Inconceivable but true, most drivers have stayed with the same insurance company for at least the last four years, and just under half have never even compared quotes to find affordable rates. Many drivers in Memphis could save an average of approximately 35% each year by just comparing quotes, but most tend to underestimate the large savings they would see if they changed companies.
The best way to get low-cost Lincoln MKX insurance in Memphis is to regularly compare price quotes from insurers who sell insurance in Tennessee.
- Step 1: Get a basic knowledge of policy coverages and the modifications you can make to prevent rate increases. Many factors that result in higher prices like at-fault accidents and poor credit can be rectified by paying attention to minor details.
- Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like GEICO or State Farm, while independent agents can quote rates from multiple insurance companies.
- Step 3: Compare the new quotes to your existing rates to see if you can save by switching companies. If you find better rates and decide to switch, ensure there is no coverage lapse between policies.
- Step 4: Tell your current company of your intent to cancel your current coverage. Submit the required down payment along with the signed application to your new insurance company. Once received, put the certificate of insurance along with your vehicle registration.
One thing to remember is to make sure you’re comparing identical coverages on every price quote and and to get price quotes from as many car insurance companies as possible. Doing this helps ensure a fair rate comparison and plenty of rates choose from.
Compare Memphis Lincoln MKX insurance quotes online
Just remember that comparing more prices helps improve the odds of finding more affordable insurance.
The companies shown below offer price quotes in Memphis, TN. If you want cheaper car insurance in Memphis, it’s a good idea that you visit as many as you can to find the lowest car insurance rates.
Cheaper rates on Lincoln MKX insurance in Memphis with these seven discounts
Some insurance providers don’t necessarily list the entire discount list in an easy-to-find place, so we researched both well-publicized and the harder-to-find ways to save on car insurance.
- Telematics Data – Drivers that enable driving data collection to study driving manner by using a telematics device in their vehicle like Allstate’s Drivewise could save a few bucks if they exhibit good driving behavior.
- Senior Citizen Rates – If you qualify as a senior citizen, you may qualify for a slight reduction on a Memphis car insurance quote.
- Student Discount for Driver Training – Cut your cost by having your teen driver complete a driver education course if it’s offered in school.
- Accident Free – Drivers who don’t have accidents are rewarded with significantly better rates on Memphis car insurance quote as compared to drivers with a long claim history.
- Accident Forgiveness Coverage – Not necessarily a discount, but certain companies will let one accident slide before they charge you more for coverage so long as you are claim-free for a set time period.
- Theft Prevention System – Cars equipped with tracking devices and advanced anti-theft systems can help prevent theft and will save you 10% or more on MKX insurance in Memphis.
- Sign Early and Save – A few companies give discounts for renewing your policy before your current expiration date. You can save around 10% with this discount.
A little disclaimer on discounts, most credits do not apply to the whole policy. Some only reduce the cost of specific coverages such as comp or med pay. Even though it may seem like it’s possible to get free car insurance, it’s just not the way it works.
The chart below illustrates the difference between Lincoln MKX insurance costs with and without discounts applied to the rates. The prices are based on a female driver, no claims or driving citations, 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 homeowner, safe-driver, multi-car, marriage, multi-policy, and claim-free discounts applied.
For a list of insurance companies who offer discounts in Tennessee, click this link.
Lincoln MKX insurance analysis
The coverage table displayed next showcases a range of rate quotes for Lincoln MKX models. Having insight into how insurance prices are determined can aid in making smart choices when buying a car insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Price estimates do not factor in your specific Memphis location which can affect insurance rates significantly.
Lincoln MKX liability-only versus full coverage
The chart below shows the comparison of Lincoln MKX premium costs with and without physical damage coverage. The premium estimates are based on no claims or driving violations, $100 deductibles, marital status is single, and no other discounts are factored in.
When to drop full coverage
There is no definitive guideline of when to eliminate physical damage coverage, but there is a general guideline. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s pretend your Lincoln MKX replacement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $8,000 after paying your policy deductible. If you are paying in excess of $800 a year for your policy with full coverage, then it could be time to drop full coverage.
There are some circumstances where removing full coverage is not in your best interest. If you still have a lienholder on your title, you have to keep full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not opt for liability only.
Independent versus exclusive insurance agencies
Certain consumers just prefer to buy from a licensed agent and we recommend doing that One of the great benefits of getting free rate quotes online is the fact that you can find cheap rate quotes but still work with a licensed agent. Buying from and supporting local agencies is important particularly in Memphis.
To find an agent, once you fill out this short form, your coverage information is sent to insurance agents in Memphis that provide free Memphis car insurance quotes for your coverage. You never need to find an agent since rate quotes are delivered to you directly. You can find lower rates without having to waste a lot of time. If you have a need to get a rate quote from a particular provider, don’t hesitate to jump over to their website and complete a quote there.
Best car insurance agent in Memphis
If you’re trying to find a local insurance agency, it can be helpful to understand the different types of agents and how they differ in how they can insure your vehicles. Agents in Memphis are either exclusive or independent (non-exclusive).
Independent Agents (or Brokers)
Independent insurance agents often have affiliation with several companies so they can quote policies with any number of different companies and get you the best rates possible. If your agent finds better pricing, the business is moved internally and you can keep the same agent.
When comparing insurance prices, it’s recommended you get rate quotes from at least one independent agent to get the most accurate price comparison.
The following is a small list of independent agencies in Memphis that may be able to give you free insurance rate quotes.
Exclusive Insurance Agencies
Exclusive insurance agents can only quote rates from one company like State Farm or Allstate. They generally cannot compare rates from other companies so they have no alternatives for high prices. They are usually quite knowledgeable on their company’s products which helps them sell insurance even at higher premiums.
The following is a list of exclusive agents in Memphis that can give you rate quotes.
Picking the best insurance agency requires you to look at more than just the bottom line cost. The questions below may impact your decision as well.
- Who are their largest clients?
- Does the agent have professional designations like CIC, CPCU or AIC?
- Will your rates increase after a single accident?
- Does the agency have a good rating with the Better Business Bureau?
- How often do they review policy coverages?
- If you raise deductibles, how much can you save?
- How are claims handled?
After getting acceptable answers for all questions you ask as well as a price you’re happy with, it’s a good possibility that you have found a car insurance agent that is a good match to adequately provide insurance.
Specifics of your insurance policy
Learning about specific coverages of your insurance policy aids in choosing which coverages you need for your vehicles. Policy terminology can be ambiguous and nobody wants to actually read their policy. Shown next are the usual coverages available from insurance companies.
Medical payments and PIP coverage
Med pay and PIP coverage provide coverage for expenses such as rehabilitation expenses, funeral costs, pain medications, nursing services and X-ray expenses. The coverages can be used to fill the gap from your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers any family member struck as a pedestrian. PIP coverage is not an option in every state but can be used in place of medical payments coverage
UM/UIM (Uninsured/Underinsured Motorist) coverage
Your UM/UIM coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. Covered claims include medical payments for you and your occupants and also any damage incurred to your Lincoln MKX.
Because many people only purchase the least amount of liability that is required (which is 25/50/15), their limits can quickly be used up. So UM/UIM coverage is very important. Usually the UM/UIM limits are identical to your policy’s liability coverage.
Collision insurance will pay to fix damage to your MKX from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.
Collision can pay for claims such as colliding with a tree, crashing into a building, damaging your car on a curb, sideswiping another vehicle and hitting a parking meter. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are older. Drivers also have the option to increase the deductible on your MKX to get cheaper collision coverage.
Comprehensive auto coverage
This coverage covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims such as falling objects, a tree branch falling on your vehicle, damage from getting keyed and vandalism. The highest amount your insurance company will pay is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.
Coverage for liability
This coverage can cover damage that occurs to other’s property or people that is your fault. It protects YOU from claims by other people. Liability doesn’t cover damage to your own property or vehicle.
It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see liability limits of 25/50/15 which stand for a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and $15,000 of coverage for damaged property. Occasionally you may see a combined limit that pays claims from the same limit without having the split limit caps.
Liability coverage pays for claims such as repair costs for stationary objects, bail bonds, loss of income and medical expenses. The amount of liability coverage you purchase is your choice, but you should buy as high a limit as you can afford. Tennessee requires drivers to carry at least 25/50/15 but you should think about purchasing higher limits.
The illustration below demonstrates why buying minimum limits may not provide adequate coverage.
Shop smart and save
When searching for inexpensive Memphis car insurance quotes, don’t be tempted to buy lower coverage limits just to save a few bucks. There have been many situations where consumers will sacrifice uninsured motorist or liability limits and discovered at claim time that their decision to reduce coverage ended up costing them more. Your strategy should be to buy the best coverage you can find at the lowest possible cost while still protecting your assets.
Budget-friendly auto insurance in Memphis can be sourced from both online companies in addition to many Memphis insurance agents, so you should compare both to have the best chance of lowering rates. Some auto insurance companies may not provide rate quotes online and usually these smaller providers provide coverage only through independent insurance agents.
- Smart Auto Insurance Tips (Insurance Information Institute)
- What Insurance is Cheapest for a Learners Permit in Memphis? (FAQ)
- Auto Insurance Basics (Insurance Information Institute)
- Uninsured Motorist Statistics (Insurance Information Institute)
- Anti-Lock Brake FAQ (iihs.org)