It’s shocking but most insurance policyholders have bought insurance from the same company for well over three years, and almost 40% of drivers have never compared insurance rates at all. Consumers in Tennessee can save hundreds of dollars each year, but they assume it’s a waste of time to save money by comparing rate quotes.
The best way to find low-cost prices for Chevy Bolt EV insurance is to make a habit of regularly comparing prices from insurance carriers who can sell car insurance in Memphis.
Step 1: Try to comprehend how companies set rates and the steps you can take to keep rates down. Many factors that result in higher prices such as traffic citations and an unacceptable credit history can be rectified by improving your driving habits or financial responsibility. This article gives instructions to get better rates and get bigger discounts that may have been overlooked.
Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from a single company like Progressive or Farmers Insurance, while independent agents can quote prices from many different companies. View prices
Step 3: Compare the price quotes to your current policy premium to see if a cheaper price is available. If you can save some money and make a switch, make sure coverage is continuous and does not lapse.
A crucial key to this process is to make sure you’re comparing the same physical damage deductibles and liability limits on each price quote and and to get rates from as many companies as feasibly possible. Doing this provides an accurate price comparison and maximum price selection.
If you are already insured or need a new policy, use these techniques to lower your rates without having to cut coverage. Choosing the best rates in Memphis is really not that difficult. Drivers only need to know the most time-saving way to shop from many different companies online.
You may qualify for discounts for Chevy Bolt EV insurance in Memphis
Insuring your vehicles can cost a lot, but you may qualify for discounts that can help lower your rates. Certain discounts will be applied at the time of quoting, but a few must be specifically requested before they will apply. If you’re not getting every credit you qualify for, you could be saving more on your insurance.
- Discount for Multiple Policies – If you can combine your homeowners and auto policy with the same insurance company you may save as much as 10 to 15 percent.
- Multiple Vehicles – Buying insurance for multiple cars or trucks with the same company could earn a price break for each car.
- Distant Student – College-age children living away from Memphis attending college and leave their car at home may qualify for this discount.
- ABS and Traction Control Discounts – Cars, trucks, and SUVs that have anti-lock braking systems are safer to drive and qualify for as much as a 10% discount.
- Sign Online – Certain companies provide a small discount get Memphis auto insurance on the web.
- Club Memberships – Joining a professional or civic organization may earn a discount on your bill.
Keep in mind that most credits do not apply to the whole policy. Most only cut individual premiums such as medical payments or collision. Even though it may seem like you could get a free insurance policy, company stockholders wouldn’t be very happy.
To see a list of insurers that offer the discounts shown above in Memphis, click here.
Coverages available on your insurance policy
Knowing the specifics of insurance can help you determine the best coverages and the correct deductibles and limits. The coverage terms in a policy can be impossible to understand and coverage can change by endorsement. Listed below are the normal coverages offered by insurance companies.
Medical costs insurance
Medical payments and Personal Injury Protection insurance kick in for immediate expenses such as ambulance fees, pain medications, chiropractic care and hospital visits. They are often used to fill the gap from your health insurance plan or if there is no health insurance coverage. They cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage
Collision insurance pays for damage to your Bolt EV caused by collision with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.
Collision insurance covers claims like scraping a guard rail, crashing into a ditch, driving through your garage door and backing into a parked car. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are 8 years or older. Another option is to raise the deductible on your Bolt EV to get cheaper collision coverage.
Comprehensive or Other Than Collision
This coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive coverage protects against claims like vandalism, fire damage, a tree branch falling on your vehicle and damage from getting keyed. The maximum payout you can receive from a comprehensive claim is the actual cash value, so if your deductible is as high as the vehicle’s value consider dropping full coverage.
This provides protection from damages or injuries you inflict on people or other property by causing an accident. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see policy limits of 25/50/15 which stand for $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and property damage coverage for $15,000.
Liability insurance covers things such as attorney fees, legal defense fees, repair bills for other people’s vehicles, loss of income and medical expenses. The amount of liability coverage you purchase is a personal decision, but consider buying as much as you can afford. Tennessee state minimum liability requirements are 25/50/15 but drivers should carry better liability coverage.
The illustration below shows why minimum state limits may not be high enough to cover claims.
Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. This coverage pays for medical payments for you and your occupants as well as your vehicle’s damage.
Since many Tennessee drivers have only the minimum liability required by law (25/50/15 in Tennessee), their liability coverage can quickly be exhausted. For this reason, having high UM/UIM coverages should not be overlooked.
Cheap auto insurance rates are possible
We just presented quite a bit of information on how to get a better price on Chevy Bolt EV insurance in Memphis. The key concept to understand is the more companies you get prices for, the higher your chance of finding the cheapest Chevrolet Bolt EV rate quotes. You may even be surprised to find that the lowest premium rates come from a company that doesn’t do a lot of advertising. They may often insure only within specific states and give better rates than their larger competitors like Allstate and Progressive.
Affordable Chevy Bolt EV insurance in Memphis is attainable both online as well as from independent agents in Memphis, so you should compare both to get a complete price analysis. Some insurance companies may not have price quotes online and many times these small insurance companies only sell through independent insurance agents.
For more information, link through to the resources below:
- Coverage Information (Progressive Insurance)
- What Auto Insurance is Cheapest for Drivers Over Age 50 in Memphis? (FAQ)
- Who Has Cheap Auto Insurance Rates for Real Estate Agents in Memphis? (FAQ)
- Who Has Affordable Auto Insurance for Teenagers in Memphis? (FAQ)
- What Insurance is Cheapest for College Graduates in Memphis? (FAQ)
- Choosing an Insurance Company (Insurance Information Institute)
- Vehicle Size and Weight FAQ (iihs.org)
- What are my Rights when Filing a Claim? (Insurance Information Institute)