Do you want lower-priced Chevy Equinox insurance in Memphis? Have you finally had enough of paying out the nose to keep your car insured? You are no different than many other Tennessee consumers.
Unbelievable but true, most consumers have remained with the same car insurance company for a minimum of four years, and almost half have never quoted rates to find lower-cost coverage. Memphis drivers could save themselves 35% a year by just comparing rate quotes, but they don't understand how simple it is to shop their coverage around. Multiple insurers compete for your hard-earned dollar, and it can be difficult to compare rates and get the best coverage at the best price available on Chevy Equinox insurance in Memphis.
How to compare Chevy Equinox insurance rate quotes in Memphis
Getting a cheaper price on insurance doesn't have to be difficult. You just need to invest a few minutes comparing price quotes to see which company has inexpensive Memphis auto insurance quotes.
It's so simple to compare auto insurance quotes online takes the place of having to waste gas driving to all the different insurance agencies. Comparing Chevy Equinox insurance rates online has reduced the need for local agents unless your situation requires the professional advice of a local agency. Drivers can compare online quotes but have your policy serviced through an agent.
The following companies provide price quotes in Memphis, TN. If multiple providers are shown, we suggest you visit two to three different companies in order to get a fair rate comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Equinox LS 2WD||$118||$244||$326||$20||$98||$806||$67|
|Equinox LT 2WD||$156||$298||$326||$20||$98||$898||$75|
|Equinox LS AWD||$136||$272||$350||$20||$104||$882||$74|
|Equinox LT AWD||$214||$462||$326||$20||$98||$1,120||$93|
|Equinox LTZ 2WD||$160||$304||$278||$16||$82||$840||$70|
|Equinox LTZ AWD||$312||$650||$390||$24||$116||$1,492||$124|
|Equinox LTZ AWD||$160||$304||$278||$16||$82||$840||$70|
|Get Your Own Custom Quote Go|
Data based on married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Estimates do not factor in specific garaging location which can decrease or increase insurance rates substantially.
Should you buy full coverage?
The diagram below illustrates the comparison of Chevrolet Equinox premium costs with and without physical damage coverage. The rates are based on a clean driving record, no claims, $1,000 deductibles, single female driver, and no discounts are taken into consideration.
Should you buy full coverage or liability only?
There is no clear-cut formula to drop full coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is about 10% or more of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let's say your Chevrolet Equinox claim settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $5,000 after paying your policy deductible. If you are currently paying more than $500 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are a few cases where dropping full coverage is not financially feasible. If you still owe money on your vehicle, you have to carry full coverage to protect the lienholder's interest. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
Reckless driving habits raise Memphis auto insurance rates
The diagram below illustrates how speeding tickets and accident claims can drive up Chevrolet Equinox insurance costs for different ages of insureds. The premiums assume a single female driver, comp and collision included, $250 deductibles, and no discounts are factored in.
You may qualify for discounts for Chevy Equinox insurance in Memphis
Some insurance providers don't list all their discounts very clearly, so we break down both the well known as well as the least known credits available to lower your premiums when you buy Memphis auto insurance online.
- Mature Driver Discount - Seniors may be able to get a discount up to 10%.
- Passive Restraints and Air Bags - Factory options such as air bags and/or automatic seat belt systems can receive discounts of up to 25% or more.
- Memphis Homeowners Discount - Just owning your own home can save a few bucks because owning a home requires personal responsibility.
- Braking Control Discount - Cars and trucks with ABS braking systems or traction control can reduce accidents and earn discounts up to 10%.
- Drive Less and Save - Fewer annual miles on your Chevy can qualify you for substantially lower prices.
- Cautious Drivers - Insureds who avoid accidents could pay up to 40% less as compared to drivers with claims.
- Theft Prevention Discount - Vehicles equipped with tracking devices and advanced anti-theft systems have a lower chance of being stolen and therefore earn up to a 10% discount.
As a sidenote, most discounts do not apply to the whole policy. The majority will only reduce the price of certain insurance coverages like collision or personal injury protection. If you do the math and it seems like adding up those discounts means a free policy, companies don't profit that way.
A list of auto insurance companies and a summarized list of policyholder discounts are outlined below.
- Progressive may offer discounts for online quote discount, continuous coverage, multi-vehicle, online signing, and multi-policy.
- SAFECO may include discounts for accident prevention training, drive less, multi-car, bundle discounts, safe driver, teen safe driver, and anti-lock brakes.
- American Family offers discounts including Steer into Savings, multi-vehicle, air bags, good driver, mySafetyValet, TimeAway discount, and bundled insurance.
- MetLife offers premium reductions for multi-policy, defensive driver, good student, claim-free, accident-free, good driver
- GEICO discounts include federal employee, daytime running lights, anti-lock brakes, membership and employees, military active duty, defensive driver, and multi-policy.
- The Hartford policyholders can earn discounts including vehicle fuel type, air bag, good student, driver training, and defensive driver.
If you need affordable Memphis auto insurance quotes, ask all companies you are considering the best way to save money. Some discounts listed above might not apply everywhere.
When should I have guidance from an insurance agency?
Some consumers still prefer to get professional advice from a licensed agent and that is not a bad decision Most agents can make sure you are properly covered and help submit paperwork. A good thing about price shopping on the web is the fact that drivers can get cheap rate quotes but also keep your business local.
After completing this form (opens in new window), the coverage information is emailed to local insurance agents in Memphis who will give you bids for your insurance coverage. You never need to contact an agency since price quotes are sent straight to your inbox. If you want to compare prices from a particular provider, you just need to visit that company's website to submit a rate quote request.
Finding a good company is decision based upon more than just the quoted price. These are valid questions to ask:
- Can they provide you with a list of referrals?
- Is the agency involved in supporting local community causes?
- Do they regularly work with personal auto policies in Memphis?
- Is insurance their full-time profession?
- Do they get extra compensation for selling add-on coverages?
How much auto insurance do I need?
When it comes to a policy, there really isn't a "best" method to buy coverage. Everyone's situation is a little different.
For instance, these questions can help discover whether or not you may require specific advice.
- Is my cargo covered for damage or theft?
- Am I covered if I back into my garage door?
- Can good grades get a discount?
- Should I rate my vehicle as business use?
- What can I do if my company won't pay a claim?
- What does medical payments cover?
- Do I need replacement cost coverage on my Chevy Equinox?
- What does medical payments coverage do?
- Are split liability limits better than a combined single limit?
If you don't know the answers to these questions but you think they might apply to your situation, you may need to chat with a licensed agent. To find lower rates from a local agent, take a second and complete this form. It's fast, doesn't cost anything and you can get the answers you need.
Car insurance just makes sense
Despite the fact that car insurance is not cheap in Memphis, maintaining insurance serves a purpose in several ways.
- Just about all states have minimum mandated liability insurance limits which means you are required to carry a specific level of liability insurance if you drive a 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.
- If you have a lien on your Chevy, almost all lenders will make it mandatory that you have full coverage to ensure loan repayment if the vehicle is totalled. If coverage lapses or is canceled, the lender will be forced to insure your Chevy at a much higher rate and require you to reimburse them for the much more expensive policy.
- Car insurance preserves not only your car but also your financial assets. It will also reimburse you for medical expenses for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If mother nature or an accident damages your car, your car insurance policy will cover the repair costs.
The benefits of carrying enough insurance definitely exceed the price paid, especially for larger claims. But the average American driver overpays as much as $820 a year so you should quote rates each time the policy renews to ensure rates are inline.
Insurance coverages 101
Understanding the coverages of insurance helps when choosing the best coverages for your vehicles. The terms used in a policy can be impossible to understand and nobody wants to actually read their policy.
Liability car insurance
This coverage protects you from damage or injury you incur to people or other property by causing an accident. This coverage protects you from claims by other people. Liability doesn't cover damage sustained by your vehicle in an accident.
Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show limits of 25/50/15 that translate to a $25,000 limit per person for injuries, a per accident bodily injury limit of $50,000, and a limit of $15,000 paid for damaged property.
Liability insurance covers claims such as repair bills for other people's vehicles, loss of income, court costs, attorney fees and medical services. How much liability coverage do you need? That is a decision to put some thought into, but it's cheap coverage so purchase as large an amount as possible. Tennessee requires drivers to carry at least 25/50/15 but drivers should carry higher limits.
Uninsured Motorist or Underinsured Motorist insurance
Uninsured or Underinsured Motorist coverage protects you and your vehicle's occupants when the "other guys" are uninsured or don't have enough coverage. Covered losses include injuries sustained by your vehicle's occupants and damage to your Chevy Equinox.
Since a lot of drivers only purchase the least amount of liability that is required (25/50/15), their limits can quickly be used up. This is the reason having UM/UIM coverage is very important.
Comprehensive coverage (or Other than Collision)
This covers damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.
Comprehensive coverage protects against claims like a broken windshield, fire damage, a tree branch falling on your vehicle, falling objects and damage from a tornado or hurricane. The maximum payout you can receive from a comprehensive claim is the ACV or actual cash value, so if it's not worth much more than your deductible it's probably time to drop comprehensive insurance.
Insurance for medical payments
Medical payments and Personal Injury Protection insurance kick in for expenses such as surgery, prosthetic devices, doctor visits, funeral costs and dental work. They can be utilized in addition to your health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants in addition to if you are hit as a while walking down the street. PIP coverage is not an option in every state and gives slightly broader coverage than med pay
Collision coverage protection
This coverage pays to fix your vehicle from damage resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for things like colliding with a tree, crashing into a ditch and sideswiping another vehicle. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. Another option is to increase the deductible on your Equinox in order to get cheaper collision rates.
Cover all your bases
Some companies may not have online price quotes and many times these regional insurance providers provide coverage only through local independent agents. Affordable Chevy Equinox insurance in Memphis is available online as well as from independent agents in Memphis, so you should be comparing quotes from both to have the best rate selection.
Throughout this article, we presented some good ideas how to shop for Chevy Equinox insurance online. It's most important to understand that the more rate quotes you have, the higher the chance of saving money. You may even discover the lowest priced insurance comes from some of the lesser-known companies.
People leave their current company for a number of reasons such as policy non-renewal, denial of a claim, high prices and even questionable increases in premium. Regardless of your reason, choosing a new company is actually quite simple.
For more information, feel free to browse the resources below:
- Safety Features for Your New Car (State Farm)
- What Auto Insurance is Cheapest for a Chevrolet Silverado in Tennessee? (FAQ)
- Who Has Affordable Car Insurance Rates for a Jeep Wrangler in Tennessee? (FAQ)
- Which Company has the Cheapest Car Insurance in Franklin, TN? (FAQ)
- Where can I buy Insurance? (Insurance Information Institute)
- Car Insurance for Teen Drivers with Divorced Parents (Allstate)