How long has it been since you sat down and looked for more affordable auto insurance rates in Memphis, TN? Memphis shoppers have a choice when shopping for affordable Toyota Avalon insurance. You can either waste hours contacting agents trying to get quotes or use the internet to compare rates. There are more efficient ways to buy auto insurance and we’ll show you the quickest way to compare rates on a Toyota and find the cheapest rates from both online companies and Memphis agents.
A study showed that about 70% of customers have remained with the same auto insurance company for four years or more, and just under half have never compared rates with other companies. U.S. drivers could save an average of nearly $850 each year just by shopping around, but they just don’t understand how much they could save if they switched.
Choosing the most cost-effective auto insurance policy in Memphis is not that difficult as long as you know where to start. If you are already insured, you should be able to shop for the lowest rates using the tips covered below. Smart buyers just have to use how to compare insurance rates from many different companies online.
Finding a better price on auto insurance is not a difficult process. All that’s required is to take time getting comparison quotes to find out which insurance company has affordable Memphis car insurance quotes.
The following companies have been selected to offer comparison quotes in Memphis, TN. If multiple companies are listed, it’s highly recommended you compare several of them to find the cheapest auto insurance rates.
Auto insurance statistics and figures
The information displayed below covers estimates of insurance policy prices for Toyota Avalon models. Learning a little about how insurance rates are calculated is important to be able to make decisions on which coverage to buy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
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Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, multi-policy, and safe-driver. Premium amounts do not factor in the specific area where the vehicle is garaged which can revise insurance rates considerably.
The example below highlights how deductible choice and can raise or lower Toyota Avalon insurance rates for different categories of driver ages. The premium estimates are based on a single male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
How much more does full coverage cost?
The chart below compares Toyota Avalon car insurance costs with full coverage compared to only the Tennessee minimum liability coverage. The data is based on no driving violations, no at-fault accidents, $100 deductibles, single status, and no discounts are taken into consideration.
Should you be buying full coverage?
There is no definitive formula to delete physical damage insurance, but there is a guideline you can use. If the annual cost of having full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your Toyota Avalon claim settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $8,000 after the policy deductible has been paid. If you are paying over $800 annually to have full coverage, then it may be the right time to buy liability only.
There are a few situations where dropping physical damage coverage is not advised. If you still owe money on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
Toyota Avalon Insurance Costs Can Be More Affordable
When buying auto insurance it’s important to understand the factors that help determine your policy premiums. When consumers understand what determines base rates, this allows you to make good choices that can earn you cheaper rates. Multiple criteria are taken into consideration when premium rates are determined. Some factors are common sense like an MVR report, but others are more transparent like your continuous coverage or your commute time.
The list below includes most of the major factors used by your company to calculate your premiums.
- Liability insurance limits are a factor – A critical coverage on your policy, liability insurance is the coverage that protects you if you are determined to be liable for causing damage or personal injury in an accident. This coverage provides legal defense which can be incredibly expensive. Liability is cheap when compared with rates for comp and collision, so drivers should buy more than the minimum limits required by law.
- Only buy extra policy coverages you need – There are quite a few extra bells and whistles you can purchase if you aren’t careful. Coverages like roadside assistance, accidental death, and motor club memberships are probably not needed. These coverages may sound good when deciding what coverages you need, but your money might be better spent on other coverage so eliminate them to save money.
Insurance is expensive for teen drivers – Older, more experienced drivers are viewed as being more responsible, statistically cause fewer accidents, and receive fewer citations. Inexperience drivers are known to be careless and easily distracted behind the wheel therefore auto insurance rates are much higher.
The following data assumes a single driver, full coverage with $500 deductibles, and no discounts or violations.
- Compare rates if you bundle your policies – Most insurers afford lower prices to buyers who have multiple policies with them. It’s known as a multi-policy discount. If you currently are using one company, it’s still a good idea to compare Toyota Avalon rates in Memphis to make sure you are getting the best deal.
- No insurance claims equals better auto insurance rates – If you file claims often, you shouldn’t be surprised to get either a policy non-renewal or much higher rates. Car insurance companies in Tennessee provide cheaper rates to policyholders who do not file claims often. Auto insurance is intended to be relied upon for more catastrophic claims.
Costs for men may be higher – Over time, data shows females are less aggressive when driving. However, don’t assume that women are better drivers. Males and females get in at-fault accidents at about the same rate, but the men tend to have higher claims. Not only that, but men also get cited for more serious violations such as reckless driving. Teenage male drivers generally have the highest accident percentage and therefore have the most expensive auto insurance rates.
The illustration below shows the comparison of Toyota Avalon insurance premiums for male and female drivers. Data assumes no claims or driving citations, comp and collision included, $250 deductibles, drivers are not married, and no discounts are applied.
- Cheaper rates using GPS tracking and theft deterrents – Choosing to buy a car with a theft deterrent system can help lower your rates. Theft prevention features such as OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help prevent your vehicle from being stolen.
Toyota Avalon claim probability – Companies factor in historical loss data when they calculate premium costs for each model. Models that statistically have a trend towards higher claim severity or frequency will have higher premium rates. The next table shows the historical loss data for Toyota Avalon vehicles.
For each policy coverage, the claim probability for all vehicles as a whole is set at 100. Numbers that are below 100 represent a good loss history, while numbers that are greater than 100 indicate frequent claims or an increased likelihood of larger losses.
Auto Insurance Loss Data for Toyota Avalon Models Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Toyota Avalon 113 72 112 106 98 74 Toyota Avalon Hybrid 120 72 132 107 85 80BETTERAVERAGEWORSE
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Insurance is an important decision
Despite the high cost, insuring your vehicle may be required for several reasons.
- The majority of states have mandatory insurance requirements which means the state requires a specific minimum amount of liability insurance in order to drive the car. 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 you bought your Avalon with a loan, most banks will require that you have insurance to protect their interest in the vehicle. If you default on your policy, the lender may have to buy a policy to insure your Toyota for a lot more money and require you to fork over for it.
- Insurance protects both your assets and your Toyota. It will also provide coverage for medical transport and hospital expenses incurred in an accident. Liability insurance, one of your policy coverages, also pays for attorney fees and expenses if anyone sues you for causing an accident. If mother nature or an accident damages your car, comprehensive and/or collision insurance will pay all costs to repair after the deductible has been paid.
The benefits of insuring your car are definitely more than the cost, particularly for liability claims. According to a recent study, the average American driver is wasting up to $820 a year so you should quote rates at every renewal to save money.