 68 72 82BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
When shopping for Lincoln MKC insurance in Memphis there are multiple ways of comparing rates from companies that offer insurance in Tennessee. By far the easiest way to find the lowest Lincoln MKC rates consists of obtaining rate quotes online.
Comparing rate quotes online is fast and free, and it replaces the need to call or drive to local Memphis insurance agencies. Quoting and buying Lincoln MKC insurance online makes this unnecessary unless you prefer the personal advice of a licensed agent. Although, it is possible comparison shop your insurance online but buy from a local insurance agent. When comparison shopping, more quotes increases your odds of finding more affordable insurance.
The companies shown below are ready to provide free quotes in Tennessee. In order to find the best car insurance in Tennessee, we suggest you compare several of them to get a more complete price comparison.
Three reasons car insurance is important
Even though Memphis MKC insurance rates can get expensive, maintaining insurance serves an important purpose.
First, the majority of states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific minimum amounts of liability insurance 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.
Second, if your vehicle has a loan, almost every bank will make it mandatory that you buy full coverage to guarantee loan repayment. If you do not keep the policy in force, the bank will be required to insure your Lincoln at a more expensive rate and require you to reimburse them much more than you were paying before.
Third, insurance protects not only your Lincoln but also your assets. Insurance will also pay for all forms of medical expenses for you, your passengers, and anyone else injured in an accident. Liability insurance also covers all legal expenses up to the policy limit if you are sued as the result of your driving. If you receive damage to your vehicle caused by a storm or accident, your policy will pay to restore your vehicle to like-new condition.
The benefits of carrying enough insurance are definitely more than the cost, especially with large liability claims. According to a recent study, the average American driver is wasting up to $830 a year so we recommend shopping around every year to ensure rates are competitive.
Discounts mean cheaper rates for Lincoln MKC insurance in Memphis
Car insurance companies don’t always list the complete list of policy discounts very well, so the list below gives a summary of both the well known as well as the least known discounts you could be receiving when you buy Memphis auto insurance online.
- Defensive Driver – Completing a safe driver course could cut 5% off your bill if your company offers it.
- Discounts for Government Workers – Federal government employees could qualify for a slight premium decrease depending on your car insurance provider.
- Resident Student – Youth drivers living away from Memphis attending college without a vehicle on campus could qualify for this discount.
- Discount for Home Ownership – Just being a homeowner may trigger a policy discount on car insurance since home ownership shows financial diligence.
- Online Discount – Some larger companies may give you up to $50 for buying your policy on your computer.
- Renewal Discounts – Select larger companies give a discount for switching policies prior to the expiration date on your current MKC insurance policy. You can save around 10% with this discount.
- Multi-policy Discount – If you can combine your home and auto policy with the same company they may give you a discount of as much as 10 to 15 percent.
- Claim Free – Insureds who avoid accidents and claims have much lower rates in comparison to drivers who are more careless.
- Payment Method – If you can afford to pay the entire bill instead of monthly or quarterly installments you could save up to 5%.
- Senior Citizen Discount – Older drivers may qualify for better car insurance rates.
We need to note that some of the credits will not apply to your bottom line cost. Most cut the cost of specific coverages such as liability, collision or medical payments. Despite the fact that it seems like having all the discounts means you get insurance for free, it’s just not the way it works. Any qualifying discounts should help lower the cost of your policy.
Larger car insurance companies and some of the discounts are detailed below.
- State Farm includes discounts for Steer Clear safe driver discount, good driver, passive restraint, student away at school, and anti-theft.
- GEICO offers premium reductions for military active duty, daytime running lights, multi-vehicle, seat belt use, emergency military deployment, and driver training.
- Allstate discounts include defensive driver, eSmart discount, auto/life discount, farm vehicle, and EZ pay plan discount.
- SAFECO may offer discounts for safe driver, drive less, accident prevention training, bundle discounts, and teen safety rewards.
- Farm Bureau has savings for safe driver, driver training, youthful driver, renewal discount, 55 and retired, and multi-policy.
- Progressive offers discounts for online quote discount, homeowner, continuous coverage, multi-vehicle, good student, and online signing.
- AAA may include discounts for AAA membership discount, anti-theft, pay-in-full, multi-policy, good driver, multi-car, and good student.
Double check with all companies you are considering to apply every possible discount. All car insurance discounts might not be offered on policies in your area.
When should I get advice from an insurance agency?
Many people just want to get advice from a local agent and that is a smart decision The best thing about getting free rate quotes online is that drivers can save money and get cheaper car insurance rates and still buy from a local agent.
To help locate an agent, after submitting this quick form, the coverage information is submitted to local insurance agents in Memphis who will give you quotes for your insurance coverage. It makes it easy because there is no need to find an agent on your own because quoted prices will be sent to you instantly. You can find the lowest rates without requiring a lot of work. If you wish to compare rates from a particular provider, you would need to visit that company’s website and fill out the quote form the provide.
Finding the right insurance company is decision based upon more than just a cheap quote. Ask your prospective agent these questions:
- Are they primarily personal or commercial lines agents in Memphis?
- Will they take your side in the event of a claim?
- Do they have adequate Errors and Omissions coverage? This protects you if they make a mistake.
- Is assistance available after office hours?
- Does the company allow you to choose your own collision repair facility?
The difference between Memphis auto insurance agents
If you are searching for a reputable agency, it’s important to understand the types of insurance agents and how they can service your needs differently. Insurance policy providers can be categorized as either exclusive or independent agents depending on their company appointments.
Agents of this type can usually just insure with one company like American Family, State Farm, and Allstate. They generally cannot provide prices from multiple companies so keep that in mind. Exclusive insurance agents are usually well trained on their company’s products which helps them sell insurance even at higher premiums.
Below is a short list of exclusive insurance agencies in Memphis that are able to give comparison quotes.
Independent Insurance Agents
Agents that elect to be independent can quote rates with many companies so they have the ability to put coverage through many different insurance companies and find the cheapest rate. To move your coverage to a new company, your policy is moved internally and you can keep the same agent.
If you are comparing rate quotes, it’s a good idea to get insurance quotes from at a minimum one independent agency for maximum quote selection.
Shown below is a list of independent insurance agents in Memphis who can help you get rate quotes.
One last thing about your coverage
Some insurance providers may not have rates over the internet and most of the time these smaller providers work with local independent agents. Budget-friendly car insurance in Memphis is possible online and with local Memphis insurance agents, so you should be comparing quotes from both to get a complete price analysis.
We just covered many tips how you can lower your Lincoln MKC insurance premium rates in Memphis. The most important thing to understand is the more rate comparisons you have, the higher your chance of finding low cost Memphis auto insurance quotes. You may even find the best premium rates are with a lesser-known regional company. They can often insure niche markets at a lower cost than the large multi-state companies such as Progressive and GEICO.
When trying to cut insurance costs, it’s a bad idea to skimp on critical coverages to save a buck or two. In many instances, drivers have reduced collision coverage only to regret that the few dollars in savings costed them thousands. The goal is to find the BEST coverage for the lowest price, but do not sacrifice coverage to save money.
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