We don’t have to tell you that auto insurance companies don’t want you to compare rates. Consumers who shop around for the cheapest rate are inclined to switch to a new company because there is a good probability of finding a cheaper policy. A recent survey discovered that consumers who shopped around annually saved approximately $3,500 over four years compared to other drivers who never compared rates.
If saving money on Dodge Viper insurance in Memphis is the reason you’re here, then knowing how to quote prices and compare coverage rates can make it easier to find better rates.
Truthfully, the best way to find low-cost auto insurance rates is to regularly compare price quotes from providers who provide car insurance in Memphis. Price quotes can be compared by following these guidelines.
First, read and learn about how auto insurance works and the factors you can control to lower rates. Many policy risk factors that cause rate increases like tickets, at-fault accidents, and a negative credit score can be rectified by paying attention to minor details.
Second, get rate quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO and Allstate, while independent agents can provide prices from multiple sources.
Third, compare the new rates to your existing rates and see if there is a cheaper rate in Memphis. If you find better rates and change companies, ensure there is no coverage lapse between policies.
The most important part of shopping around is to compare the same physical damage deductibles and liability limits on every quote request and and to analyze as many different insurance providers as possible. This helps ensure an accurate price comparison and a complete rate analysis.
If you currently have car insurance, you will definitely be able to get lower rates using the ideas covered in this article. Finding the cheapest car insurance coverage in Memphis seems hard but is not really that difficult. Nevertheless, Tennessee drivers can benefit from knowing the methods companies use to compete online because rates are impacted by many factors.
Memphis Insurance Premiums are Influenced by These Factors
It’s important that you understand the factors that play a part in calculating the rates you pay for car insurance. When you understand what positively or negatively impacts your premiums, this empowers consumers to make smart changes that can earn you lower car insurance prices.
The following are a few of the things used by insurance companies to determine your premiums.
- Liability insurance – Your policy’s liability coverage provides coverage in the event that you are found liable for personal injury or accident damage. It provides legal defense coverage which can cost thousands of dollars. It is affordable coverage compared to comp and collision, so buy as much as you can afford.
- Policy add-ons may be wasting money – There are quite a few extra add-on coverages you can purchase when buying car insurance. Coverages like rental car coverage, towing coverage, and membership fees are some examples. You may think they are a good idea initially, but your money might be better spent on other coverage so consider taking them off your policy.
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High premiums for youthful drivers – Drivers with little experience are statistically proven to get distracted easily when behind the wheel and because of this, their car insurance rates are much higher. Parents adding a first-time driver to your policy can cause a big jump in price. Older insureds have been proven to be more responsible, statistically cause fewer accidents, and usually have better credit.
The following data assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.
- What’s your car’s safety rating? – Cars with five star safety ratings get lower rates. Safer cars reduce injuries and fewer injuries means less money paid by your insurance company which can result in lower premiums. If your Dodge earned at least four stars on Safercar.gov you may be receiving a better rate.
- Bad credit hurts insurance prices – An insured’s credit history is likely to be a major factor in calculating your car insurance rates. Therefore, if your credit score is not that good, you could be paying less to insure your Dodge Viper if you clean up your credit. People that have excellent credit scores tend to file fewer claims than drivers with worse credit.
- Proper usage rating affects prices – The higher the mileage driven in a year the more you’ll pay to insure it. A lot of companies calculate prices determined by how the vehicle is used. Vehicles that do not get driven very much get more affordable rates than vehicles that are driven to work every day. Make sure your vehicle rating shows the correct driver usage, because improper ratings can cost you money. Improper usage on your Viper may be wasting your money.
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Dodge Viper claim probability – Car insurance companies take into consideration historical loss data for every vehicle when they set coverage costs for each model. Vehicles that the data shows to have a higher amount or frequency of claims will cost more to insure. The table below shows the historical loss data for Dodge Viper vehicles.
For each coverage category, the loss probability for all vehicles as a whole is considered to be 100. Values that are 100 or less indicate a favorable loss history, while numbers above 100 point to more claims or larger claims.
Dodge Viper Insurance Loss Statistics Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Dodge Viper 2dr 147 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
Analysis of Dodge Viper rates
The rate information shown next covers estimates of coverage prices for Dodge Viper models. Understanding more about how auto insurance policy rates are determined can be of help when making smart choices when purchasing an auto insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Viper SRT/10 2-Dr Coupe | $240 | $612 | $350 | $20 | $104 | $1,326 | $111 |
| Viper SRT/10 2-Dr Roadster | $240 | $612 | $350 | $20 | $104 | $1,326 | $111 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Table data does not factor in vehicle garaging location which can affect price quotes noticeably.
Irresponsible driving raises your rates
The information below highlights how speeding tickets and at-fault claims can increase Dodge Viper insurance costs for different age groups of insureds. The price estimates are based on a single male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied.
Premiums by gender and age
The diagram below shows the comparison of Dodge Viper premium costs for male and female drivers. The information is based on no claims or driving citations, full coverage, $250 deductibles, single marital status, and no policy discounts are applied.
Difference between full coverage and liability only rates
The information below shows the comparison of Dodge Viper insurance prices with and without full coverage. The rate quotes are based on no claims, a clean driving record, $250 deductibles, single marital status, and no policy discounts are applied.
Should you pay for full coverage?
There isn’t a written rule of when to eliminate full coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let’s pretend your Dodge Viper claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $7,000 after the policy deductible has been paid. If you are currently paying more than $700 annually for comprehensive and collision coverage, then it might be time to buy liability only.
There are some scenarios where removing full coverage is not financially feasible. If you haven’t satisfied your loan, you must maintain physical damage coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Do you qualify for discounts?
Some companies don’t always list the complete list of policy discounts in a way that’s easy to find, so the list below contains some of the more common as well as the least known discounts that you may qualify for.
- Good Student Discount – Being a good student can get you a discount of up to 25%. You can use this discount normally well after school through age 25.
- Good Driver Discounts – Drivers who don’t get into accidents can get discounts for up to 45% lower rates than their less cautious counterparts.
- Seat Belts Save more than Lives – Drivers who require all vehicle occupants to wear their seat belts could cut 10% or more on the medical payments or PIP coverage costs.
- Save with a New Car – Buying a new car model can save you some money because new model year vehicles have to meet stringent safety requirements.
- Telematics Discount – Policyholders that allow driving data collection to look at their driving habits by using a telematics device in their vehicle like In-Drive from State Farm and Progressive’s Snapshot may get a rate reduction if they show good driving skills.
Discounts reduce rates, but you should keep in mind that some credits don’t apply to the entire policy premium. Most only apply to the cost of specific coverages such as medical payments or collision. So when the math indicates you can get free auto insurance, it’s just not the way it works.
The chart below shows the comparison of Dodge Viper insurance costs with and without discounts applied. The costs are based on a female driver, no accidents or driving violations, Tennessee state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, safe-driver, claim-free, multi-car, multi-policy, and homeowner discounts applied.
A list of insurance companies and a summarized list of policyholder discounts include:
- State Farm has discounts for defensive driving training, good driver, multiple autos, Drive Safe & Save, good student, and accident-free.
- Esurance may offer discounts for emergency road assistance, homeowner, good student, paid-in-full, and multi-policy.
- Progressive includes discounts for homeowner, good student, multi-policy, online signing, and multi-vehicle.
- Liberty Mutual may have discounts that include newly retired, hybrid vehicle, preferred payment discount, new vehicle discount, and multi-car.
- Auto-Owners Insurance discounts include paid in full, multi-policy, company car, student away at school, good student, and mature driver.
- GEICO policyholders can earn discounts including military active duty, federal employee, multi-vehicle, anti-lock brakes, and air bags.
Check with every prospective company what discounts are available to you. Some credits may not apply to policies in every state.
Which auto insurance company is best in Memphis?
Finding a good quality company is difficult considering how many different companies sell coverage in Tennessee. The ranking information in the lists below may help you select which car insurance providers you want to consider purchasing a policy from.
Top 10 Memphis Car Insurance Companies Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- Titan Insurance
Top 10 Memphis Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
Lower rates by being persistent
We’ve covered a lot of information how to get a better price on Dodge Viper insurance in Memphis. The most important thing to understand is the more quotes you get, the better your chances of lowering your prices. Consumers may even find the biggest savings come from a company that doesn’t do a lot of advertising. These companies may have significantly lower prices on certain market segments than their larger competitors like State Farm or Progressive.
When trying to cut insurance costs, you should never reduce coverage to reduce premium. There have been many situations where consumers will sacrifice uninsured motorist or liability limits to discover at claim time they didn’t have enough coverage. The proper strategy is to purchase plenty of coverage at the lowest possible cost, but do not skimp to save money.
More detailed auto insurance information is available in these articles:
- Higher speed limits cause more fatalities (Insurance Institute for Highway Safety)
- Who Has the Cheapest Memphis Auto Insurance Quotes for a Toyota Camry? (FAQ)
- How Much is Car Insurance for Drivers with a Bad Driving Record in Memphis? (FAQ)
- What Insurance is Cheapest for Inexperienced Drivers in Memphis? (FAQ)
- Who Has the Cheapest Memphis Auto Insurance with Multiple Speeding Tickets? (FAQ)
- Collision Insurance Coverage (Nationwide)
- Side Impact Crash Tests (iihs.org)