The most effective way to get low-cost Toyota MR2 Spyder insurance in Memphis is to annually compare prices from insurers in Tennessee. Price quotes can be compared by following these guidelines.
First, take a little time to learn about how insurance companies determine prices and the things you can control to keep rates in check. Many rating criteria that cause rate increases such as at-fault accidents and poor credit history can be remedied by paying attention to minor details.
Second, quote rates from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only give rate quotes from a single company like GEICO and Allstate, while independent agencies can give you price quotes from multiple insurance companies. Start a quote
Third, compare the new rates to your existing policy and see if you can save money. If you find a lower rate quote and change companies, ensure coverage does not lapse between policies.
Fourth, give notification to your current company of your intention to cancel your existing policy. Submit a down payment along with a signed application for the new coverage. As soon as coverage is bound, place the new certificate verifying coverage somewhere easily accessible.
A key point to remember is to try to compare identical limits and deductibles on every quote request and and to get quotes from as many different insurance providers as possible. Doing this guarantees an accurate price comparison and the best rate selection.
It’s safe to conclude that car insurance companies want to prevent you from shopping around. People who perform rate comparisons are likely to buy a new policy because there are good odds of finding more affordable rates. A recent survey discovered that consumers who regularly shopped around saved approximately $850 each year compared to other drivers who never shopped around for lower prices.
If finding low prices for auto insurance is your ultimate target, then having some insight into how to find and compare insurance rates can make the process more efficient.
The car insurance companies shown below are our best choices to provide price comparisons in Memphis, TN. To locate the best car insurance in TN, we recommend you compare several of them in order to find the lowest rates.
Car insurance is not optional but you don’t have to overpay
Despite the high cost, paying for car insurance may not be optional for several reasons.
First, most states have minimum mandated liability insurance limits which means the state requires a specific minimum amount of liability insurance in order to license the vehicle. 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.
Second, if you took out a loan on your Toyota MR2 Spyder, more than likely the lender will have a requirement that you have comprehensive coverage to guarantee payment of the loan. If you default on your policy, the lender will be forced to insure your Toyota for a lot more money and require you to pay for the expensive policy.
Third, car insurance preserves not only your Toyota but also your financial assets. It will also reimburse you for medical bills that are the result of an accident. Liability insurance will also pay to defend you if you are sued as the result of your driving. If damage is caused by hail or an accident, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.
The benefits of carrying adequate insurance outweigh the cost, especially for larger claims. The average driver in America is wasting up to $750 every year so compare rates once a year at a minimum to ensure rates are competitive.
Insurance Cost Influencing Factors
Lots of factors are used in the calculation when pricing auto insurance. Some factors are common sense like an MVR report, but other criteria are not quite as obvious such as your credit history or how financially stable you are. Part of the insurance buying process is learning some of the elements that are used to determine the rates you pay for insurance. If you understand what controls the rates you pay, this enables informed choices that may result in lower insurance prices.
Shown below are most of the major factors utilized by car insurance companies to help set your prices.
Single vs. married – Having a spouse may cut your premiums on your insurance bill. Marriage demonstrates that you tend to be more stable financially and insurance companies reward insureds because drivers who are married are more cautious.
Drive less and save – The more you drive your Toyota every year the higher your rates will be. Most insurance companies calculate rates partially by how you use the vehicle. Autos that have low annual miles cost less to insure compared to those used for work or business. An improperly rated MR2 Spyder may be wasting your money. It’s always a good idea to double check that your insurance declarations sheet correctly shows the correct usage for each vehicle.
Deter vehicle theft – Choosing a vehicle that has a built-in theft deterrent system can save you a little every year. Theft deterrent systems such as vehicle immobilizer systems, OnStar, and tracking devices like LoJack all aid in stopping your car from being stolen.
Premiums are lower the older you get – Teen drivers in Tennessee have been known to be inattentive in a vehicle so insurance rates are higher. Older people are more responsible, cause fewer claims and accidents, and are generally more financially stable.
Women pay lower costs – Statistics demonstrate that women are safer drivers than men. The data does not necessarily mean that males are worse at driving than females. Males and females tend to get into accidents at a similar rate, but guys tend to have more serious accidents. They also get cited for more serious violations like DUI and reckless driving.
Score discounts on Memphis auto insurance
Companies do not list every discount they offer very clearly, so the following list contains both well-publicized and also the more inconspicuous ways to save on auto insurance.
- Theft Deterrent Discount – Cars equipped with tracking devices and advanced anti-theft systems help deter theft and will save you 10% or more on MR2 Spyder insurance in Memphis.
- Good Grades Discount – A discount for being a good student can save 20 to 25%. Most companies allow this discount up to age 25.
- Multi-Vehicle Discounts – Buying insurance for more than one vehicle on the same auto insurance policy can reduce the rates for all insured vehicles.
- E-sign Discounts – Certain larger companies will give a small break for signing up online.
- Discount for Passive Restraints – Cars that have air bags and/or automatic seat belt systems may qualify for discounts of 25 to 30%.
- Driver’s Education for Students – Require your teen driver to participate in a local driver’s education class as it can save substantially.
- Life Insurance – If the company offers life insurance, you could get a discount if you purchase life insurance.
- Telematics Data Discounts – Drivers that enable their auto insurance company to track vehicle usage by installing a telematics device like Allstate’s Drivewise may get a rate reduction if their driving habits are good.
- Accident Waiver – This isn’t a discount exactly, but companies like GEICO, Allstate and Liberty Mutual will turn a blind eye to one accident before hitting you with a surcharge if you have no claims prior to the accident.
- Discount for Multiple Policies – When you combine your homeowners and auto insurance and insure them with the same company they may give you a discount of approximately 10% to 15%.
We need to note that most credits do not apply to the whole policy. Most only apply to the cost of specific coverages such as comprehensive or collision. Even though the math looks like it’s possible to get free car insurance, it’s just not the way it works. But all discounts will bring down your policy cost.
A list of companies and some of the discounts are shown below.
- Progressive includes discounts for multi-policy, online quote discount, multi-vehicle, good student, homeowner, and continuous coverage.
- Farmers Insurance may have discounts that include bundle discounts, mature driver, business and professional, distant student, and teen driver.
- Farm Bureau offers discounts for driver training, youthful driver, 55 and retired, safe driver, multi-policy, renewal discount, and good student.
- State Farm may offer discounts for good student, Steer Clear safe driver discount, safe vehicle, accident-free, multiple autos, defensive driving training, and Drive Safe & Save.
- GEICO has savings for federal employee, multi-vehicle, good student, military active duty, seat belt use, anti-theft, and multi-policy.
- SAFECO discounts include safe driver, drive less, anti-theft, accident prevention training, teen safety rewards, and teen safe driver.
- Liberty Mutual policyholders can earn discounts including preferred payment discount, newly retired, teen driver discount, multi-car, exclusive group savings, new move discount, and newly married.
If you need lower rates, check with every insurance company what discounts are available to you. Some credits might not be available to policyholders in your state.
Buying from insurance agencies
A lot of people would rather visit with an insurance agent and there is nothing wrong with that. Good insurance agents can make sure you are properly covered and give you someone to call. One of the best bonuses of comparing insurance prices online is you may find cheaper premium rates and also buy local.
Once you complete this simple form, the quote information is instantly submitted to companies in Memphis that give free quotes for your insurance coverage. You won’t even need to contact any agents since price quotes are sent instantly to you. In the event you want to compare prices from a specific insurance company, you just need to search and find their rate quote page and submit a quote form there.
Choosing the best insurer should include more criteria than just the bottom line cost. Some important questions to ask are:
- Do the agents have professional certifications like CPCU or CIC?
- Do they offer claims assistance after hours?
- How many years of experience in personal auto insurance do they have?
- Can you use your own choice of collision repair facility?
- What is the agency’s Better Business Bureau rating?
Tennessee car insurance companies
Selecting the right insurance provider can be challenging considering how many different insurance companies sell coverage in Memphis. The company rank data displayed below can help you pick which coverage providers to look at when looking for cheaper rates.
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+
Top 10 Memphis Car Insurance Companies Ranked by Customer Service
- Mercury Insurance
- AAA Insurance
- Safeco Insurance
- State Farm
- The Hartford
- The General
Auto insurance savings summarized
As you quote Memphis car insurance, make sure you don’t sacrifice coverage to reduce premiums. There are a lot of situations where an accident victim reduced liability limits or collision coverage and discovered at claim time that the small savings ended up costing them much more. Your objective should be to purchase plenty of coverage for the lowest price but still have enough coverage for asset protection.
You just learned a lot of techniques to reduce Toyota MR2 Spyder insurance prices online in Memphis. The key thing to remember is the more quotes you get, the better likelihood of getting low cost Memphis car insurance quotes. You may even find the lowest priced auto insurance comes from a company that doesn’t do a lot of advertising. Some small companies may cover specific market segments cheaper than their larger competitors like Progressive and GEICO.
Additional detailed information is available at these sites:
- Should I Buy a New or Used Car? (Allstate)
- Who Has Cheap Memphis Auto Insurance Rates for Drivers with Bad Credit? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for Good Drivers in Memphis? (FAQ)
- Who Has Cheap Memphis Auto Insurance Rates After a Speeding Ticket? (FAQ)
- Airbag FAQ (iihs.org)
- Can I Drive Legally without Insurance? (Insurance Information Institute)