It goes without saying that car insurance companies don’t want you to look for a cheaper policy. Consumers who shop around for the cheapest rate are very likely to switch companies because there is a good chance of finding a lower-priced policy. A survey found that consumers who compared prices once a year saved an average of $865 a year compared to policyholders who never shopped around for lower prices.
If finding discount rates on car insurance in Memphis is why you’re reading this, knowing how to get free comparison quotes and analyze cheaper coverage can make it easier for you to save money.
The preferred way to find the cheapest price for Kia Rio insurance in Memphis is to compare quotes annually from providers in Tennessee. Drivers can shop around by following these guidelines.
- Step 1: Take a little time to learn about how insurance companies determine prices and the factors you can control to keep rates low. Many policy risk factors that cause high rates such as traffic citations and an imperfect credit score can be rectified by paying attention to minor details.
- Step 2: Request rate estimates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can give quotes from one company like GEICO or Farmers Insurance, while independent agencies can provide rate quotes from multiple companies.
- Step 3: Compare the new rate quotes to your existing policy to see if cheaper Rio coverage is available. If you find a better price and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Step 4: Provide proper notification to your current company to cancel the current policy and submit the required down payment along with the signed application to your new insurance company. As soon as you have the new policy, put the certificate verifying proof of insurance in your vehicle’s glove compartment or console.
A good tip to remember is to use the same physical damage deductibles and liability limits on each quote request and and to look at as many companies as you can. Doing this provides a fair rate comparison and a better comparison of the market.
The companies shown below offer free quotes in Tennessee. If your goal is to find the best auto insurance in Memphis, TN, we recommend you click on several of them to get the best price comparison.
Verify you’re earning every discount
Some companies don’t always publicize every policy discount very well, so the following is a list of a few of the more well known in addition to some of the lesser obvious credits available to you.
- Senior Citizen Rates – Drivers over the age of 55 are able to get better auto insurance rates.
- Drivers Education – Have your child enroll in driver’s education as it will make them better drivers and lower rates.
- More Vehicles More Savings – Buying coverage for several vehicles with the same auto insurance company qualifies for this discount.
- Life Insurance – Not every insurance company offers life insurance, but if they do you may earn a small discount if you purchase a life policy as well.
- Good Drivers – Drivers who avoid accidents could pay up to 40% less than their less cautious counterparts.
- Good Student Discount – Being a good student can get you a discount of up to 25%. Earning this discount can benefit you well after school through age 25.
It’s important to note that some of the credits will not apply to your bottom line cost. Some only apply to the price of certain insurance coverages like collision or personal injury protection. If you do the math and it seems like all those discounts means the company will pay you, it doesn’t quite work that way.
The diagram below shows the comparison of Kia Rio insurance premiums with and without discounts applied to the policy premium. The data is based on a male driver, no violations or accidents, Tennessee state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, multi-policy, homeowner, marriage, claim-free, and safe-driver discounts applied.
If you would like to view insurance companies who offer free Kia Rio insurance quotes in Memphis, click this link.
Coverage statistics and figures
The data table shown next outlines a range of prices for Kia Rio models. Being able to understand how rate quotes are figured can help you make smart policy decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data rating is based on married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Rates do not factor in specific location which can modify coverage prices significantly.
Insurance rate increases from tickets or accidents
The diagram below shows how speeding tickets and fender-benders can increase Kia Rio premium costs for different categories of driver ages. The information is based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.
Age, gender, and Kia Rio insurance
The chart below illustrates the difference between Kia Rio yearly insurance costs for male and female drivers. The premium estimates are based on no claims or violations, comprehensive and collision coverage, $1,000 deductibles, single status, and no discounts are applied to the premium.
Should you buy full coverage?
The example below visualizes the comparison of Kia Rio car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premiums are based on no claims, a clean driving record, $1,000 deductibles, single status, and no discounts are applied to the premium.
When to buy liability coverage only
There is no set rule for phasing out physical damage insurance, but there is a general convention. If the annual cost of coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let’s assume your Kia Rio replacement cost is $5,000 and you have $1,000 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 your policy with full coverage, then you may want to consider only buying liability coverage.
There are some cases where eliminating full coverage is not in your best interest. If you still owe money on your vehicle, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you cannot afford to purchase a different vehicle in the even your car is totaled, you should keep full coverage in place.
Auto insurance quotes from neighborhood Memphis auto insurance agents
Certain consumers would rather sit down and talk to an agent and that is just fine! Most agents will help you protect your assets and help submit paperwork. One of the great benefits of price shopping on the web is that drivers can save money and get cheap auto insurance quotes but also keep your business local.
Once you complete this simple form, your coverage information is submitted to agents in your area who will gladly provide quotes for your coverage. It’s much easier because you don’t need to search for any insurance agencies due to the fact that quote results will go to you. If you wish to compare prices from a particular provider, you would need to search and find their rate quote page to submit a rate quote request.
Finding a good company shouldn’t rely on just the bottom line cost. These are valid questions to ask:
- How often do they review coverages?
- Are they able to provide referrals?
- Is there any savings for paying the full premium?
- Are you getting all the discounts the company offers?
- Do they have cheaper tiers of coverage?
- Is there a local claims center in Memphis?
If you are searching for a local Memphis insurance agency, you should know the different agency structures that you can choose from. Auto insurance policy providers can be categorized as either independent agents or exclusive agents depending on their employer. Both write policy coverage, but we need to point out why they differ since it could factor into the selection process.
Exclusive Auto Insurance Agents
Exclusive agents are contracted to one company and some examples include Farmers Insurance, State Farm, or Allstate. Exclusive agents cannot provide rate quotes from other companies so you might not find the best rates. Exclusive agents are usually quite knowledgeable on their company’s products and that can be a competitive advantage.
Listed below is a list of exclusive agents in Memphis that are able to give price quotes.
Farmers Insurance: Calvit Ratcliffe
5865 Ridgeway Center Pkwy #300 – Memphis, TN 38120 – (901) 761-6083 – View Map
GEICO Insurance Agent
420 S Germantown Pkwy #109 – Cordova, TN 38018 – (901) 761-5240 – View Map
Derrick Hodges – State Farm Insurance Agent
7249 Winchester Rd – Memphis, TN 38125 – (901) 572-1985 – View Map
Independent Agents (or Brokers)
These type of agents do not sell for just one brand so they can write business with lots of companies depending on which coverage is best. If premiums increase, an independent agent can move your coverage which requires no work on your part. When comparing auto insurance rates, we recommend you include price quotes from several independent agencies so that you have a good selection of quotes to compare.
Below are Memphis independent agents who can help you get comparison quotes.
855 Ridge Lake Blvd #400 – Memphis, TN 38120 – (901) 753-4323 – View Map
Nationwide Insurance: Tri-State Insurance Agency Inc
5545 Murray Ave Ste 107 – Memphis, TN 38119 – (901) 767-3379 – View Map
Farris Evans Insurance Agency Inc
1568 Union Ave – Memphis, TN 38104 – (901) 274-5424 – View Map
After receiving positive responses to any questions you may have and a good coverage price, most likely you have located a car insurance agent that can be trusted to provide auto insurance coverage.
Protect your vehicle and other assets
Despite the potentially high cost of Kia Rio insurance, insurance serves several important purposes.
- Just about all states have minimum mandated liability insurance limits which means state laws require specific minimum amounts of liability protection in order to be legal. 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 Kia has a loan, most lenders will force you to have full coverage to ensure they get paid if you total the vehicle. If you default on your policy, the lender may have to buy a policy to insure your Kia for a lot more money and force you to reimburse them the higher premium.
- Insurance safeguards both your Kia Rio and your personal assets. It also can pay for medical transport and hospital expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay for a defense attorney if someone files suit against you as the result of an accident. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of having insurance definitely exceed the cost, especially for larger claims. The average driver in Tennessee overpays as much as $800 each year so it’s very important to do a rate comparison at every policy renewal to be sure current rates are still competitive.
Auto insurance coverage specifics
Understanding the coverages of your policy aids in choosing the right coverages and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and nobody wants to actually read their policy. These are the usual coverages available from auto insurance companies.
Uninsured/Underinsured Motorist (UM/UIM)
This coverage protects you and your vehicle’s occupants when other motorists do not carry enough liability coverage. It can pay for injuries sustained by your vehicle’s occupants as well as damage to your Kia Rio.
Because many people only purchase the least amount of liability that is required (Tennessee limits are 25/50/15), their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea.
Med pay and Personal Injury Protection (PIP)
Med pay and PIP coverage provide coverage for expenses such as X-ray expenses, funeral costs, EMT expenses and hospital visits. They are used to cover expenses not covered by your health insurance policy or if you do not have health coverage. They cover you and your occupants in addition to if you are hit as a while walking down the street. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay
This will pay to fix damage from a wide range of events other than collision. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for claims like damage from flooding, theft and a tree branch falling on your vehicle. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.
Collision coverage pays for damage to your Rio caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision insurance covers claims such as rolling your car, sustaining damage from a pot hole, sideswiping another vehicle and driving through your garage door. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are older. Another option is to bump up the deductible on your Rio to save money on collision insurance.
Liability car insurance
Liability coverage provides protection from damage that occurs to other people or property in an accident. This insurance protects YOU from claims by other people. It does not cover your own vehicle damage or injuries.
It consists of three limits, bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 25/50/15 which stand for a $25,000 limit per person for injuries, a total of $50,000 of bodily injury coverage per accident, and $15,000 of coverage for damaged property.
Liability coverage protects against claims such as court costs, medical expenses, repair bills for other people’s vehicles, loss of income and medical services. The amount of liability coverage you purchase is a personal decision, but consider buying higher limits if possible. Tennessee state law requires minimum liability limits of 25/50/15 but drivers should carry more coverage.
The illustration below shows why buying the state minimum limits may not be adequate.
Best car insurance company in Memphis
Insuring your vehicle with the right car insurance provider is difficult considering how many choices you have in Memphis. The company information in the lists below can help you analyze which car insurance providers to look at when comparing rate quotes.
Top 10 Memphis Car Insurance Companies Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- AAA Insurance
- Titan Insurance
A little work can save a LOT of money
When getting Memphis auto insurance quotes online, never buy less coverage just to save a little money. Too many times, consumers will sacrifice collision coverage only to regret that a couple dollars of savings turned into a financial nightmare. Your objective should be to get the best coverage possible at a price you can afford and still be able to protect your assets.
You just read quite a bit of information on how to find lower-cost Kia Rio insurance in Memphis. The key thing to remember is the more quotes you get, the better your comparison will be. Consumers may even find the biggest savings come from an unexpected company. They may only write in your state and offer lower prices than their larger competitors like State Farm, GEICO and Nationwide.
- Teen Driver Licensing Information (iihs.org)
- What Insurance is Cheapest for High School Students in Memphis? (FAQ)
- Who Has Affordable Car Insurance for Drivers Under 21 in Memphis? (FAQ)
- Who Has the Cheapest Auto Insurance Quotes for a Subaru Outback in Memphis? (FAQ)
- Who Has Affordable Memphis Car Insurance for a Hyundai Elantra? (FAQ)
- What Insurance is Cheapest for Inexperienced Drivers in Memphis? (FAQ)
- What Auto Insurance is Cheapest for Retired Military in Memphis? (FAQ)
- Uninsured Motorist Statistics (Insurance Information Institute)
- Can I Drive Legally without Insurance? (Insurance Information Institute)