Best Insurance for a Mazda RX-8 in Memphis

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Insurance for Mazda RX-8Want to learn how to save money and find more competitive insurance rates in Memphis, TN? Memphis buyers have options when searching for low-cost Mazda RX-8 insurance. They can either waste time driving around getting price quotes or leverage the internet to compare rates. There are more efficient ways to compare insurance rates so we're going to tell you the absolute fastest way to price shop coverage on a Mazda and get the best price possible from both online companies and Memphis agents.

We don't have to point out that fact that car insurance companies don't want you to compare rates. Drivers who shop around for better prices will, in all likelihood, buy a new policy because they have good chances of finding a lower-cost company. A recent survey found that consumers who did price comparisons regularly saved about $3,450 over four years compared to drivers who never compared prices.

If finding the lowest price for Mazda RX-8 insurance in Memphis is your goal, then learning about the best ways to shop for insurance can save time and make the process easier.

Get cheaper Mazda RX-8 insurance in Memphis with discounts

Car insurance companies do not advertise all available discounts in an easy-to-find place, so the list below details both the well known and also the lesser-known discounts you could be receiving when you buy Memphis auto insurance online.

  • Driver Training Discounts - Taking a defensive driving course could earn you a small percentage discount depending on where you live.
  • Accident Forgiveness - This one is not really a discount per se, but certain companies will allow you to have one accident without getting socked with a rate hike if you have no claims for a specific time period.
  • Employee of Federal Government - Simply working for the federal government could qualify for a slight premium decrease with certain companies.
  • Accident Free - Good drivers with no accidents can earn big discounts in comparison with drivers who are more careless.
  • Buy New and Save - Insuring a new RX-8 can save you some money because new model year vehicles have to meet stringent safety requirements.
  • Anti-theft Discount - Anti-theft and alarm system equipped vehicles are stolen with less frequency and therefore earn up to a 10% discount.
  • Sign Early and Save - A few insurance companies allow discounts for signing up prior to your current RX-8 insurance policy expiring. You could save around 10% when you buy Memphis auto insurance online.
  • Distant College Student Discount - Youth drivers living away from Memphis attending college and do not have a car can be insured at a reduced rate.
  • Drivers Ed for Students - Make teen driver coverage more affordable by requiring them to enroll and complete driver's education in school.
  • Clubs and Organizations - Having an affiliation with a professional or civic organization could qualify you for a break on auto insurance.

Policy discounts save money, but some credits don't apply to the whole policy. Most only reduce specific coverage prices like liability and collision coverage. So when the math indicates all those discounts means the company will pay you, insurance companies wouldn't stay in business. But all discounts will definitely lower your premiums.

The example below illustrates the difference between Mazda RX-8 car insurance costs with and without discounts applied. The rate quotes are based on a male driver, no violations or claims, Tennessee state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, multi-car, safe-driver, homeowner, claim-free, and marriage discounts applied.

A few popular companies and some of their more popular discounts can be read below.

  • GEICO discounts include military active duty, multi-policy, emergency military deployment, federal employee, and driver training.
  • Travelers policyholders can earn discounts including multi-car, driver training, IntelliDrive, good student, home ownership, payment discounts, and student away at school.
  • Nationwide may offer discounts for family plan, accident-free, defensive driving, Farm Bureau membership, business or organization, and good student.
  • Farmers Insurance has savings for switch companies, good student, bundle discounts, pay in full, and distant student.
  • Esurance has discounts for safety device, multi-car, claim free, online shopper, anti-theft, multi-policy, and DriveSense.
  • State Farm offers discounts including student away at school, passive restraint, accident-free, anti-theft, good driver, multiple policy, and multiple autos.
  • Progressive includes discounts for homeowner, online signing, continuous coverage, multi-policy, and good student.
  • Mercury Insurance may include discounts for multi-policy, multi-car, professional/association, annual mileage, anti-theft, and ease of repair.

Double check with every prospective company which discounts can lower your rates. All car insurance discounts may not apply to policies in your state.

The companies shown below provide free rate quotes in Tennessee. If you want to find the best auto insurance in Memphis, TN, it's a good idea that you visit several of them to get the best price comparison.

Insurance coverage analysis

The premium information displayed next outlines detailed analysis of prices for Mazda RX-8 models. Being able to understand how insurance policy premiums are formulated can help customers make decisions on the best policy to buy.

Mazda RX-8 Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX-8 Sport 4-Dr Coupe $304 $518 $294 $18 $88 $1,222 $102
RX-8 Grand Touring 4-Dr Coupe $304 $596 $294 $18 $88 $1,300 $108
RX-8 R3 4-Dr Coupe $304 $596 $294 $18 $88 $1,300 $108
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Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Information does not factor in specific location information which can influence auto insurance rates significantly.

Deductible analysis

A question often asked by Memphis drivers is how high should the deductibles for physical damage be. The rates shown below lay out the price difference between low and high insurance deductibles. The first data set uses a $100 comprehensive and collision deductible and the second price grid uses a $500 deductible.

Mazda RX-8 insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX-8 Sport 4-Dr Coupe $312 $528 $288 $18 $86 $1,257 $105
RX-8 Grand Touring 4-Dr Coupe $312 $608 $288 $18 $86 $1,337 $111
RX-8 R3 4-Dr Coupe $312 $608 $288 $18 $86 $1,337 $111
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Mazda RX-8 insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
RX-8 Sport 4-Dr Coupe $228 $358 $288 $18 $86 $978 $82
RX-8 Grand Touring 4-Dr Coupe $228 $412 $288 $18 $86 $1,032 $86
RX-8 R3 4-Dr Coupe $228 $412 $288 $18 $86 $1,032 $86
Get Your Own Custom Quote Go

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Premium amounts do not factor in the specific area where the vehicle is garaged which can influence auto insurance rates substantially.

We can derive from the above data that using a $100 deductible costs roughly $24 more each month or $288 each year across all Mazda RX-8 models than opting for the higher $500 deductible. Since the policyholder would be required to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at least 17 months between claim filings, you would most likely save money if you decide on a higher deductible.

The chart below demonstrates how choosing different deductibles and can affect Mazda RX-8 insurance premiums for different ages of insureds. The rates are based on a single female driver, full coverage, and no discounts are factored in.

Why Your Insurance Rates might be higher

Smart consumers have a good feel for some of the things that go into determining the price you pay for insurance. If you have some idea of what controls the rates you pay, this enables you to make decisions that can help you get cheaper rates. Many things are part of the calculation when premium rates are determined. Most are fairly basic like an MVR report, but other criteria are less apparent such as your marital status or your commute time.

The list below includes a partial list of the pieces insurance companies consider when setting prices.

  • Keep the miles off and save - The more you drive your Mazda every year the more you will pay for insurance. The majority of insurers charge rates based on how the vehicle is used. Vehicles that sit idle most of the time qualify for better rates than those used for commuting. It's a good idea to make sure your policy is showing the correct driver usage, because improper ratings can cost you money. A policy that improperly rates your RX-8 can cost quite a bit.
  • Tickets cost more than a fine - Having just one citation can bump up the cost forty percent or more. Drivers who don't get tickets tend to pay less for car insurance compared to drivers with tickets. Drivers who get serious violations like DUI, reckless driving or excessive speeding may face state-mandated requirements to maintain a SR-22 with the DMV in their state in order to prevent their license from being revoked.

    The example below shows how speeding tickets and accident claims raise Mazda RX-8 auto insurance rates for different insured age categories. The price estimates are based on a single female driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.

  • Your career may increase rates - Do you have a high-stress occupation? Occupational choices like real estate brokers, airline pilots, and financial analysts generally have higher rates than the rest of us because of intense work requirements and lots of time spent at work. On the other hand, careers such as farmers, historians and performers generally pay rates lower than average.
  • Gender and insurance - Statistics show that females tend to be a little less risky than males. However, this does not mean women are better drivers. Both sexes cause at-fault accidents in similar numbers, but the male of the species cause more damage and cost insurance companies more money. Men also tend to receive more major tickets like DWI (DUI) or reckless driving.

    The chart below visualizes the comparison of Mazda RX-8 insurance costs for male and female drivers. The price estimates are based on no accidents, no driving violations, comprehensive and collision coverage, $100 deductibles, drivers are not married, and no discounts are applied.

When should I talk to an insurance agency?

Many people still like to get professional advice from a licensed agent and that is not a bad decision Good agents can point out coverage gaps and will help you if you have claims. One of the best bonuses of getting free rate quotes online is the fact that drivers can get better rates and still have an agent to talk to.

Memphis insurance agentsTo help locate an agent, after submitting this short form, the coverage information is transmitted to local insurance agents who will give competitive quotes for your coverage. It makes it easy because there is no need to leave your computer as quotes are delivered directly to your email. If you want to get a comparison quote from a specific company, feel free to go to their quote page and give them your coverage information.

Deciding on a provider should include more criteria than just the premium amount. You should also get answers to these questions.

  • Which insurance companies are they affiliated with?
  • Is working in the agency their full-time job?
  • Do they specialize in personal lines auto insurance in Memphis?
  • Are there any extra charges for paying monthly?
  • Do you have coverage for a rental car if your vehicle is in the repair shop?
  • Are you getting all the discounts the company offers?
  • Do they get paid more for recommending certain coverages?

The following are Memphis insurers that may be willing to give comparison quotes for Mazda RX-8 insurance in Memphis.

View more Memphis agents

Insurance in Tennessee serves several purposes

Despite the high cost, paying for insurance serves an important purpose.

  • Most states have compulsory liability insurance requirements which means you are required to carry a specific minimum amount of liability protection in order to drive the car 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 RX-8, most banks will make it a condition of the loan that you have comprehensive coverage to ensure the loan is repaid in case of a total loss. If you default on your policy, the bank may insure your Mazda at a much higher premium rate and force you to reimburse them much more than you were paying before.
  • Insurance preserves both your assets and your vehicle. It will also cover medical bills for yourself as well as anyone injured by you. As part of your policy, liability insurance will also pay for a defense attorney if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.

The benefits of buying insurance more than offset the price you pay, particularly when you have a large claim. The average driver in Tennessee is wasting up to $800 each year so it's important to compare rates at every policy renewal to be sure current rates are still competitive.

One last note

As you restructure your insurance plan, you should never reduce coverage to reduce premium. There have been many cases where an accident victim reduced physical damage coverage only to regret at claim time that they should have had better coverage. Your goal is to buy enough coverage for the lowest price, not the least amount of coverage.

Cheap Mazda RX-8 insurance in Memphis is possible online in addition to local insurance agencies, so you need to quote Memphis auto insurance with both to get a complete price analysis. Some insurance providers may not have the ability to get quotes online and most of the time these regional insurance providers prefer to sell through local independent agencies.

People leave their current company for many reasons like policy non-renewal, delays in paying claims, high prices or even high rates after DUI convictions. No matter why you want to switch, finding the right car insurance provider is actually quite simple.

How to find cheaper quotes for Mazda RX-8 insurance in Memphis

It takes a few minutes, but the best way to find the cheapest price for Mazda RX-8 insurance is to regularly compare price quotes from insurance carriers who sell auto insurance in Memphis. You can compare rates by following these steps.

  • Step 1: Try to comprehend car insurance and the measures you can control to prevent expensive coverage. Many things that are responsible for high rates like at-fault accidents, speeding tickets, and an imperfect credit score can be amended by making minor changes to your lifestyle.
  • Step 2: Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from one company like Progressive or Allstate, while agents who are independent can quote rates from multiple companies.
  • Step 3: Compare the new rate quotes to the price on your current policy and determine if cheaper RX-8 coverage is available. If you can save some money, ensure there is no coverage lapse between policies.
  • Step 4: Give notification to your agent or company of your intent to cancel the current policy and submit a signed application and payment for your new coverage. Once received, put the certificate verifying coverage with your registration paperwork.

One tip to remember is to make sure you're comparing identical coverages on each quote and and to get quotes from every company you can. This helps ensure the most accurate price comparison and maximum price selection.

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