Sadly, 70% of consumers have purchased from the same company for at least four years, and about 40% of consumers have never even compared quotes to find lower-cost rates. With the average insurance premium being $1,380, Tennessee drivers can save hundreds of dollars each year just by comparing rates, but they just don’t understand how easy it is to find lower-cost insurance by shopping around.
If your goal is the lowest price, then the best way to get more affordable auto insurance rates in Nashville is to compare prices at least once a year from companies who can sell car insurance in Tennessee.
Step 1: Spend a few minutes and learn about individual coverages and the things you can change to prevent rate increases. Many factors that drive up the price such as traffic violations and an imperfect credit history can be eliminated by improving your driving habits or financial responsibility. Keep reading for more details to prevent rate hikes and get additional discounts that may have been overlooked.
Step 2: Compare prices from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give rate quotes from one company like GEICO and Allstate, while agents who are independent can provide rate quotes from many different companies. View rates
Step 3: Compare the new rate quotes to the price on your current policy and see if you can save money. If you can save some money and switch companies, make sure coverage does not lapse between policies.
Step 4: Tell your current company to cancel your current car insurance policy and submit any necessary down payment along with the completed application to your new agent or company. As soon as you receive it, keep your new proof of insurance paperwork with your vehicle’s registration.
One thing to point out is to use the same coverage limits and deductibles on every quote request and and to get price quotes from as many auto insurance providers as possible. Doing this provides a fair rate comparison and a complete rate analysis.
Smart Consumers Save on Insurance
Consumers need to have an understanding of some of the elements that come into play when calculating the price you pay for insurance. When consumers understand what positively or negatively impacts your premiums, this allows you to make good choices that can help you get big savings.
Incidental coverages push up costs – Insurance companies have many add-on coverages that can add up but may not be useful. Insurance for personal injury protection, accidental death, and extra equipment coverage are examples of these. These coverages may sound good initially, but your money might be better spent on other coverage so eliminate the coverages to reduce your premium.
Claim-free discounts can add up – Insurance companies in Tennessee award discounts to policyholders who do not rely on their insurance for small claims. If you’re an insured who likes to file claims you can look forward to either policy cancellation or increased premiums. Your insurance policy is designed for claims that pose a financial burden.
Increase deductibles and save – Physical damage insurance, also called comprehensive and collision insurance, protects your Honda from damage. Examples of covered claims would be collision with another vehicle, hitting a deer, and having your car stolen. The deductibles tell how much you are willing to pay out-of-pocket in the event of a claim. The larger the amount you are required to pay out-of-pocket, the less money you will pay for insurance.
Big cities have higher prices – Choosing to live in areas with lower population can save you money if you are looking for the lowest rates. Less people translates into fewer accidents and also fewer theft and vandalism claims. Drivers who live in large Tennessee cities tend to have more traffic problems and much longer commute distances. More time commuting means more chance of being in an accident.
Premiums are affected by your credit rating – A driver’s credit score will be a significant factor in calculating your insurance rates. If your credit history is low, you could save money insuring your Honda Element by spending a little time repairing your credit. Insureds with high credit scores tend to be more responsible and file fewer claims than drivers who have bad credit.
Premium rates and analysis
The table shown next covers estimates of policy rates for Honda Element models. Having a good grasp of how insurance quotes are established can help drivers make smart choices when choosing a car insurance company.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Element LX 2WD||$192||$368||$326||$20||$98||$1,004||$84|
|Element LX 4WD||$192||$368||$326||$20||$98||$1,004||$84|
|Element EX 2WD||$192||$368||$326||$20||$98||$1,004||$84|
|Element EX 4WD||$192||$368||$326||$20||$98||$1,004||$84|
|Element SC 2WD||$192||$368||$326||$20||$98||$1,004||$84|
|Get Your Own Custom Quote Go|
Table data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, multi-policy, and claim-free. Estimates do not factor in specific Nashville garaging location which can alter coverage rates noticeably.
Careless Nashville drivers pay higher rates
The information below shows how traffic citations and at-fault fender-benders influence Honda Element annual premium costs for different categories of driver ages. The price estimates are based on a single female driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
Honda Element insurance rates by gender
The example below visualizes the comparison of Honda Element insurance prices for male and female drivers. Data assumes a clean driving record, no claims, comp and collision included, $500 deductibles, single marital status, and no other discounts are factored in.
How much more does full coverage cost in Nashville?
The information below illustrates the difference between Honda Element insurance prices with and without full coverage. The premium estimates are based on no driving violations, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are taken into consideration.
Are you wasting money paying for full coverage?
There isn’t a written rule to eliminate full coverage, but there is a general convention. If the yearly cost for physical damage coverage is more than about 10% of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s say your Honda Element replacement cost is $3,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $2,000 after the policy deductible has been paid. If it’s costing you more than $200 annually for physical damage coverage, then you may want to consider only buying liability coverage.
There are a few situations where dropping full coverage is not financially feasible. If you still have a loan on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should keep full coverage in place.
Discount Nashville insurance quotes
Car insurance is not cheap, but you might find some hidden discounts that many consumers don’t even know exist. Some of these discounts will be visible when you complete an application, but a few must be specially asked for in order for you to get them. If they aren’t giving you every credit possible, it’s possible you qualify for a lower rate.
- Pay Upfront and Save – If you can afford to pay the entire bill instead of making monthly payments you may have a lower total premium amount.
- Low Miles Discount – Low annual miles could earn substantially lower insurance rates.
- Distant College Student Discount – College-age children who live away from home to go to college and won’t have access to an insured vehicle may qualify for this discount.
- No Claim Discounts – Insureds who avoid accidents and claims are rewarded with significantly better rates on Nashville car insurance quote as opposed to bad drivers.
- Driver Training Discounts – Taking part in a defensive driver course is a good idea and can lower rates depending on where you live.
- Discounts for Multiple Vehicles – Purchasing coverage when you have multiple vehicles with one company qualifies for this discount.
Discounts reduce rates, but you should keep in mind that some of the credits will not apply to your bottom line cost. Some only apply to individual premiums such as physical damage coverage or medical payments. Even though it appears you could get a free insurance policy, that’s just not realistic.
The example below visualizes the comparison of Honda Element auto insurance costs with and without discounts applied to the policy rates. The price estimates are based on a female driver, no tickets, no at-fault accidents, Tennessee state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, marriage, homeowner, multi-car, multi-policy, and safe-driver discounts applied.
If you would like to choose from a list of insurers who offer discounts in Tennessee, follow this link.
Don’t give up on affordable rates
You just learned a lot of information how to save on Honda Element insurance in Nashville. The key thing to remember is the more rate quotes you have, the better likelihood of getting affordable Honda Element insurance quotes. You may even discover the lowest car insurance rates come from some of the lesser-known companies. These smaller insurers can often insure niche markets at a lower cost than the large multi-state companies such as State Farm or Progressive.
Cheaper Honda Element insurance in Nashville can be sourced from both online companies and from local agencies, and you should compare price quotes from both to have the best rate selection. Some insurance companies do not offer online quoting and most of the time these regional carriers prefer to sell through local independent agencies.
Additional detailed information is available in the articles below:
- Distracted Driving (Insurance Information Institute)
- Who Has Affordable Auto Insurance for Postal Workers in Nashville? (FAQ)
- Who Has Affordable Car Insurance for Hybrid Vehicles in Nashville? (FAQ)
- How Much is Car Insurance for Police Officers in Nashville? (FAQ)
- How Much are Auto Insurance Quotes for State Employees in Nashville? (FAQ)
- What Auto Insurance is Cheapest for Uninsured Drivers in Nashville? (FAQ)
- Who Has Affordable Nashville Car Insurance Rates for Drivers Under 21? (FAQ)
- Auto Insurance Basics (Insurance Information Institute)
- Eight Auto Insurance Myths (Insurance Information Institute)
- Smart Auto Insurance Tips (Insurance Information Institute)