Do you get exhausted from sacrificing other expenses to pay car insurance each month? You're in the same situation as millions of other consumers.
A recent car insurance study discovered that a large majority of consumers have remained with the same car insurance company for at least the last four years, and nearly half have never compared rates from other carriers. Many consumers in the U.S. could save themselves about $850 a year, but they just assume it takes a lot of time to find cheaper car insurance rates.
Insurance companies such as GEICO, Farmers Insurance and State Farm continually bombard you with catchy ads and it is challenging if not impossible to ignore the flying pigs and cute green geckos and take the time to shop coverage around.
It's a good habit to compare prices quite often since insurance rates are usually higher with each renewal. Just because you found the best premium rates on Ford Edge insurance in Memphis six months ago there is a good chance you can find better prices now. There are lots of tips to save on Edge insurance on the web, but I'm going to show you some solid techniques on how to find affordable car insurance in Memphis.
All the larger car insurance companies make it easy to get price estimates from their websites. Getting online quotes for Ford Edge insurance in Memphis is possible for anyone because you just enter your personal and coverage information into a form. After you complete the form, their system will order your credit score and driving record and generates pricing information. This streamlines rate comparisons, and it is important to compare as many rates as possible if you want to get the cheapest possible prices on car insurance.
To save time and fill out one form to compare multiple rates now, consider comparing rates from the companies shown below. If you have coverage now, it's recommended you replicate the coverages as shown on your current policy. This ensures you will get a fair comparison for the exact same coverage.
The companies shown below can provide comparison quotes in Memphis, TN. If the list has multiple companies, we recommend you compare several of them to find the cheapest car insurance rates.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Edge SE 2WD||$104||$190||$304||$18||$90||$706||$59|
|Edge SE AWD||$210||$440||$294||$18||$88||$1,050||$88|
|Edge SEL 2WD||$120||$236||$288||$18||$86||$748||$62|
|Edge Limited 2WD||$176||$346||$298||$18||$90||$928||$77|
|Edge SEL AWD||$212||$516||$350||$20||$104||$1,202||$100|
|Edge Limited AWD||$192||$456||$326||$20||$98||$1,092||$91|
|Edge Sport 2WD||$214||$518||$304||$18||$90||$1,144||$95|
|Edge Sport AWD||$214||$500||$376||$22||$112||$1,224||$102|
|Get Your Own Custom Quote Go|
Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Information does not factor in vehicle garaging location which can decrease or increase coverage prices substantially.
Rate comparison of full coverage and liability-only
The example below examines Ford Edge car insurance rates with full phyical damage coverage and with liability coverage only. The premium estimates are based on no accidents or driving violations, $100 deductibles, married male driver, and no discounts are taken into consideration.
When to drop comprehensive and collision
There is no definitive rule for eliminating physical damage coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than 10% of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
For example, let's assume your Ford Edge settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company would pay you is $6,000 after you pay the deductible. If it's costing in excess of $600 annually for your policy with full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where dropping full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Why you need to buy insurance
Even though it can be expensive, insurance is mandatory in Tennessee but it also protects more than you think.
- The majority of states have minimum mandated liability insurance limits which means the state requires a specific level of liability in order to drive the car legally. 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 took out a loan on your Ford, it's most likely the lender will stipulate that you have comprehensive coverage to protect their interest in the vehicle. If you cancel or allow the policy to lapse, the bank or lender will purchase a policy for your Ford at a much higher premium rate and force you to pay for the much more expensive policy.
- Insurance safeguards your vehicle and your assets. It also can pay for medical expenses incurred in an accident. Liability coverage will also pay for a defense attorney if you cause an accident and are sued. If you receive damage to your vehicle caused by a storm or accident, comprehensive (other-than-collision) and collision coverage will pay to restore your vehicle to like-new condition.
The benefits of insuring your Edge definitely exceed the cost, especially if you ever need it. According to a survey of 1,000 drivers, the average driver is overpaying over $865 each year so it's very important to do a rate comparison at every renewal to help ensure money is not being wasted.
Are insurance companies telling the truth?
Well-known insurance companies like Allstate, GEICO and Progressive consistently run television and radio advertisements. They all have a common claim that drivers will save a bundle if you change to their company. Is it even possible that every company can have lower policy pricing? It's all in the numbers.
Insurance providers have specific guidelines for the type of driver that will not have excessive claims. For instance, a profitable risk profile may need to be over the age of 40, has a clear driving record, and does not commute to work. Anybody who matches those parameters may get the lowest rates in Memphis and have a good chance to save when they switch companies.
People who don't measure up to this ideal profile may be required to pay higher rates which leads to business not being written. The trick companies use is to say "customers who switch" but not "all drivers who get quotes" can save as much as they claim. That is how companies can truthfully advertise the way they do. Because each company has a different risk profile, you really need to compare rate quotes every year. Because you cannot predict with any certainty which company will have the lowest Ford Edge insurance in Memphis.
Cheaper Memphis auto insurance rates with discounts
Auto insurance is not cheap nor is it fun to buy but companies offer discounts that you may not even know about. Certain reductions will be credited at quote time, but once in a while a discount must be specially asked for before you get the savings.
- Paperwork-free - A few companies provide a small discount for completing your application on your computer.
- Student in College - Any of your kids who live away from home at college and don't have a car can be insured at a reduced rate.
- Driver's Education for Students - Cut your cost by having your teen driver enroll and complete driver's education in high school.
- Discount for Home Ownership - Simply owning a home can earn you a little savings because it is proof of financial responsibility.
- Payment Method - If paying your policy premium upfront as opposed to paying monthly you can avoid monthly service charges.
- Organization Discounts - Having an affiliation with a qualifying organization can get you a small discount on auto insurance.
- Senior Discount - Seniors may receive reduced rates.
Keep in mind that many deductions do not apply the the whole policy. Most only apply to specific coverage prices like comp or med pay. So when it seems like having all the discounts means you get insurance for free, you won't be that lucky.
A few of the larger companies and a selection of discounts are shown below.
- GEICO policyholders can earn discounts including emergency military deployment, anti-theft, anti-lock brakes, driver training, multi-vehicle, multi-policy, and membership and employees.
- MetLife has savings for good student, accident-free, defensive driver, claim-free, and good driver.
- State Farm offers discounts for good student, defensive driving training, passive restraint, good driver, Drive Safe & Save, and multiple autos.
- Progressive offers premium reductions for homeowner, multi-policy, multi-vehicle, continuous coverage, online signing, and good student.
- Mercury Insurance discounts include location of vehicle, good student, accident-free, good driver, and age of vehicle.
- 21st Century may include discounts for early bird, anti-lock brakes, driver training, theft prevention, teen driver, defensive driver, and automatic seat belts.
- Allstate has discounts for resident student, premier discount, EZ pay plan discount, economy car, multi-policy, good payer, and new car.
Check with each insurance company how many discounts you can get. Discounts might not be offered on policies in your area. To find companies that can offer you the previously mentioned discounts in Tennessee, click here to view.
When to talk to an insurance agent
A lot of people just prefer to talk to an insurance agent and that is not a bad decision One of the benefits of getting free rate quotes online is you can get the lowest rates and also buy local.
To make it easy to find an agent, after completing this form (opens in new window), the quote information gets sent to participating agents in Memphis that can give you free Memphis auto insurance quotes and help you find cheaper coverage. There is no reason to even leave your home because prices are sent to you directly. You can most likely find cheaper rates AND a local agent. If you wish to compare prices from a specific insurance company, you can always find their quoting web page and fill out their quote form.
Picking the best provider requires more thought than just the price. Here are some questions to ask:
- Is every driver in your family covered?
- Do they carry Errors and Omissions coverage?
- How many years of experience in personal auto insurance do they have?
- Does the agency provide any after hours assistance?
- How does the company pay claims for a total loss?
- When do they do a full risk review?
If you want to use an insurance agent, there are two types of insurance agents and how they work. Insurance agents can be described as either exclusive or independent (non-exclusive).
Exclusive Insurance Agencies
Exclusive agents generally can only insure with one company and examples are American Family, State Farm, and AAA. These agents are unable to give you multiple price quotes so they really need to provide good service. Exclusive agencies are very knowledgeable on their products and sales techniques which helps overcome the inability to quote other rates.
Shown below are exclusive insurance agencies in Memphis that can give you rate quotes.
Kathy Thurmond-Edwards- State Farm Insurance Agent
680 W Brookhaven Cir - Memphis, TN 38117 - (901) 767-7744 - View Map
Independent Insurance Agencies
These agents are not limited to a single company so they can quote policies through many companies and possibly get better coverage at lower prices. If your premiums go up, an independent agent can move your coverage and you stay with the same agent. When shopping rates, we recommend you include independent agents so that you can do a thorough price comparison.
Below is a list of independent insurance agents in Memphis that are able to give price quotes.
What is the best car insurance coverage?
When it comes to the best car insurance coverage for your vehicles, there is no "perfect" insurance plan. Your financial needs are unique.
For example, these questions may help you determine whether you may require specific advice.
- Do I have coverage if my license is suspended?
- Do I have ACV or replacement cost coverage?
- Why does it cost so much to insure a teen driver in Memphis?
- What is no-fault insurance?
- When can my company non-renew my policy?
- Does my medical payments coverage pay my health insurance deductible?
- How much liability do I need to cover my assets?
- Am I covered when renting a car or should I buy coverage from the car rental agency?
- Is a new car covered when I drive it off the dealer lot?
- Am I covered when driving in Canada or Mexico?
If you can't answer these questions but a few of them apply, you may need to chat with an agent. If you want to speak to an agent in your area, complete this form.
More effort can pay off
We just showed you some good ideas how to find lower-cost Ford Edge insurance in Memphis. The key thing to remember is the more price quotes you have, the higher the chance of saving money. You may even find the most savings is with some of the lesser-known companies.
Some insurance providers may not have rate quotes online and most of the time these smaller providers only sell coverage through independent agents. Cheaper Ford Edge insurance in Memphis is available from both online companies and with local Memphis insurance agents, so you need to compare both to have the best chance of lowering rates.
As you restructure your insurance plan, it's not a good idea to sacrifice coverage to reduce premiums. There have been many cases where an insured cut uninsured motorist or liability limits to discover at claim time that the savings was not a smart move. Your aim should be to find the BEST coverage at an affordable rate, not the least amount of coverage.
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