Affordable Memphis Chevy Colorado Insurance

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Chevy Colorado insurance policy
Chevy Colorado insurance policy image courtesy of QuoteInspector.com

It's hard to believe, but the majority of drivers kept their coverage with the same car insurance company for at least the last four years, and 38% of drivers have never even compared quotes to find lower-cost rates. With the average premium in Tennessee being $1,400, drivers could save approximately 35% each year just by getting comparison quotes, but they feel it's too difficult to save money by comparing rate quotes.

Insurance rates Chevy Colorado in MemphisIf saving money is your primary concern, then the best way to get cheaper auto insurance rates is to make a habit of comparing prices annually from insurance carriers who can sell car insurance in Memphis. Rates can be compared by following these steps.

  • First, try to learn a little about how companies set rates and the factors you can control to prevent expensive coverage. Many policy risk factors that are responsible for high rates such as traffic violations and an unacceptable credit history can be amended by making small lifestyle or driving habit changes. This article provides additional tips to help reduce premium rates and find hidden discounts.
  • Second, request rate estimates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give prices from one company like Progressive and State Farm, while independent agents can give you price quotes for many different companies.
  • Third, compare the new rate quotes to your current policy premium to determine if you can save on Colorado insurance in Memphis. If you can save money, make sure coverage is continuous and does not lapse.
  • Fourth, provide notification to your current agent or company to cancel the current policy. Submit the signed application along with the required initial payment for the new policy. As soon as you receive it, place the new certificate of insurance with your registration paperwork.

The key thing to know about shopping around is that you'll want to compare identical deductibles and limits on every quote request and and to compare as many car insurance companies as possible. This provides a fair price comparison and and a good selection of different prices.

The best way to compare insurance rates from multiple companies is to know the fact car insurance companies allow for online access to give free rates quotes. To get started, all you need to do is take a few minutes to give details such as how many miles driven, your job, coverage limits, and your general credit rating. The rating information gets sent immediately to multiple car insurance providers and they return quotes almost instantly.

To start a rate quote now, click here and complete the quick form.

The companies in the list below are our best choices to provide quotes in Tennessee. To get the best cheap car insurance in Tennessee, we recommend you visit two to three different companies to get the most competitive price.

Chevy Colorado coverage statistics

The coverage table shown below covers detailed analysis of insurance coverage prices for Chevy Colorado models. Learning more about how premiums are figured helps drivers make smart policy decisions.

Chevrolet Colorado Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Colorado LT 2WD $184 $368 $288 $18 $86 $944 $79
Colorado LT Extended Cab 2WD $216 $448 $288 $18 $86 $1,056 $88
Colorado LT 4WD $216 $368 $246 $14 $74 $918 $77
Colorado LT Crew Cab 2WD $216 $448 $288 $18 $86 $1,056 $88
Colorado LT Extended Cab 4WD $216 $368 $246 $14 $74 $918 $77
Colorado LT Crew Cab 4WD $248 $448 $246 $14 $74 $1,030 $86
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Data assumes married male 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-vehicle, and multi-policy. Prices do not factor in vehicle location which can lower or raise premium rates greatly.

Choosing deductibles

A question often asked by Memphis drivers is how high should the deductibles for physical damage be. The comparisons below highlight the cost difference when you choose different deductibles. The first table uses a $250 comprehensive and collision deductible and the second price table uses a $500 deductible.

Chevrolet Colorado insurance premium estimates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Colorado LT 2WD $166 $310 $288 $18 $86 $893 $74
Colorado LT Extended Cab 2WD $194 $376 $288 $18 $86 $987 $82
Colorado LT 4WD $194 $310 $246 $14 $74 $863 $72
Colorado LT Crew Cab 2WD $194 $376 $288 $18 $86 $987 $82
Colorado LT Extended Cab 4WD $194 $310 $246 $14 $74 $863 $72
Colorado LT Crew Cab 4WD $224 $376 $246 $14 $74 $959 $80
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Chevrolet Colorado insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Colorado LT 2WD $134 $250 $288 $18 $86 $776 $65
Colorado LT Extended Cab 2WD $158 $304 $288 $18 $86 $854 $71
Colorado LT 4WD $158 $250 $246 $14 $74 $742 $62
Colorado LT Crew Cab 2WD $158 $304 $288 $18 $86 $854 $71
Colorado LT Extended Cab 4WD $158 $250 $246 $14 $74 $742 $62
Colorado LT Crew Cab 4WD $182 $304 $246 $14 $74 $820 $68
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, claim-free, and homeowner. Rates do not factor in your specific Memphis location which can raise or lower prices greatly.

Based on this data, using a $250 deductible will cost you about $10 more each month or $120 a year than selecting the higher $500 deductible. Due to the fact that you would have to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you normally average at a minimum 25 months between claim filings, you would probably come out ahead by selecting a higher deductible.

How to determine when to raise your deductibles

Average monthly premium for $250 deductibles: $77
Average monthly premium for $500 deductibles (subtract): - $67
Monthly savings from raising deductible: $10
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $10
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 25 months

The chart below highlights how deductible selection and can raise or lower Chevy Colorado insurance premiums for different insured age categories. The price estimates are based on a single female driver, full coverage, and no additional discounts are factored in.

How careless driving impacts Memphis auto insurance rates

The diagram below shows how violations and fender-benders raise Chevy Colorado insurance costs for different categories of driver ages. The prices are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.

Full coverage versus liability only rates

The example below compares Chevy Colorado car insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no violations or accidents, $1,000 deductibles, single marital status, and no policy discounts are applied.

When to eliminate full coverage

There is no clear-cut rule that works best for making the decision to drop physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is about 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.

For example, let's pretend your Chevy Colorado replacement cost is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $2,000 after the deductible is paid. If premiums are more than $200 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.

There are some situations where only buying liability is not in your best interest. If you have an outstanding loan on your vehicle, you have to maintain full coverage as part of the loan requirements. Also, if you can't afford to buy a different vehicle if your current one is totaled, you should not consider dropping full coverage.

How You Can Control Chevy Colorado Insurance Premiums

Lots of factors are considered when you quote your car insurance policy. Some of the criteria are obvious such as your driving record, although some other factors are more transparent such as whether you are married and annual miles driven. Part of the auto insurance buying process is learning some of the factors that play a part in calculating the price you pay for auto insurance. If you have some idea of what positively or negatively impacts your premiums, this allows you to make good choices that may reward you with better auto insurance rates.

Listed below are some of the items utilized by car insurance companies to help set your rate level.

  • Employer can influence rates - Careers like fire fighters, police officers, and financial analysts generally pay higher rates than average in part from intense work-related stress and incredibly demanding work hours. On the other hand, jobs like farmers, engineers and performers get better rates.
  • High physical damage deductibles cost less - Physical damage protection, also called comprehensive and collision insurance, is used to repair damage to your vehicle. Some instances where coverage would apply would be collision with another vehicle, hail damage, and damage from a fallen tree branch. The deductibles you choose define the amount the insured will be required to pay before a claim is paid by your company. The more damage repair cost the insured is willing to pay, the lower your rates will be.
  • Cheaper to insure women? - Statistics demonstrate females are less aggressive when driving. However, this does not mean men are worse drivers. Women and men tend to get into at-fault accidents in similar numbers, but the male of the species have accidents that have higher claims. Men also get ticketed for serious violations like DUI and reckless driving.

    The example below shows the comparison of Chevy Colorado annual premium costs for male and female drivers. The premiums assume no claims, a clean driving record, full coverage, $500 deductibles, single marital status, and no discounts are taken into consideration.

  • Pay more if you have a long commute - Having an address in less populated areas of the country is a positive aspect when trying to find low car insurance rates. City drivers regularly have much more traffic and much longer commute distances. Fewer drivers and short commutes means fewer accidents in addition to lower liability claims.
  • Discounts for multiple policies - Most major companies will give discounts to clients that purchase more than one policy in the form of a multi-policy discount. This can amount to 10 percent or more. Even if you already get this discount, it's still a good idea to comparison shop to help ensure you have the lowest rates.
  • Chevy Colorado insurance loss probability - Car insurance companies factor in insurance loss information to calculate a rate that offsets possible losses. Vehicles that are shown to have a trend towards higher claims will cost more for coverage. The information below illustrates the collected loss data for Chevy Colorado vehicles.

    For each insurance policy coverage type, the claim amount for all vehicles, regardless of make or model, is represented as 100. Numbers under 100 represent a good loss history, while values that are 100 or greater point to more losses or tendency to have higher losses.

    Car Insurance Loss Data for Chevrolet Colorado Models
    Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Chevrolet Colorado Crew Cab 2WD 73 57 64
    Chevrolet Colorado Crew Cab 4WD 90 89 86 67
    Chevrolet Colorado Ext Cab 2WD 55
    Chevrolet Colorado Ext Cab 4WD 67
    BETTER
    AVERAGE
    WORSE

    Empty fields indicate not enough data collected
    Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Car insurance protects more than just your car

Despite the fact that car insurance is not cheap in Memphis, insuring your vehicle may not be optional for several reasons.

First, most states have compulsory liability insurance requirements which means you are required to buy specific limits of liability coverage if you drive a 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 you have a lien on your car, it's guaranteed your bank 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 lender may insure your Chevy for a lot more money and require you to pay much more than you were paying before.

Third, car insurance protects not only your vehicle but also your financial assets. Insurance will pay for many types of medical costs for yourself as well as anyone injured by you. Liability insurance, one of your policy coverages, will also pay attorney fees if anyone sues you for causing an accident. If damage is caused by hail or an accident, comprehensive and/or collision insurance will pay all costs to repair after the deductible has been paid.

The benefits of having car insurance greatly outweigh the cost, especially with large liability claims. In a recent study of 1,000 drivers, the average customer is overpaying over $850 per year so it's important to compare rates each time the policy renews to help ensure money is not being wasted.