Cheap Car Insurance in Memphis, TN

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Chris Tepedino is a feature writer that has written extensively about auto insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and ...

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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...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Nov 17, 2020

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In the market for cheap auto insurance in Memphis, TN? With, 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.

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.

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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.


Tennessee Department of Commerce & Insurance

Tennessee Department of Finance & Administration

Department of Highway Safety and Motor Vehicles

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