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Memphis Car Insurance

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Memphis car insurance rates

Memphis car insurance

If you’re researching car insurance in Memphis or trying to find cheap car insurance quotes in Memphis while shopping for a policy, you’ll find all the information you need here. We provide average car insurance rates for Memphis listed by ZIP code and company. That way you can get a reference point for how much you can expect to pay. We’ll also explain how coverage works, and how much car insurance you need.

No wonder they sing the blues: Memphis has it bad when it comes to car insurance. Not only does it have Tennessee's highest rates, simply crossing the river to Arkansas or the state line to Mississippi could save you hundreds of dollars a year. (The map below shows how ZIP codes in Memphis and its surroundings compare.)

Regardless of where you live, you can save a considerable amount if you compare car insurance quotes for Memphis. This is why:

  • No policy is priced the same by multiple insurers.
  • They also use different formulas when deciding what you pay, which is why the price for the same policy varies by hundreds, or thousands, from one insurer to the next.
  • For example, Memphis ZIP code 38132, with an average rate of $1,688, is the most expensive in the city, according to a CarInsurance.com analysis. The highest rate from insurers surveyed for that neighborhood ($2,521) was $1,535 more than the lowest ($986), according our rate analysis.
  • The wide range in rates from different insurers shows why it's wise to compare car insurance rates.  Enter your ZIP code in the average rate tool below to see the price for a policy in your neighborhood, as well as the highest and lowest cost fielded from six insurance companies.
  • Your age, your driving history, your credit and the type of car you drive, among other factors, are all used by insurance companies to calculate how much you pay. But where you live is typically used by insurers as a base line for the process, with other variables either increasing or decreasing that amount. Insurance companies assess ZIP codes’ risk levels based on the number and severity of car insurance claims within the area.

 

You'll find more resources and information about Tennessee car insurance on our state profile page.


Memphis Car Insurance Rates by ZIP Code

Enter ZIP for average rate. Then enter Age, Gender and Coverage Level for customized rate.

Invalid ZIP code or data not available
MOST & LEAST EXPENSIVE ZIP CODES in Tennessee
HIGHEST RATE PER MONTH:
  • 38132- MEMPHIS: $52
  • 38116- MEMPHIS: $52
  • 38111- MEMPHIS: $51
  • 38109- MEMPHIS: $51
LOWEST RATE PER MONTH:
  • 38450- COLLINWOOD: $29
  • 38452- CYPRESS INN: $29
  • 37134- NEW JOHNSONVILLE: $29
  • 37185- WAVERLY: $29

Car insurance comparison: Memphis

Here's how Memphis’s highest average rate ($1,688) compares to others, for a full coverage policy:

  • $669 more than the least expensive average rate ($1,019) in the state, Unicoi 37692
  • $474 more than the state average ($1,214)
  • $131 more than the average rate for all of Memphis ($1,557)
  • $333 more than the national average rate ($1,355)

    Memphis car insurance requirements

    Tennessee state law requires the following minimum car insurance coverage:
    Minimum bodily injury liability$25,000/$50,000
    Minimum property damage liability$15,000

    Average car insurance rates in Memphis by ZIP code

    Here are the 10 most and least expensive ZIP codes for car insurance in Memphis. You'll see in the chart below that you can save over $1,000 in some cases just by doing a car insurance comparison, no matter which address you call home. 

    ZIP codeAverage annual rateHighest rateLowest rate
    38132$1,668$2,521$986
    38126$1,645$2,521$983
    38109$1,645$2,521$983
    38116$1,630$2,521$986
    38127$1,627$2,430$955
    38104$1,626$2,521$855
    38107$1,620$2,521$955
    38114$1,620$2,521$986
    38131$1,614$2,521$986
    38111$1,609$2,423$864
    Lowest 
    ZIP codeAverage annual rateHighest rateLowest rate
    38137$1,392$2,091$864
    38119$1,406$2,058$864
    38117$1,420$2,058$864
    38120$1,428$2,058$910
    38157$1,440$2,158$864
    38125$1,453$2,058$910
    38141$1,465$2,058$905
    38163$1,502$2,521$855
    38115$1,514$2,058$905
    38152$1,545$2,423$864

    *Methodology for rates by ZIP code:

    CarInsurance.com commissioned Quadrant Information Services to run auto insurance rates for a 2016 Honda Accord for more than 30,000 ZIP codes in the United States using six large carriers -- Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm. (In cases where an insurer’s rate wasn’t available, another major carrier's rate was substituted.) Averages are based on insurance for a single 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/100 ($100,000 for injury liability for one person, $300,000 for all injuries and $100,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. This hypothetical driver has a clean record and good credit. The rate includes uninsured motorist coverage. Average rates are for comparative purposes. Your own rate will depend on your personal factors and vehicle.

    Cheap car insurance: Memphis

    Minimum liability coverage limits of 25/50/15 are required to drive in Tennessee. That means your insurance company will pay up to $25,000 per person injured in an accident you cause, up to $50,000 per accident, and up to $15,000 for damage you cause to another car or other property. Buying the state required limits is definitely the cheapest way to go. But your assets and savings aren’t shielded from lawsuits and you won’t be covered for damage to your own car. Additionally, the cost to pay for damages from even a minor accident can easily exceed these limits, leaving you responsible to pay out-of-pocket for repair and medical bills.

    How much car insurance should I buy?

    Penny Gusner, CarInsurance.com consumer analyst, recommends buying full coverage unless you have an old car or no assets. It does cost more to buy more protection, but as you’ll see below, additional coverage is typically affordable. Based on an analysis outlined below of rate fielded from six major insurers for Memphis ZIP codes, increasing your insurance from the state minimum to full coverage with a $500 deductible costs, on average, $982 more, or $82 a month. But just hiking to higher liability costs just $41 yearly, or $3 a month.

    Average Memphis rates for three coverage levels:

    • State minimum average annual rate: $575
    • Liability only; 100/50/100 average annual rate: $616
    • Full coverage of 100/300/100, with comprehensive and collision: $1,557

    For more details on how comprehensive insurance, collision coverage and liability work to pay for your injuries and car repairs, as well as damage and injuries you cause to others in an accident, see our Tennessee car insurance page or explanations of the different types of car insurance.

    Who has the cheapest Memphis car insurance rates?

    Below you'll see average annual rates for Memphis, ranked cheapest to most expensive, for three coverage levels:

    • State minimum liability requirements
    • Liability limits of $50,000 per person/$100,000 per accident and $50,000 property damage
    • Liability of $100,000 per person/$300,000 per accident and $100,000 property damage, with comprehensive and collision at $500 deductible
    CompanyState minimum
    Allstate$904
    Geico$336
    Farmers$798
    Nationwide$426
    Progressive$480
    State Farm$504
    Company50/100/50
    Allstate$937
    Geico$342
    Farmers$906
    Nationwide$421
    Progressive$497
    State Farm$592
    Company100/300/100
    Allstate$2,353
    Geico$935
    Farmers$2,155
    Nationwide$953
    Progressive$1,468
    State Farm$1,480

    How much does insurance go up after a speeding ticket in Memphis?

    CarInsurance.com’s rate analysis shows that drivers in Memphis can expect to pay, on average, up to about $258 more a year for car insurance after minor violations such as speeding. More serious infractions, such as a DUI conviction can hike rates as much as about $1,000. Minor traffic violations typically stay on your record for about three years, and you can expect to see the rate increase upon your policy renewal date.

    ViolationAverage rateRate after violationDollar increasePercentage increase
    DUI/DWI first offense$1,551$2,542$99164%
    Reckless driving$1,551$2,434$88257%
    Operating a vehicle in a race (highway racing)$1,551$2,343$79251%
    Speeding 30+ over limit$1,551$2,121$56937%
    2 speeding tickets 11 mph or over$1,551$2,090$53935%
    Careless driving$1,551$1,851$29919%
    Failure to yield$1,551$1,831$27918%
    Following too closely$1,551$1,831$27918%
    Improper turn$1,551$1,831$27918%
    Improper/illegal pass$1,551$1,831$27918%
    Speeding ticket 1-5 MPH over limit$1,551$1,810$25817%
    Speeding ticket 6-10 MPH over limit$1,551$1,810$25817%
    Speeding ticket 11-15 MPH over limit$1,551$1,810$25817%
    Speeding ticket 16-29 MPH over limit$1,551$1,810$25817%
    Lapse of coverage for 60 days$1,551$1,803$25216%
    Failure to stop$1,551$1,745$19312%
    Driving without a license or permit$1,551$1,641$896%
    Driving without insurance$1,551$1,641$896%
    Lapse of coverage for 7 days$1,551$1,637$866%
    Lapse of coverage for 15 days$1,551$1,637$866%
    Lapse of coverage for 30 days$1,551$1,637$866%
    Seatbelt infraction$1,551$1,551$-0%

    *Methodology: CarInsurance.com commissioned Quadrant Information Services in 2019 to field rates from up to six major insurers for 10 ZIP codes in the city for the following driver profile: male, age 40, good credit, clean driver record, driving 2017 Honda accord. We compared the clean record driver rate to the rate for various tickets and accident claims to get the average percentage and dollar increase, for the coverage level of 100/300/50; with comprehensive and collision and $500 deductible. These are estimates; your actual rate will depend on your personal rating factors.

    How much will an accident raise my insurance in Memphis?

    When you file a claim for an accident that's your fault, typically your car insurance rates will increase. The table below shows how much for drivers in Memphis can expect to pay for common car insurance claims.

    ClaimAverage rateRate after claimDollar increasePercentage increase
    2 At-fault property damage accident over $2k$1,551$3,235$1,684109%
    Hit and run - injury$1,551$2,732$1,18176%
    Hit and run property damage$1,551$2,732$1,18176%
    1 At-fault property damage accident over $2K$1,551$2,024$47330%
    At-fault bodily injury accident$1,551$2,024$47330%
    1 At-fault property damage accident under $2K$1,551$1,843$29219%
    1 comprehensive claim for over $2k$1,551$1,661$1107%
    1 comprehensive claim for under $2k$1,551$1,661$1107%

    Adding a teen driver to your insurance

    Teen drivers are inexperienced, and are involved in more accidents than older drivers, so they cost more to insure. In Memphis, adding a 16-year-old daughter to your policy will hike your rates by $2,171 annually, or 140 percent. It's more for boys. Insuring your 16-year-old son will increase your yearly rate by $2,689, or 173 percent, according to CarInsurance.com rate data. If you're insuring a teen driver of any age, you can get expert tips, more rate data by age and details from our "Parents guide to insuring a teen driver."

    Bad credit nearly doubles car insurance rates

    Having a low credit score and poor credit history significantly increases how much you pay for car insurance, unless you live in Hawaii, California or Massachusetts where the practice is banned. Tennessee ranks foutteenth among the worst states for drivers with bad credit. Memphis drivers with bad credit can expect rates to go up by $1,262, or 81 percent, on average, yearly. Even with bad credit, you can still save money on car insurance, as some insurance companies will increase rates higher than others for those with less than perfect credit. CarInsurance.com's rate analysis shows that drivers with bad credit can save, on average, about $2,000 by comparing car insurance companies. That's why it's always prudent to compare car insurance quotes at least once a year.

    SR-22 insurance

    If you're convicted of a serious offense, such as DUI or reckless driving, you may be required to have your insurance company file an SR-22 form on your behalf. An SR-22 is a car insurance company’s guarantee to the state that you are carrying the legally mandated coverage. If you are required to have an SR-22 filed, your car insurance rates will increase. CarInsurance.com data show that for drivers in Memphis, your rate will go up by an average of $1,138, or 73 percent.