Honda Odyssey insurance image courtesy of QuoteInspector.com
It takes a few minutes, but the best way to get budget auto insurance rates in Memphis is to compare prices annually from providers who sell insurance in Tennessee.
Step 1: Try to learn a little about how insurance companies determine prices and the things you can control to keep rates low. Many things that cause high rates such as traffic violations, accidents, and an imperfect credit history can be remedied by making lifestyle changes or driving safer.
Step 2: Request rate estimates from direct, independent, and exclusive agents. Exclusive and direct companies can give quotes from a single company like GEICO and Allstate, while independent agencies can provide prices from multiple sources. View companies
Step 3: Compare the new rates to your current policy to determine if you can save on Odyssey insurance. If you find a better price and decide to switch, ensure coverage does not lapse between policies.
Step 4: Give notification to your agent or company of your decision to cancel your existing policy. Submit a down payment and signed policy application for the new coverage. Be sure to place the new proof of insurance certificate somewhere easily accessible.
A valuable tip to remember is to try to use identical limits and deductibles on each quote request and and to get rate quotes from as many car insurance companies as possible. This enables a fair price comparison and the most accurate and complete price analysis.
Everyone knows that car insurance companies don't want you to look for a cheaper policy. Insureds who compare rates once a year will, in all likelihood, buy a new policy because they stand a good chance of finding lower prices. A recent car insurance study discovered that people who shopped around annually saved on average $850 each year as compared to drivers who never compared other company's rates.
If finding the lowest price for Honda Odyssey insurance is your ultimate target, understanding how to shop and compare insurance coverage can make the process more efficient.
If you have a policy now, you will be able to shop for the lowest rates using the concepts you're about to learn. Buying the cheapest insurance in Memphis can initially seem challenging. But Tennessee vehicle owners need to have an understanding of how insurance companies determine premium rates and use it to your advantage.
It's important to know that comparing more rates from different companies helps you find more affordable rates. Some companies don't provide Memphis Odyssey insurance quotes over the internet, so it's necessary to compare price quotes from the smaller companies as well.
The companies shown below are ready to provide price quotes in Memphis, TN. If you want to find the cheapest auto insurance in Memphis, we recommend you click on several of them to get a more complete price comparison.
Affordable Memphis auto insurance rates with discounts
Auto insurance is not inexpensive, but you might find some hidden discounts that can drop the cost substantially. Certain discounts will be triggered automatically at the time of quoting, but a few need to be requested specifically before you will receive the discount.
- Good Drivers - Drivers who don't get into accidents can pay as much as 50% less than drivers with accident claims.
- Anti-theft System - Cars, trucks, and SUVs equipped with anti-theft or alarm systems help deter theft and therefore earn up to a 10% discount.
- Pay Upfront and Save - If you pay your bill all at once instead of making monthly payments you may reduce your total bill.
- Own a Home and Save - Just being a homeowner may trigger a policy discount on auto insurance because owning a home requires a higher level of personal finance.
- Professional Memberships - Participating in a professional or civic organization could qualify you for a break when shopping for auto insurance.
- Senior Citizen Rates - If you qualify as a senior citizen, you may receive a small discount on rates.
- Discount for Multiple Policies - If you can combine your auto and homeowners policy and place coverage with the same company you could get a discount of approximately 10% to 15%.
- Save with a New Car - Insuring a vehicle that is new may earn a small discount because newer vehicles have to meet stringent safety requirements.
- Early Switch Discount - A few insurance companies allow discounts for switching policies before your current Odyssey insurance policy expires. This discount can save up to 10%.
- Discount for Passive Restraints - Vehicles equipped with air bags could see savings of 20% or more.
As a footnote on discounts, most discounts do not apply to the entire cost. Most cut the cost of specific coverages such as liability and collision coverage. So even though you would think it's possible to get free car insurance, insurance companies wouldn't stay in business.
The chart below compares Honda Odyssey insurance costs with and without discounts. The prices are based on a female driver, no violations or claims, 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 claim-free, multi-car, multi-policy, safe-driver, marriage, and homeowner discounts applied.
If you would like to see a list of insurers that offer discounts in Tennessee, click here.
Honda Odyssey insurance charts and tables
The premium information shown below covers estimates of rate quotes for Honda Odyssey models. Having a better understanding of how insurance policy premiums are figured can help customers make decisions when shopping your coverage around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Odyssey EX W/Rear Entertainment||$104||$232||$326||$20||$98||$780||$65|
|Odyssey EX-L W/Rear Entertainment||$118||$274||$326||$20||$98||$836||$70|
|Odyssey EX-L W/Navigation||$118||$274||$326||$20||$98||$836||$70|
|Get Your Own Custom Quote Go|
Premium data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Rates do not factor in specific Memphis garaging location which can affect rates substantially.
The illustration below illustrates how choosing a deductible and can impact Honda Odyssey insurance costs for each different age category. The premium estimates are based on a married female driver, comp and collision included, and no policy discounts are applied.
Safe drivers pay cheaper rates
The diagram below demonstrates how traffic citations and accidents can drive up Honda Odyssey insurance rates for different age groups. The rates are based on a single female driver, full physical damage coverage, $100 deductibles, and no other discounts are factored in.
Rate difference between full and liability-only coverage
The diagram below visualizes the comparison of Honda Odyssey insurance costs with full physical damage coverage and with liability coverage only. The rates are based on no accidents or driving violations, $1,000 deductibles, marital status is single, and no additional discounts are factored in.
Should you pay for full coverage or liability only?
There is no clear-cut rule for dropping comprehensive and collision 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 the replacement cost minus the deductible, then you might consider buying liability only.
For example, let's assume your Honda Odyssey settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company will settle for is $4,000 after paying your deductible. If premium cost is more than $400 annually for full coverage, then you may need to consider dropping full coverage.
There are a few situations where only buying liability is not financially feasible. If you still owe a portion of the original loan, you have to maintain full coverage as part of the loan requirements. Also, if you don't have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Do I need an insurance agent?
Many people prefer to have an agent's advice and that can be a smart move The best thing about price shopping on the web is the fact that drivers can get cheap rate quotes and still have a local agent. And providing support for local agencies is definitely important in Memphis.
By using this quick form, the coverage information is submitted to insurance agents in Memphis who will return price quotes for your coverage. You won't need to do any legwork as quotes are delivered instantly to you. You can find lower rates without the usual hassles of price shopping. If you have a need to compare rates from a specific company, you can always jump over to their website and fill out their quote form.
When looking for a local Memphis insurance agency, it's helpful to know the different types of agencies and how they can quote your rates. Memphis agents are considered either exclusive or independent.
Independent insurance agents do not write with just one company and that gives them the ability to insure through many companies and help determine which has the cheapest rates. To move your coverage to a new company, an independent agent can move your coverage which makes it simple for you.
When comparing car insurance rates, you will want to get rate quotes from a few independent agents in order to compare the most rates.
Shown below is a partial list of independent insurance agents in Memphis who may be able to give you competitive price quotes.
Exclusive agencies can only provide pricing for a single company and some examples include State Farm, AAA, and Liberty Mutual. Exclusive agents cannot give you multiple price quotes so if the price isn't competitive there isn't much they can do. Exclusive agencies are well trained on sales techniques and that enables them to sell even at higher rates.
Shown below are exclusive insurance agencies in Memphis that are able to give price quote information.
Finding a good insurance agent shouldn't rely on just a cheap quote. Any agent in Memphis should be forthright in answering these questions:
- If your car is in the repair shop, do you have coverage for a rental car?
- Did they already check your driving record and credit reports?
- When do they do policy reviews?
- How much can you save by raising your physical damage deductibles?
- Has the agent ever had any license suspensions?
Six Tips to Get Cheaper Memphis Insurance Prices
Many things are used when you quote your car insurance policy. Some are pretty understandable like a motor vehicle report, although some other factors are more obscure like your vehicle usage or your financial responsibility. When buying car insurance it's important to understand the factors that come into play when calculating the price you pay for car insurance. When you understand what determines base rates, this allows you to make good choices that could result in better car insurance rates.
- Optional features impact premiums - Choosing a vehicle with advanced anti-theft systems can earn a premium discount. Systems that thwart thieves such as OnStar, LoJack tracking, and tamper alarms can help prevent your vehicle from being stolen.
- Bad credit will cost you - Credit rating is likely to be a major factor in determining what you pay for car insurance. Insureds that have very high credit ratings tend to be more responsible as compared to drivers with poor credit scores. Therefore, if your credit leaves room for improvement, you could save money insuring your Honda Odyssey by improving your rating.
- Car insurance policy lapses increase rates - Allowing your car insurance policy to lapse can be a guaranteed way to increase your rates. And not only will insurance be more expensive, failure to provide proof of insurance may result in a hefty fine and possibly a revoked license. You could then be forced to provide proof of insurance in the form of an SR-22 filing with the Tennessee department of motor vehicles.
- Your vocation can affect rates - Did you know that where you work can have an impact on rates? Careers like military personnel, airline pilots, and emergency personnel generally pay higher rates than average because of intense work requirements and extremely grueling work hours. On the other hand, occupations such as actors, historians and the unemployed receive lower rates.
- Do you really need roadside assistance? - There are a lot of extra add-on coverages that you can get tricked into buying if you aren't diligent. Coverages like vanishing deductibles, accidental death, and additional equipment coverage are probably not needed. They may seem good when discussing your needs, but now you might not need them so eliminate the coverages to reduce your premium.
Youthful drivers cost more - Young drivers in Tennessee are proven to be easily distracted behind the wheel and because of this, their car insurance rates are much higher. More experienced drivers have been proven to be more responsible, file fewer claims, and usually have better credit.
The following chart is based on a single driver, full coverage with $1000 deductibles, and no discounts or violations.
Honda Odyssey insurance loss probability - Insurance companies use historical loss data when determining insurance costs. Vehicles that tend to have higher loss trends will cost more for coverage. The information below illustrates the historical loss data for Honda Odyssey vehicles.
For each policy coverage type, the loss probability for all vehicles, regardless of make or model, is considered to be 100. Percentages below 100 suggest a positive loss record, while numbers above 100 indicate higher probability of having a loss or larger claims.
Car Insurance Loss Data for Honda Odyssey Models Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Honda Odyssey 78 83 75 82 78 71BETTERAVERAGEWORSE
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Why do I need car insurance?
Even though it's not necessarily cheap to insure a Honda in Memphis, insurance is required in Tennessee but it also protects you in many ways.
- Almost all states have mandatory insurance requirements which means you are required to carry a specific level of liability coverage 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 your vehicle has a lienholder, more than likely the lender will make it mandatory that you buy full coverage to guarantee their interest in the vehicle. If coverage lapses or is canceled, the bank may insure your Honda at a much higher premium rate and make you pay for the expensive policy.
- Insurance preserves both your assets and your Honda. It will also reimburse you for medical bills for yourself as well as anyone injured by you. Liability insurance will also pay for a defense attorney if someone files suit against you as the result of an accident. If damage is caused by hail or an accident, comprehensive and/or collision insurance will cover the damage repairs after a deductible is paid.
The benefits of carrying enough insurance more than cancel out the cost, especially when you need to use it. But the average American driver is overpaying over $750 every year so it's important to compare rates once a year at a minimum to be sure current rates are still competitive.
Best auto insurance in Tennessee
Choosing a good quality auto insurance company can be a challenge considering how many choices drivers have in Memphis. The company information below could help you analyze which auto insurers you want to consider buying from.
Top 10 Memphis Car Insurance Companies Overall
- Mercury Insurance
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
Top 10 Memphis Car Insurance Companies Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- AAA Insurance
- Titan Insurance
Cheaper insurance premiums are out there
You just learned many ideas to find affordable Honda Odyssey insurance in Memphis. It's most important to understand that the more price quotes you have, the higher your chance of finding low cost Memphis car insurance quotes. You may even be surprised to find that the most savings is with an unexpected company. They may have significantly lower car insurance rates on certain market segments as compared to the big name companies such as Allstate and Progressive.
As you shop your coverage around, it's very important that you do not sacrifice coverage to reduce premiums. There are many occasions where an insured dropped physical damage coverage and learned later that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to purchase a proper amount of coverage for the lowest price while still protecting your assets.
More affordable insurance in Memphis is available online and also from your neighborhood Memphis agents, and you need to price shop both to have the best chance of lowering rates. Some insurance companies do not provide the ability to get a quote online and most of the time these regional insurance providers prefer to sell through local independent agencies.
For more information, link through to the resources below:
- Neck Injury FAQ (iihs.org)
- Who Has Affordable Car Insurance Rates for First-time Drivers in Memphis? (FAQ)
- What Car Insurance is Cheapest for Police Officers in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance Rates After a Speeding Ticket? (FAQ)
- What Insurance is Cheapest for Inexperienced Drivers in Memphis? (FAQ)
- What Insurance is Cheapest for a Learners Permit in Memphis? (FAQ)
- Who Has Affordable Auto Insurance for Teenage Females in Memphis? (FAQ)
- Insuring a Leased Car (Insurance Information Institute)
- Senior Drivers (Insurance Information Institute)
- Side Impact Crash Tests (iihs.org)