How to Compare Memphis Toyota Rav4 Insurance

A recent study showed that the vast majority of drivers have been with the same company for more than four years, and roughly 40% of drivers have never even shopped around for affordable coverage. Drivers in Tennessee could save almost $475 a year just by comparing rates, but they just assume it’s a time-consuming process to find affordable insurance by shopping around.

Truthfully, the best way to get cheaper car insurance rates in Memphis is to do an annual price comparison from insurance carriers in Tennessee. You can shop around by following these steps.

Step 1: Spend a few minutes and learn about the coverage provided by your policy and the measures you can take to prevent rate increases. Many rating factors that drive up the price like distracted driving and a less-than-favorable credit rating can be rectified by making minor changes in your lifestyle.

Step 2: Compare price quotes from direct, independent, and exclusive agents. Exclusive agents and direct companies can give quotes from one company like Progressive or Farmers Insurance, while agents who are independent can give you price quotes for a wide range of companies.

Step 3: Compare the new rate quotes to the premium of your current policy to see if a cheaper price is available. If you find a better price and switch companies, ensure coverage does not lapse between policies.

An important bit of advice to remember is that you’ll want to make sure you compare identical deductibles and limits on every price quote and and to get rates from as many companies as you can. This provides an accurate price comparison and maximum price selection.

The companies in the list below are our best choices to provide free quotes in Tennessee. If you want cheaper car insurance in Tennessee, we suggest you get rate quotes from several of them to find the most affordable car insurance rates.

Auto insurance discounts help lower rates for Toyota Rav4 insurance in Memphis

Auto insurance companies don’t necessarily list all available discounts in a way that’s easy to find, so the following is a list of both the well known as well as the least known discounts you could be receiving when you buy Memphis auto insurance online.

• Driver Training Discounts – Completing a course teaching defensive driving skills can save you 5% or more and make you a better driver.
• Discounts for Multiple Vehicles – Purchasing coverage when you have multiple cars or trucks with the same auto insurance company can get a discount on all vehicles.
• Drivers Ed for Students – Make teen driver coverage more affordable by requiring them to enroll in driver’s education in school or through a local driver safety program.
• Sign Online – Some insurance companies will give a small break for buying your policy online.
• Early Switch Discount – Some larger companies reward drivers for buying a new policy early. It’s a savings of about 10%.
• Telematics Data – Drivers that enable their company to monitor their driving habits by using a small device installed in their vehicle such as In-Drive from State Farm or Allstate’s Drivewise system might get better premium rates if their driving habits are good.

Don’t be shocked that many deductions do not apply to your bottom line cost. A few only apply to individual premiums such as comp or med pay. Even though the math looks like all the discounts add up to a free policy, companies don’t profit that way.

The diagram below shows the comparison of Toyota Rav4 car insurance costs with and without some available policy discounts. The premiums are based on a female driver, a clean driving record, no claims, Tennessee state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, multi-policy, claim-free, safe-driver, homeowner, and marriage discounts applied.

A few of the larger companies and some of the premium reductions they offer include:

• 21st Century policyholders can earn discounts including good student, anti-lock brakes, teen driver, homeowners, theft prevention, and automatic seat belts.
• State Farm offers discounts including driver’s education, accident-free, multiple policy, student away at school, defensive driving training, and anti-theft.
• AAA offers premium reductions for good driver, education and occupation, AAA membership discount, multi-car, good student, multi-policy, and anti-theft.
• Liberty Mutual may include discounts for newly married, new vehicle discount, safety features, preferred payment discount, and new move discount.
• Progressive has discounts for online quote discount, homeowner, online signing, continuous coverage, and multi-policy.

It’s a good idea to ask every insurance company how many discounts you can get. Savings may not apply in Memphis.

Statistics and details

The premium table below highlights estimates of insurance costs for Toyota Rav4 models. Having insight into how insurance premiums are figured can assist in making smart buying decisions.

Premium data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Information does not factor in vehicle location which can lower or raise prices significantly.

Difference between liability only and full coverage rates

The example below shows the comparison of Toyota Rav4 auto insurance rates with and without physical damage coverage. The rate quotes are based on no claims or driving violations, $500 deductibles, marital status is single, and no other discounts are factored in.

Guidelines for eliminating full coverage

There is no set guideline to drop full coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.

For example, let’s pretend your Toyota Rav4 settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $5,000 after the deductible is paid. If it’s costing you more than $500 annually for full coverage, then it could be time to drop full coverage.

There are some conditions where removing full coverage is not in your best interest. If you still have a loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should maintain full coverage.

Exclusive or independent insurance agents

A lot of people just want to go talk to an agent and there is nothing wrong with that. Agents can answer important questions and help you file claims. The biggest benefit of getting free rate quotes online is that you can obtain cheap insurance rates and still have an agent to talk to. And providing support for neighborhood insurance agencies is especially important in Memphis.

For easy comparison, once you complete this quick form, your information is submitted to insurance agents in Memphis who will gladly provide quotes and help you find cheaper coverage. It’s much easier because you don’t need to contact any agents since price quotes are sent to your email. If you wish to compare rates from a specific insurance company, don’t hesitate to jump over to their website and fill out the quote form the provide.

Exclusive agents vs. Independent agents

If you want a reliable agent, there are a couple of types of insurance agents to choose from. Insurance policy providers can be classified as either exclusive agents or independent agents. Either one can insure your vehicles, but it’s worth mentioning the differences because it may have an impact on which type of agent you select.

Independent Insurance Agents

Agents that choose to be independent can quote rates with many companies so they can insure your vehicles through lots of different companies depending on which coverage is best. If they quote lower rates, an independent agent can move your coverage which requires no work on your part. If you need lower rates, it’s a good idea to include rate quotes from a couple of independent agencies to have the most options to choose from.

The following is a partial list of independent insurance agents in Memphis that may be able to provide comparison quotes.

View more agents

Exclusive Agents

These agents can only quote rates from one company like State Farm, AAA, and Liberty Mutual. These agents are not able to provide rate quotes from other companies so it’s a take it or leave it situation. Exclusive insurance agents are well schooled on what they offer which helps offset the inability to provide other markets.

Shown below are Memphis exclusive insurance agents that are able to give rate quotes.

View more agents

Picking the best car insurance agent is decision based upon more than just a low price. The answers to these questions are important, too.

• How many years have they been established?
• Is there any savings for paying the full premium?
• Are they primarily personal or commercial lines agents in Memphis?
• Will vehicle repairs be made with aftermarket parts or OEM replacement parts?
• If your car is totaled, how to they determine the replacement cost?

After receiving acceptable answers to any questions you may have and locked in a price quote, most likely you have located an insurance agent that will insure your vehicles.

Memphis Insurance Premiums are Influenced by These Factors

It’s important that you understand some of the elements that help determine insurance rates. If you know what determines premiums, this enables you to make decisions that could help you find much lower annual insurance costs. Many different elements are used in the calculation when quoting car insurance. Most are fairly basic like a motor vehicle report, although others are not as apparent such as your credit history or your commute time.

Listed below are some of the factors used by companies to determine your prices.

• Get a ticket, pay higher rates – Getting just one citation can increase the cost of insurance twenty percent or more. Attentive drivers get better prices compared to bad drivers. Drivers unfortunate enough to have multiple tickets such as DUI or willful reckless driving may find that they have to to complete a SR-22 with their state DMV in order to keep their license.

  The information below illustrates how violations and at-fault accidents can raise Toyota Rav4 car insurance rates for different ages of insureds. The rates are based on a married female driver, full physical damage coverage, $100 deductibles, and no policy discounts are applied.

• Your occupation may affect rates – Careers like military personnel, executives, and accountants generally have higher premium rates attributed to stressful work requirements and lots of time spent at work. Other jobs such as scientists, engineers and homemakers pay the least.
• Your address can affect price – Choosing to live in areas with lower population can be a good thing when shopping for auto insurance. Lower population means fewer accidents in addition to lower liability claims. People who live in big cities regularly have traffic congestion and a longer drive to work. More time behind the wheel statistically corresponds to a higher accident and claim rate.
• Lower rates with GPS tracking and theft deterrents – Choosing to buy a car with anti-theft technology or alarm system can help bring down rates. Anti-theft features such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all hinder vehicle theft.

Auto insurance does more than just protect your car

Even though it can be expensive, buying auto insurance is a good idea for several reasons.

• The majority of states have minimum liability requirements which means the state requires specific limits of liability insurance coverage if you want to drive 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, it’s guaranteed your bank will make it a condition of the loan that you have comprehensive coverage to guarantee their interest in the vehicle. If you do not keep the policy in force, the lender will be forced to insure your Toyota for a much higher rate and force you to pay a much higher amount than you were paying before.
• Auto insurance protects not only your vehicle but also your financial assets. It also can pay for medical expenses for not only you but also any passengers injured in an accident. Liability coverage, the one required by state law, also pays for attorney fees and expenses if you are sued as the result of your driving. If your car is damaged in a storm or accident, collision and comprehensive coverages will pay to repair the damage.

The benefits of having auto insurance greatly outweigh the cost, particularly for liability claims. Despite what companies tell you, the average driver overpays more than $800 each year so smart consumers compare quotes at every renewal to ensure rates are inline.

Which auto insurance company is best in Memphis?

Choosing a highly-rated car insurance provider is difficult considering how many different insurance companies sell coverage in Memphis. The ranking data in the next section can help you decide which auto insurers to look at shopping your coverage with.

Top 10 Memphis Car Insurance Companies Ranked by Claims Service

1. Travelers
2. Allstate
3. Nationwide
4. State Farm
5. GEICO
6. Liberty Mutual
7. American Family
8. Esurance
9. AAA Insurance
10. Titan Insurance

Top 10 Memphis Car Insurance Companies Ranked by Value

1. Mercury Insurance
2. Travelers
3. American Family
4. AAA Insurance
5. Safeco Insurance
6. Progressive
7. The Hartford
8. Erie Insurance
9. Esurance
10. The General

One last thing to lower rates

We’ve covered many tips how you can get a better price on Toyota Rav4 insurance in Memphis. The key concept to understand is the more rate quotes you have, the higher the chance of saving money. You may even be surprised to find that the best car insurance rates are with a small mutual company. Smaller companies may often insure only within specific states and give better rates than the large multi-state companies such as Allstate or State Farm.

When getting Memphis auto insurance quotes online, don’t be tempted to sacrifice coverage to reduce premiums. There are a lot of situations where an insured dropped liability limits or collision coverage and found out when filing a claim they didn’t have enough coverage. Your focus should be to purchase a proper amount of coverage for the lowest price while still protecting your assets.

More tips and info about auto insurance is located in these articles:

• Learn About Car Insurance (GEICO)
• Who Has Cheap Memphis Car Insurance for Ride Shares? (FAQ)
• Who Has Cheap Memphis Auto Insurance for Business Use? (FAQ)
• Teen Driving Statistics (GEICO)
• Help Your Teen Be a Better Driver (State Farm)
• Car Insurance for Teen Drivers with Divorced Parents (Allstate)