Compare the Cheapest Car Insurance Quotes in Memphis, TN

Here are the top best Car insurance memphis voted by users and compiled by us, invite you to learn together

Car insurance prices depend on your coverage preferences, profile and driving history. GEICO is Memphis’ cheapest full coverage and state minimum car insurance provider. Meanwhile, Erie is the most affordable insurer for drivers with a speeding ticket. USAA offers the cheapest options for drivers who are in the military. MoneyGeek’s best-rated auto insurance overall in Memphis is Erie, as it balances cost and customer service.

A full coverage car insurance policy includes liability, comprehensive and collision coverages. It financially protects the driver from most circumstances with its wide coverage.

MoneyGeek’s research shows these insurers offer the cheapest full coverage policies for an average driver in Memphis:

  • GEICO: $877 per year
  • State Farm: $941 per year

USAA is an affordable option for military members and their families at an average premium of $661 per year. It’s the cheapest provider in Memphis, and it’s 153.5% less expensive than Farmers, the city’s most expensive insurer.

Cheapest Car Insurance in Memphis

The car insurance rates in this study are for a 40-year-old male driver in Memphis with a full coverage policy, following MoneyGeek’s methodology.

A full coverage auto insurance policy includes comprehensive coverage, collision coverage and the state’s minimum required coverages. It provides extensive financial protection in case of an accident. However, because of its increased coverage, it’s more expensive than a minimum coverage policy.

  • Comprehensive Coverage: Covers expenses from damage caused by events other than collision. These losses may be due to weather events like hail, in addition to falling trees, theft and fire.
  • Collision Coverage: Covers vehicle repairs if you’re in an accident.

If you have an older vehicle, remember that a full coverage insurance policy can be more expensive than your car’s actual replacement value. If that’s the case, liability-only or state minimum insurance is recommended to obtain the cheapest rates possible.

If you’re looking for the cheapest car insurance offers in Memphis, a state minimum policy is an ideal option. While minimum coverage policies are significantly more affordable than full coverage, they offer much less protection in the event of an accident because they don’t have comprehensive and collision coverages.

MoneyGeek’s study found that these companies have the cheapest state minimum policies in Memphis:

  • GEICO: $409 per year
  • Tennessee Farmers: $415 per year

At $357 annually, USAA offers the cheapest state minimum policies in Memphis for eligible military members and their families. It’s $539 less expensive than the city’s priciest state minimum provider, Farmers.

You can see how liability coverage affects car insurance rates in the table below.

Cheapest Minimum Liability Car Insurance in Memphis

It’s a requirement in Tennessee that drivers have a minimum coverage policy that covers bodily injury liability, property damage liability, uninsured motorist bodily injury and uninsured motorist property damage.

A minimum coverage policy is the cheapest available car insurance in Memphis, and buying it will lead to savings in your insurance premiums. However, in case of an accident, you may end up paying much more.

In Tennessee, liability insurance only covers $25,000 for bodily injuries per person. If you’re in an accident and the injured party’s medical expenses reach $35,000, just that $25,000 will be covered by the insurer. You’ll be responsible for paying the remaining $10,000 yourself.

If you get a speeding ticket, your car insurance premiums can go up. The same is true if you’re charged with a DUI, an at-fault accident or other driving violations. By improving your driving history, your rates may be lowered, but that takes time.

That means your best option right now is to compare car insurance offers to find the lowest rates. MoneyGeek’s research shows these companies offer the cheapest car insurance policies in Chicago for drivers with a bad driving record:

  • Cheapest after a ticket: Erie, $982 per year
  • Cheapest after an at-fault accident: Tennessee Farmers, $1,073 per year
  • Cheapest after a DUI: State Farm, $1,027 per year
Cheapest Car Insurance in Memphis With a Violation

There are several factors that affect your profile and your personalized insurance rate. Aside from your coverage level, your ZIP code, driving history, make and model of vehicle and credit history will also greatly affect your profile. Even teenage drivers will have a different rate compared to other classes of drivers.

To have an idea of how your profile will affect your car insurance rates, it is advisable to get personalized car insurance quotes in Memphis on a regular basis. By doing so, you will also have the opportunity to see if there are discounts, savings or rebates available to you.

MoneyGeek ranked the best car insurance companies in Memphis to help you find a provider that offers both affordability and quality customer service.

Our study shows that overall the best car insurance companies for most Memphis drivers are:

  • Erie: MoneyGeek score of 93 out of 100
  • Auto-Owners Insurance Co: MoneyGeek score of 90 out of 100

USAA earned the highest score in Memphis following MoneyGeek’s rating system. However, because only active military members, veterans and their families are eligible to be insured through the company, we did not list it as best overall.

To determine scores out of 100, MoneyGeek uses various factors, which include J.D. Power customer satisfaction, affordability and insurer financial stability ratings.

Your ZIP code is another factor that will make a difference in your auto insurance rates. In some areas where there are higher cases of car thefts and accidents, it will cost you more to get car insurance. In Memphis, ZIP codes have slight differences in average annual premiums, ranging from $1,170 to $1,186 on average. The most expensive ZIP code for auto insurance is 38127, but rates in this area are only about $16 higher than those in 38116.

If you get your auto insurance in Memphis, you can expect to pay a higher price than in any city in Tennessee. Moreover, the highest insurance rates in Tennessee are all located in the Memphis metro area.

Methodology and Assumptions

MoneyGeek gathered premiums and information from J.D. Power, AM Best and the NAIC to score insurers in Memphis as follows:

  • Affordability (70%)
  • Customer satisfaction (10%)
  • Claims (10%)
  • Financial stability (10%)

Affordability took a collection of driver profiles with varying ages, records and coverages into account. We transposed the data for each criterion toa five-points scale and then cast this number out of 100 to generate our MoneyGeek score.

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