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Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

Auto insurance provides property, liability and medical coverage:
  • Property coverage pays for damage to or theft of your car.
  • Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
  • Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.

Most auto policies are for six months or a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.

State Minimum Requirements
State minimum insurance requirements are the car insurance requirements for each state, by law, for their residents. These minimum requirements for each state can be found at the state insurance commissioner's website. Although keeping up with the state minimum requirements are all that is needed to keep one legal in their state for car insurance, only purchasing the state minimum insurance requirements is usually not the best choice.

Tennessee's state minimum insurance requirements are 25/50/15. The first two numbers refer to bodily injury liability limits and the third number refers to the property damage liability limit. The first two numbers in 25/50/15 would mean in an accident each person injured would receive a maximum of up to 25,000 with only 50,000 allowed per accident (ex. 2 people needing 25,000, if the need is more such as 3 people needing 25,000 then whoever files first gets first access to the 50,000 limit and you may be sued for the rest if the accident was your fault!). The last number refers to the total coverage per accident for property damage which in this case would be 15,000. (Source)

We provide fast quotes, affordable rates and comprehensive coverage with monthly payments as low as $39.95. Contact us today at 901.458.2633 to get a Memphis auto insurance quote.
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