Overpriced car insurance in Memphis can deplete your personal savings and maybe even restrict other spending.
It’s hard to fathom, but a large majority of drivers in Tennessee have purchased from the same company for four years or more, and roughly 40% of drivers have never even compared rates from other companies. Many consumers in the U.S. can save $850 each year by just comparing quotes, but they just don’t want to compare other rate quotes.
How to find better rates for Honda Insight insurance in Memphis
If you want to find the absolute lowest rates, then the best way to get low-cost Honda Insight insurance in Memphis is to regularly compare price quotes from insurers who sell insurance in Tennessee. Rate comparisons can be done by completing these steps.
First, take a few minutes and learn about how insurance works and the measures you can control to prevent expensive coverage. Many risk factors that are responsible for high rates such as accidents, careless driving, and a not-so-good credit score can be rectified by paying attention to minor details.
Second, obtain price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from one company like GEICO and Allstate, while independent agencies can give you price quotes for many different companies. Compare rates now
Third, compare the new quotes to your current policy and see if you can save money. If you find a lower rate and buy the policy, make sure coverage does not lapse between policies.
Fourth, give notification to your current company to cancel your current coverage. Submit any necessary down payment along with the completed application for the new policy. Once coverage is bound, place your new certificate verifying coverage with your vehicle’s registration.
One tip to remember is to make sure you enter the same physical damage deductibles and liability limits on every price quote and to quote with as many carriers as you can. Doing this enables an apples-to-apples comparison and and a good selection of different prices.
Companies like GEICO, 21st Century and Progressive persitently shower you with fancy advertisements and it can be hard to sift through the bull and take the time to shop coverage around.
Keep in mind that obtaining a wide range of quotes will increase your chances of finding better pricing. Some regional insurers cannot provide online rate quotes, so you need to compare rates on coverage from those companies, too.
The companies shown below provide price comparisons in Tennessee. If you wish to find cheap auto insurance in Memphis, TN, we suggest you get prices from several of them in order to find the most competitive rates.
Verify you’re earning every discount
Insurance is neither fun to buy or cheap, but you may qualify for discounts that could drop your premiums quite a bit. Certain credits will be shown at the time of quoting, but some discounts are required to be asked for before being credited.
- Student Discount for Driver Training – Make teen driver coverage more affordable by requiring them to successfully take a driver’s education course if offered at their school.
- Waiver for an Accident – Not a discount per se, but a few companies such as Allstate, State Farm and GEICO will turn a blind eye to one accident before hitting you with a surcharge so long as you haven’t had any claims for a specific time period.
- Discount for New Cars – Putting coverage on a new Insight can be considerably cheaper since new vehicles are generally safer.
- Multiple Policy Discount – When you have multiple policies and insure them both with the same insurance company you could get a discount of as much as 10 to 15 percent.
- Early Switch Discount – Select insurance companies give a discount for buying a policy before your current coverage expires. This can save 10% or more.
- Theft Deterrent – Cars, trucks, and SUVs equipped with tracking devices and advanced anti-theft systems can help prevent theft and will save you 10% or more on Insight insurance in Memphis.
- Distant Student Discount – Youth drivers who are enrolled in a college that is more than 100 miles from Memphis and do not have access to a covered vehicle may be able to be covered for less.
- Cautious Driver Discount – Insureds without accidents can get discounts for up to 45% lower rates than drivers with accidents.
- Seat Belt Discounts – Drivers who require all occupants to use a seat belt can save up to 15% on the medical payments or PIP coverage costs.
- Air Bag Discount – Vehicles equipped with air bags or motorized seat belts could see savings of up to 25% or more.
Drivers should understand that most discounts do not apply to all coverage premiums. Most only cut specific coverage prices like collision or personal injury protection. So even though it sounds like you would end up receiving a 100% discount, it’s just not the way it works.
The diagram below illustrates the comparison of Honda Insight insurance rates with and without discounts applied to the policy premium. The rate quotes are based on a male driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, safe-driver, homeowner, claim-free, multi-policy, and multi-car discounts applied.
A few popular companies and a summarized list of policyholder discounts are included below.
- American Family may have discounts that include TimeAway discount, bundled insurance, early bird, air bags, good driver, multi-vehicle, and defensive driver.
- State Farm discounts include good student, Steer Clear safe driver discount, Drive Safe & Save, multiple autos, driver’s education, student away at school, and passive restraint.
- 21st Century may offer discounts for student driver, homeowners, theft prevention, early bird, and 55 and older.
- Travelers has savings for home ownership, hybrid/electric vehicle, driver training, multi-car, multi-policy, student away at school, and continuous insurance.
- GEICO offers premium reductions for driver training, daytime running lights, five-year accident-free, seat belt use, air bags, and anti-theft.
If you want the cheapest Honda Insight rate quotes, ask each company or agent to give you their best rates. A few discounts might not be offered on policies in Memphis.
Auto insurance data for a Honda Insight
The rate table shown next covers different coverage prices for Honda Insight models. Learning more about how premiums are figured can help guide drivers when making informed decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Rate information does not factor in specific Memphis garaging location which can lower or raise premiums substantially.
The chart below demonstrates how choosing different deductibles and can affect Honda Insight insurance costs for different age groups of insureds. The data assumes a single female driver, full coverage, and no discounts are taken into consideration.
Memphis Insurance Premiums are Influenced by These Factors
Lots of things are part of the equation when you get your auto insurance bill. Most are fairly basic like a motor vehicle report, but other factors are less apparent such as your credit history or how safe your car is. Consumers need to have an understanding of the factors that help determine the rates you pay for auto insurance. When consumers understand what influences your rates, this empowers consumers to make smart changes that may result in lower auto insurance prices.
The items below are some of the major factors that factor into your rate level.
What type of vehicle do you drive? – The performance of the car you are buying insurance for makes a huge difference in how high your rates are. The lowest rates will normally be found when insuring the lowest performance passenger models, but that’s not the only thing that factors into the final price.
The following data is based on a single male driver age 30, full coverage with $100 deductibles, and no discounts or violations. The chart compares Honda Insight insurance rates compared to other makes and models that have different performance risks.
- Does your job cost you more? – Occupational choices like doctors, business owners, and stock brokers are shown to have higher premium rates because of stressful work requirements and extremely grueling work hours. On the flip side, careers like farmers, athletes and retirees pay the least.
- Cheaper rates by bundling – Most major insurance companies afford lower prices to buyers who carry more than one policy. It’s known as a multi-policy discount. Even with this discount applied, you still need to compare other company rates to verify if the discount is saving money.
- Maintain auto insurance coverage – Having a gap between insurance policy dates is a sure-fire way to pay more for auto insurance. In addition to paying higher premiums, the inability to provide proof of insurance may earn you a steep fine or even jail time.
- Is your vehicle theft-ready? – Driving a car that has an advanced theft prevention system can save you some money. Anti-theft devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all aid in stopping auto theft.
Gender matters – Statistics show that women are safer drivers than men. The data does not necessarily mean that men are WORSE drivers than women. They both cause at-fault accidents at about the same rate, but the male of the species cause more damage. Men also tend to get more serious tickets such as driving while intoxicated (DWI) or driving recklessly.
The chart below compares Honda Insight auto insurance costs for male and female drivers. The information is based on no violations or claims, comprehensive and collision coverage, $1,000 deductibles, marital status is single, and no discounts are applied.
Responsible drivers pay less – Being a careful driver impacts your car insurance rates tremendously. Good drivers pay less for auto insurance as compared to careless drivers. Even one chargeable violation can boost insurance rates substantially. Drivers who get multiple violations like reckless driving, hit and run or driving under the influence may need to prove financial responsibility with their state in order to legally drive.
The example below demonstrates how citations and at-fault claims drive up Honda Insight insurance rates for different age categories. The price estimates are based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.
- Responsible credit equals lower rates – An insured’s credit history is a large factor in calculating your premium rate. If your credit rating is not that good, you could be paying less to insure your Honda Insight by improving your credit score. Insureds with high credit ratings tend to be more responsible and file fewer claims as compared to drivers with poor credit scores.
Local agents and auto insurance
Some people would rather buy from a licensed agent and there is nothing wrong with that. One of the great benefits of comparing rates online is that you can find lower premium rates and still buy from a local agent.
To help locate an agent, after submitting this simple form, your information is transmitted to insurance agents in Memphis that can give you free Memphis auto insurance quotes to get your business. There is no reason to find an agent since price quotes are sent to the email address you provide. It’s the lowest rates without requiring a lot of work. In the event you want to quote rates from a specific insurance company, just search and find their rate quote page and complete a quote there.
Finding a good provider should depend on more than just the quoted price. Before buying a policy in Memphis, get answers to these questions.
- What company do they have the most business with?
- Will their companies depreciate repairs to your car based on the mileage?
- What insurance companies do they work with in Memphis?
- Are they primarily personal or commercial lines agents in Memphis?
- How is replacement cost determined on your vehicle?
- How experienced are they in personal risk management?
- Does the agency have a positive business rating?
- Will a damage claim use OEM or aftermarket replacement parts?
Exclusive agents vs. Independent agents
If you need to find a local insurance agency, you should know the different agency structures and how they function. Insurance agencies in Memphis are classified as either exclusive or independent (non-exclusive).
Exclusive Auto Insurance Agencies
Agents in the exclusive channel normally can only provide a single company’s rates like Allstate, State Farm and Farmers Insurance. They usually cannot compare other company’s rates so it’s a take it or leave it situation. Exclusive insurance agents are highly trained on their company’s products which helps them compete with independent agents.
Shown below is a list of exclusive agents in Memphis that can give you price quote information.
Allstate Insurance: Josh Roman
579 S Perkins Rd – Memphis, TN 38117 – (901) 683-8600 – View Map
Denise Perino – State Farm Insurance Agent
5384 Knight Arnold Rd – Memphis, TN 38115 – (901) 362-6552 – View Map
Kathy Thurmond-Edwards- State Farm Insurance Agent
680 W Brookhaven Cir – Memphis, TN 38117 – (901) 767-7744 – View Map
Independent Agencies or Brokers
These agents do not work for one specific company and that gives them the ability to insure through lots of different companies and find you the best rates. To transfer your coverage to a different company, your policy is moved internally which is easy for the insured. If you need cheaper auto insurance rates, we recommend you compare quotes from a couple of independent agencies to have the most options to choose from.
Shown below is a short list of independent agencies in Memphis willing to provide comparison quotes.
C R Everhart Insurance Agency
5986 Knight Arnold Rd – Memphis, TN 38115 – (901) 362-0545 – View Map
Nationwide Insurance: Tri-State Insurance Agency Inc
5545 Murray Ave Ste 107 – Memphis, TN 38119 – (901) 767-3379 – View Map
Kellett Insurance Agency
4608 Quince Rd – Memphis, TN 38117 – (901) 685-3008 – View Map
After receiving acceptable answers to your questions as well as offering an affordable quote, you may have found a car insurance agent that can be relied on to service your policy.
Do I need special coverages?
When buying your policy, there isn’t really a cookie cutter policy. Every insured’s situation is different.
These are some specific questions could help you determine if your insurance needs might need an agent’s assistance.
- What should my uninsured motorist coverage limits be in Tennessee?
- How high should my medical payments coverage be?
- Who is covered when they drive my Honda Insight?
- Are my custom wheels covered?
- Am I covered if I have no license?
- When should I have rental car coverage?
- Are my friends covered when driving my car?
- Can I cancel at any time?
- How can I force my company to pay a claim?
- Should I carry comprehensive and collision coverage?
If you’re not sure about those questions, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, simply complete this short form.
Smart shoppers get results
We just presented some good ideas how to lower your Honda Insight insurance rates in Memphis. The most important thing to understand is the more rate quotes you have, the higher the chance of saving money. Consumers could even find that the lowest rates are with a small mutual company.
Consumers change insurance companies for any number of reasons including policy cancellation, denial of a claim, high rates after DUI convictions or even poor customer service. Whatever your reason, choosing a new insurance company can be pretty painless.
Cheaper auto insurance in Memphis is possible online and with local Memphis insurance agents, and you need to price shop both to have the best rate selection. Some auto insurance companies do not offer online quoting and these small insurance companies sell through independent agencies.
Steps to finding lower priced Honda Insight insurance in Memphis
The recommended way to get the cheapest Honda Insight insurance is to start doing a yearly price comparison from insurance carriers in Memphis.
Step 1: Try to comprehend how auto insurance works and the steps you can take to prevent expensive coverage. Many risk factors that are responsible for high rates like traffic violations and a substandard credit score can be rectified by making lifestyle changes or driving safer.
Step 2: Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from one company like GEICO or Allstate, while independent agencies can quote prices for many different companies. Click to view companies
Step 3: Compare the new rate quotes to your current policy and determine if there is any savings. If you find a lower rate, make sure coverage does not lapse between policies.
Step 4: Provide adequate notice to your current company to cancel your current car insurance policy and submit a down payment along with a completed application to your new agent or company. When you receive it, safely store the certificate of insurance in your vehicle.
The most important part of shopping around is that you use the same deductibles and limits on every quote and and to get prices from all possible companies. Doing this ensures a fair price comparison and the most accurate and complete price analysis.
For more information, feel free to browse these articles:
- Shopping for a Safe Car (Insurance Information Institute)
- Who Has Cheap Memphis Auto Insurance Quotes for 18 Year Olds? (FAQ)
- What Insurance is Cheapest for Inexperienced Drivers in Memphis? (FAQ)
- Dangers of fake or stolen airbags (Insurance Institute for Highway Safety)
- Understanding Limits and Deductibles (Allstate)
- Car Insurance: When not to Skimp (BankRate.com)