Cheapest car insurance companies in Memphis
After an in-depth analysis, Insurance.com found that Tennessee Farmers and Travelers are the cheapest car insurance companies in Memphis for 2023.
In Memphis, Tennessee Farmers provides the cheapest auto insurance rates to drivers at an average annual premium of $1,666 annually.
Car insurance costs may vary in Memphis based on your location, driving record, coverage level and the insurance company you choose. Increase your chances of getting the best deal by comparing car insurance quotes from multiple carriers. The following companies are known to offer the cheapest auto insurance rates in Memphis.
| Companies | Average annual rates |
|---|---|
| USAA | $1,336 |
| Tennessee Farmers | $1,666 |
| Travelers | $1,751 |
| Erie Insurance | $2,040 |
| Progressive | $2,045 |
| Nationwide | $2,065 |
| State Farm | $2,112 |
| Geico | $2,137 |
| Farmers | $2,676 |
| Allstate | $3,783 |
Cheapest car insurance cost in Memphis by Age Group
In Memphis, Tennessee Farmers is the cheapest car insurance company for teenagers, offering full coverage policies at $4,923 a year, on average. Teenagers often face higher car insurance rates due to statistical data indicating that they pose a greater risk on the roads.
Getting lower rates isn't easy for young drivers, but they can take some steps to increase their chances of getting affordable insurance. Many insurance companies offer good student discounts to drivers who maintain a certain grade point average (GPA). Besides, teen drivers can lower premiums by staying on their parents' insurance.
When compared to other car insurance companies, USAA turned out to be the cheapest car insurance company for young drivers in Memphis, offering full coverage at an annual average cost of $2,150.
For Memphis drivers entering their 30s, car insurance becomes significantly more affordable compared to their younger years. USAA provides the cheapest car insurance premiums, offering full coverage policies at $1,359 annually.
If you are a senior driver in Memphis and looking for a cheap car insurance company, then consider buying insurance from USAA. It is the cheapest auto insurance company for senior drivers, with an average premium of $1,351 per year.
| Company | Teens | Young Adults | Adults | Seniors |
|---|---|---|---|---|
| Tennessee Farmers | $4,923 | $3,111 | $1,678 | $1,514 |
| Erie Insurance | $4,991 | $3,318 | $2,068 | $2,092 |
| USAA | $5,090 | $2,150 | $1,359 | $1,351 |
| Travelers | $5,896 | $2,800 | $1,789 | $1,823 |
| State Farm | $6,424 | $3,643 | $2,129 | $2,046 |
| Geico | $7,012 | $3,480 | $2,211 | $2,161 |
| Allstate | $7,883 | $5,527 | $3,733 | $3,680 |
| Farmers | $8,274 | $3,533 | $2,545 | $2,677 |
| Nationwide | $9,050 | $3,793 | $2,017 | $2,073 |
| Progressive | $9,570 | $3,378 | $2,066 | $2,188 |
Cheapest car insurance companies in Memphis by driver profile
When determining car insurance rates in Memphis, insurers consider multiple factors, including the driver's profile. Individuals with a clean driving record enjoy substantially lower premiums than drivers with a history of accidents or traffic citations.
When it comes to finding the cheapest car insurance rates in Memphis, make sure you compare insurance quotes from various insurers. By comparing rates from multiple providers, you can get the coverage you need while saving money.
Here's a list of car insurance companies that offer cheap insurance rates in Memphis based on driver profile.
- Cheapest for a driver with poor credit: Geico
- Cheapest for a driver with a speeding ticket: State Farm
- Cheapest for accident: State Farm
- Cheapest for DUI: State Farm
Cheapest for a driver with poor credit: Geico
The cheapest car insurance company for a driver with poor credit is Geico. It offers auto insurance for Memphis drivers at about $1,615 per year.
Below is a list of carriers that offer car insurance at an affordable rate for drivers with poor or less-than-perfect credit scores.
| Company | Average annual rates |
|---|---|
| Geico | $1,615 |
| USAA | $1,766 |
| Nationwide | $1,794 |
| Farmers | $2,337 |
| Travelers | $2,761 |
| Allstate | $3,778 |
| Progressive | $4,174 |
| State Farm | $6,850 |
Cheapest for drivers with a speeding ticket: State Farm
State Farm offers the cheapest auto insurance rates for drivers with a speeding ticket in Memphis. It offers full coverage car insurance for drivers aged 30 at about $1,160 per year.
Remember that the cheapest car insurance company for you may not be the cheapest company for someone else. Ensure you compare car insurance quotes from various carriers to secure the most favorable deal. This way, you can find the insurance company that offers the best rates and coverage for your specific needs.
| Company | Average annual premium |
|---|---|
| State Farm | $1,160 |
| USAA | $1,169 |
| Geico | $1,861 |
| Nationwide | $1,870 |
| Farmers | $2,087 |
| Travelers | $2,327 |
| Allstate | $2,527 |
| Progressive | $3,276 |
Cheapest auto insurance after an at-fault accident: State Farm
State Farm is the cheapest auto insurance provider for drivers with a history of accidents. Its average annual rate for a driver with an at-fault accident in Memphis is $1,258. If you've had an accident in the past, it's important to find a provider that offers rates that are affordable and won't hurt your pocket.
| Company | Average annual rates |
|---|---|
| State Farm | $1,258 |
| USAA | $1,642 |
| Nationwide | $2,203 |
| Geico | $2,205 |
| Travelers | $2,374 |
| Farmers | $2,455 |
| Allstate | $3,432 |
| Progressive | $4,348 |
Cheapest auto insurance after a DUI: State Farm
Among the carriers analyzed, State Farm offers the cheapest auto insurance premiums for drivers with a DUI in Memphis. On average, its annual full coverage rate is $1,160, making it a significantly cheaper option than other insurance providers.
Drivers convicted of a DUI offense face substantial increases in their car insurance rates. To get affordable premiums, you should compare quotes from different insurance carriers.
| Company | Average annual rates |
|---|---|
| State Farm | $1,160 |
| USAA | $1,937 |
| Geico | $2,293 |
| Farmers | $2,538 |
| Travelers | $2,909 |
| Nationwide | $2,989 |
| Progressive | $3,634 |
| Allstate | $3,736 |
Average car insurance cost in Memphis
On average, Memphis drivers pay $2,161 annually, or $180 monthly, for full coverage car insurance policies with a coverage level of 100/300/100. Conversely, the average annual cost of state minimum coverage in Memphis is $616.
You pay more for full coverage insurance than the state minimum, but it covers damage to your car besides providing coverage for other driver's vehicle. To lower your premium, consider comparing quotes from different companies.
| Average annual Rates | State minimum average |
|---|---|
| $2,161 | $616 |
Methodology
Insurance.com commissioned 2023 data for the cheapest car insurance rates in cities from Quadrant Data Services for all 50 states and Washington D.C. Rates are based on the following profile:
- 40-year-old male driver
- Honda Accord LX
- 12-mile daily commute, 10,000 annual miles
- Good credit
- Clean record
While the rates for drivers with poor credit, speeding tickets, DUI and at-fault accidents were sourced from the Auto Problems Report 2023.
Rates are based on coverage limits of:
- $100,000 bodily injury per person
- $300,000 bodily injury per accident
- $100,000 property damage per accident
- $500 comprehensive and collision deductible
Insurance.com analyzed rates from over 34,000 ZIP codes, 56 million quotes, and 136 companies. Based on the analysis, we have created lists of the cheapest companies for different driver profiles. USAA also made it to the list, but it offers services only to current and former military members and their families. Rates sourced from Quadrant Data Services for comparison purposes only; your rates may differ.
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