Tightwads Guide for Saving on Memphis Auto Insurance

Did you fall for a flashy sales pitch and buy overpriced auto insurance? Believe me when I say you are not the only one feeling buyer's remorse.

Online insurance companies like GEICO and Progressive all claim big savings with catchy ads and it is difficult to sift through the bull and effectively compare rates to find the best deal.

How to Compare Memphis Auto Insurance Costs

There are several ways to compare auto insurance prices and some are less time-consuming than others. You could spend your day talking to agents in Memphis, or you could save time and use online quoting to get rate comparisons in just a few minutes.

All the larger companies are enrolled in a marketplace that allows shoppers to submit one quote, and every company provides a quote based on that information. This eliminates the need for form submissions to each individual auto insurance company.

To submit your quote information now, click here (opens in new window).

The only drawback to using this type of form is that you can't choose which companies to get quotes from. So if you want to select specific providers for rate comparison, we put together a list of auto insurance companies in Texas. Click to view list.

Which method you use is up to you, but compare exactly the same quote information with each company. If the quotes have mixed coverages it's impossible to make an equal comparison in Memphis. Just a small difference in coverages may result in large price differences. Just keep in mind that comparing more company's prices will improve the odds of getting the best offered rates.

compare Memphis auto insurance rates

Tips to Get Lower Memphis Rates

It's important that you understand some of the elements that help determine auto insurance rates. Having a good understanding of what impacts premium levels empowers consumers to make smart changes that will entitle you to lower auto insurance prices.

The following are a few of the "ingredients" used by your company to calculate prices.

  • Save money with special equipment - Choosing a vehicle with an alarm system can help bring down rates. Theft prevention features like LoJack tracking devices, vehicle tamper alarm systems or GM's OnStar system can thwart your car from being stolen.
  • Little extras can really add up - There are a ton of extra coverages that can waste your money if you aren't careful. Insurance for vanishing deductibles, accident forgiveness and additional equipment coverage are examples of these. These may sound like a good investment when you first buy your policy, but now you might not need them so eliminate the coverages to reduce your premium.
  • Adjust deductibles and save - Your deductibles define the amount you are required to spend before your auto insurance pays a claim. Coverage for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your car. A few examples of covered claims are running into the backend of another car, damage caused by hail, and rolling your vehicle. The higher the amount you have to pay, the less your auto insurance will be.
  • Occupation reflects on rates - Did you know your auto insurance rates can be affected by your occupation? Careers like lawyers, architects and dentists have the highest average rates because of high stress levels and lengthy work days. Other occupations like actors, historians and performers get better rates.
  • Marriage brings a discount - Having a spouse can get you a discount when buying auto insurance. Having a significant other translates into being more responsible and it's proven that being married results in fewer claims.
  • Traffic citations inflate rates - A bad driving record has a huge affect on how much you pay. Even one moving violation can bump up the cost by as much as thirty percent. Drivers who don't get tickets have lower premiums compared to drivers with tickets. If you have flagrant violations like DUI or reckless driving may find they need to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to keep their license.
  • Big city or small town - Choosing to live in a rural area can save you money when buying auto insurance. Less people living in that area means a lower chance of having an accident. Drivers in populated Texas areas tend to have traffic congestion and longer commute times. Longer commute distances means higher likelihood of an accident.

Be sure to get all your discounts

Companies that sell car insurance don't list every discount in a way that's easy to find, so we break down some of the best known as well as the least known auto insurance savings.

  • Drivers Ed for Students - Require your teen driver to successfully complete driver's ed class if it's offered in school.
  • Low Mileage Discounts - Fewer annual miles can earn lower rates on the low mileage vehicles.
  • Homeowners Discount - Simply owning a home may trigger a auto insurance policy discount due to the fact that maintaining a home is proof that your finances are in order.
  • Claim Free - Drivers with accident-free driving histories can save substantially when compared to frequent claim filers.
  • Paperwork-free - Certain companies give back up to $50 for buying your policy digitally online.
  • Discount for Good Grades - Getting good grades can get you a discount of up to 25%. This discount can apply well after school through age 25.

As a disclaimer on discounts, most credits do not apply the the whole policy. Most only reduce individual premiums such as liability and collision coverage. Just because it seems like it's possible to get free car insurance, auto insurance companies aren't that generous.

For a list of insurance companies who offer auto insurance discounts in Memphis, follow this link.

Even more information can be found at the Texas Department of Insurance website. Texas drivers can view a list of available companies, discover disciplinary actions, report car insurance fraud, and read industry bulletins.

auto insurance in Memphis

Final considerations

Cheap auto insurance can be sourced on the web as well as from independent agents in Memphis, and you need to comparison shop both to have the best chance of lowering rates. Some insurance providers don't offer online quoting and these regional insurance providers work with independent agents.

In this article, we covered a lot of information how to lower your auto insurance rates. The most important thing to understand is the more providers you compare, the more likely it is that you will get a better rate. You may be surprised to find that the lowest premiums are with some of the lesser-known companies. Smaller companies may have significantly lower rates on certain market segments compared to the large companies like .