Cheap Car Insurance in Memphis, TN

Free Auto Insurance Comparison

Enter your ZIP code below to compare auto insurance rates.

secured lock Secured with SHA-256 Encryption

Tonya Sisler

Insurance Content Team Lead

Tonya Sisler has been a technical insurance writer for over five years. She uses her extensive insurance and finance knowledge to write informative articles that answer readers' top questions. Her mission is to provide readers with timely, accurate information that allows them to determine their insurance needs and choose the best coverage.  Tonya currently leads a team of 10 insurance copywri...

Insurance Content Team Lead

Rachael Brennan

Licensed Insurance Agent

Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

Licensed Insurance Agent

UPDATED: Feb 14, 2024

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

In the market for cheap auto insurance in Memphis, TN? With AutoInsuranceEZ.com, you could find the most affordable insurance rates in your city. To acquire free car insurance rates available from the major providers today, key your zipcode in the quote box here on this page.

Memphis has a long history as one of the most economically powerful transportation and trading hubs along the Mississippi River. But it’s cultural and historical contributions are just as old and strong, including its unique influence on music and cuisine. Memphis is also the proud five-time recipient of the “Nation’s Cleanest City” prize.

  • Fun fact: try not to get lost! Because Memphis is known as #18 on the list of “Top 100 biggest cities”. Read and learn more about Memphis.

Auto Insurance Coverage Requirements in Tennessee

Driving legally in Memphis requires:

Coverage Requirements Most Common
Bodily Injury Liability 25,000/50,000 100,000/300,000
Property Damage Liability 15,000 50,000
Uninsured Motorist Bodily Injury Not required 100,000/300,000
Medical Payments Not required 2,000
Collision Not required 500 deductible
Comprehensive Not required 100 deductible

Liability coverage might be sufficient for certain vehicles under certain circumstances. However, if your vehicle is newer, is a lease, is still being financed, or just costs a lot of money, then you’re going to want additional coverage for things such as theft, vandalism, weather damage, and more.

Most Tennessee drivers are paying around $116 each month just to make sure that they have decent and legal coverage on their vehicle. However, Memphis drivers can get great deals as low as $44/mo*, but only if you act fast!

 

 

Average Monthly Auto Insurance Premiums

 

 

Legend:

Memphis

 

Erie

Nationwide

State Farm

Allstate

Safe Auto

 

5

10

15

20

25

30

35

40

45

50

55

60

65

 

 

 

$28

 

$34

 

$37

 

$65

 

$56

 

 

 

For the absolute lowest premiums available, consult Erie or Nationwide. But if you have some circumstance which sets you apart from the average driver – like a young age, or several traffic violations – you might not be able to get their bargain prices which they advertise.

Read more: Erie Auto Insurance Review

Companies that underwrite auto insurance coverage evaluate numerous factors while determining insurance rates, especially marital status, accident claims, occupation, the number of years you have been driving, and multiple cars and drivers. On top of that, premiums might alter from between companies. To ensure that you’re still getting the best rate, review cheap Memphis auto insurance premiums via the internet.

Enter your ZIP code below to compare auto insurance rates.

secured lock Secured with SHA-256 Encryption

Major Car Insurance Factors in Memphis

There are many ways that your Tennessee car insurance rate may be calculated. But not all of it is out of your control; there are things you can do in order to influence what discounts you are eligible to receive. The following are a few of these elements in greater detail:

Your Zip Code

For most people, the most affordable auto insurance is generally found in cities with a lower population density. Because there are less automobiles on the streets, there are a lot fewer possibilities to get into a significant car accident with another motorist. The population of Memphis is 653,450 plus the normal household earnings are $36,722.

 

 

Auto Insurance by Zip Code

 

 

Legend:

Chattanooga

Clarksville

Knoxville

Memphis

Nashville

 

Erie

Nationwide

State Farm

Allstate

Safe Auto

 

5

10

15

20

25

30

35

40

45

50

55

60

65

 

 

 

 

 

 

 

$22

$21

$22

$28

$24

 

 

 

 

 

$28

$27

$28

$34

$28

 

 

 

 

 

$29

$26

$30

$37

$29

 

 

 

 

 

$42

$47

$47

$65

$46

 

 

 

 

 

$47

$38

$44

$56

$43

 

 

 

Automotive Accidents

For having only 600,000 residents, the fatal accident statistics for Memphis are uncomfortably high. To put that into context, Los Angeles, a city with 8 times the population, only has twice as many traffic fatalities each year. If your driving record is fairly clean, you should ask your insurance agent about any Safe Driver discounts they may offer, because it is pretty much guaranteed that the high rate of accidents is elevating rates in your area.

 

 

Fatal Accidents in Memphis, TN

 

 

Legend:

Memphis

 

Fatal accident count

Vehicles involved in fatal crashes

Fatal crashes involving drunk persons

Fatalities

Persons involved in fatal crashes

Pedestrians involved in fatal accidents

 

20

40

60

80

100

120

140

160

180

 

 

 

86

 

139

 

11

 

91

 

190

 

27

 

 

 

Auto Thefts in Memphis

Obtaining low-cost auto insurance can be tough if you are at risk for auto theft. Certain popular automobile models are attractive to thieves, and also motor vehicles that are left frequently in large urban centers. The total quantity of stolen automobiles in 2013 dropped down to 2,684 for the city of Memphis. But just because rates are going down doesn’t mean you’re out of the woods. You’ll want to make sure you have Comprehensive coverage with an affordable deductible if you want to fully protect yourself from auto theft.

 

 

Basic vs. Comprenehsive Auto Policy

 

 

Legend:

Basic Coverage

Comprehensive Coverage

 

Erie

Nationwide

State Farm

Allstate

Safe Auto

 

15

30

45

60

75

90

105

120

135

150

 

 

 

 

$28

$82

 

 

$34

$71

 

 

$37

$102

 

 

$65

$161

 

 

$56

$119

 

 

 

Your Credit Score

In some states, driving with poor credit can lead to rates that are 4 times higher than the average driver’s. But it seems as though Memphis coverage providers are a little more lenient, especially when you look at a company like Nationwide.

 

 

Auto Insurance by Credit Score

 

 

Legend:

Excellent Credit

Poor Credit

 

Erie

Nationwide

State Farm

Allstate

Safe Auto

 

10

20

30

40

50

60

70

80

90

 

 

 

 

$27

$77

 

 

$32

$43

 

 

$30

$69

 

 

$55

$87

 

 

$48

$97

 

 

 

Your Age

The older you are, the less likely your many years of driving experience make it for you to get into a serious accident. On the other side of the spectrum, however, this means that young drivers (especially teenagers) are getting charged some pretty expensive rates due to their lack of experience and high risk. But getting good grades and taking driving courses will open up some teen-friendly insurance discounts.

 

 

Auto Policy Age Comparison

 

 

Legend:

34 Year Old

17 Year Old

 

Erie

Nationwide

State Farm

Allstate

Safe Auto

 

30

60

90

120

150

180

210

240

270

300

 

 

 

 

$28

$83

 

 

$34

Do Not Sell

 

 

$37

$168

 

 

$65

$187

 

 

$56

$302

 

 

 

Your Driving Record

Accident Forgiveness is a new type of discount that more and more insurance companies are beginning to adopt. Basically, if you only have one or a few minor violations on your record, such as a “Fender-bender” or other minor accident, you could have it eliminated from the list of factors which determine your monthly rate.

 

 

Driving Violations

 

 

Legend:

Perfect Record

Minor Speeding Ticket

DUI/Reckless Driving

Major At-Fault Accident

 

Erie

Nationwide

State Farm

Allstate

Safe Auto

 

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

80

85

 

 

 

 

 

 

$28

$23

$44

$29

 

 

 

 

$34

$53

Do Not Sell

$37

 

 

 

 

$37

$33

$41

$36

 

 

 

 

$65

$53

$86

$66

 

 

 

 

$56

$46

$59

$64

 

 

 

Your Vehicle

If you carry insufficient coverage on any vehicle, luxury or otherwise, you’re not just going to be losing money every month to pay your premium – you’ll probably also have to pay for whatever coverage you neglected to purchase in the first place. And because luxury vehicles are more expensive, they require more comprehensive plans – which are also more expensive than regular plans.

 

 

Car Insurance by Make/Model

 

 

Legend:

2015 Honda Accord

2012 Porsche Boxster Spyder

 

Erie

Nationwide

State Farm

Allstate

Safe Auto

 

20

40

60

80

100

120

140

160

180

 

 

 

 

$28

$100

 

 

$34

$82

 

 

$37

$140

 

 

$65

$176

 

 

$56

$183

 

 

 

Minor Car Insurance Factors in Memphis

You may be surprised to learn what else might influence your monthly insurance bill:

Your Marital Status

Married couples, between both partners, have the largest opportunity to lower their bills by bundling together multiple insurance policies. This includes auto, homeowner’s, alternative vehicle (motorcycles, RVs, boat, etc) insurance, or even adding your teenage driver to your family policy for the lowest rate.

Your Gender

We’ve got some surprising news for this one. Believe it or not, most companies don’t charge men and women different rates based on gender alone anymore. But if your company still does, don’t lose too much sleep over it; it barely exceeds a 2-3% difference in price.

Your Driving Distance to Work

Locals are probably already familiar with typical Memphis gridlock, seeing as how it can take anywhere from 14 to 29 minutes to get to work (with 20 being the general average). Around 76% of commuters will use their own automobile alone to get around, while an additional 5% to 25% may carpool.

Across the board, business vehicles are usually 11-12% more costly to insure than personal vehicles. Other driving factors, such as yearly miles or when you’re on the road during the day take Herculean efforts of change just to save anywhere from 2-5%.

Your Coverage and Deductibles

If you’re going to raise your deductible in order to get a lower rate, make sure you put a little money aside first. In a worst case scenario, where your car needs thousands of dollars on repairs or needs to be replaced completely, not having some quick cash to pay that deductible means it could take a while to get your car back on the road.

Education in Memphis, TN

Just under 28% of local residents have received their high school diploma, and another 24% have yet to complete all four years of their high school education. But if you decide to go back and earn an advanced degree, the investment will pay off in the form of cheaper auto insurance rates!

Memphis is actually well-known for having an impressive collection of universities in and around its borders. The University of Memphis is the largest, with an average enrollment of over 20,000 students pursuing more than 100 different degrees ranging from the baccalaureate to doctoral level. Rhodes College is considered a strong enough intellectual powerhouse to rival even some ivy-league schools, according to Time magazine. Additionally, the medical school of the University of Tennessee Memphis is nationally recognized for excellence.

Auto insurance is probably the most significant investment you may make as a consumer. You should ensure you discover an honest, dependable supplier who can follow through on their assurances. Various car insurance agencies are usually much better at this than others, and conducting a diligent web based hunt will help you distinguish the good from the bad.

How We Conducted Our Car Insurance Analysis

*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.

Sources:

Tennessee Department of Commerce & Insurance

Tennessee Department of Finance & Administration

Department of Highway Safety and Motor Vehicles

City-Data.com

Census.gov

Enter your ZIP code below to compare auto insurance rates.

secured lock Secured with SHA-256 Encryption

Compare rates today and save tons on your upcoming insurance charges.

Free Auto Insurance Comparison

Enter your ZIP code below to compare auto insurance rates.

secured lock Secured with SHA-256 Encryption