Here you’ll learn everything you need to know to buy the best car insurance policy in Memphis for your particular situation. You’ll see which carriers are rated as the best car insurance companies for customer satisfaction and what the average car insurance rates are for your neighborhood.
You’ll also discover how much you can save from knowing how to make smart choices about coverage. And, find out how rates for Memphis drivers are affected by tickets, accidents and adding teen drivers.
- The average car insurance rate for Memphis drivers for minimum coverage is $448 a year, according to Carinsurance.com analysis.
- The liability coverage in Memphis, TN costs $566 per year.
- In Memphis, full coverage car insurance policy costs $1,385 a year.
- As per Carinsurance.com research, in Memphis, comparing quotes from companies can help you save an average $1,240 on your car insurance rates annually.
- Who Has The Best Car Insurance in Memphis, TN?
- Cheap Car Insurance in Memphis, Tennessee
- Car Insurance Coverage – How Much Car Insurance do I Need in Memphis?
- Average Car Insurance Rates in Memphis
- Compare Car Insurance Quotes in Memphis – How to Save on Insurance Policy?
- Memphis Car Insurance FAQ’s
- Guide to car insurance (with rates) in cities of Tennessee
Who Has The Best Car Insurance in Memphis, TN?
Deciding who has the best car insurance to suit your needs depends on what is most important to you. For some it may be price, while others may value customer service the most. Still others may be looking for the convenience of mobile apps, or a company that offers the most car insurance discounts.
Below we list car insurance companies in Memphis, and who they are the best at serving, based on CarInsurance.com’s customer satisfaction survey of current policy holders and rate data analysis.
|Low Annual Mileage||State Farm Mutual Auto|
|Good Student||Nationwide Mutual|
|Paid in Full||Allstate P&C|
Cheap Car Insurance in Memphis, Tennessee
Find below the cheapest car insurance rates in Memphis, based on our rate analysis for three different coverage levels. The driver profile is for age 30, with good credit and a clean driving record. You can see how major insurers rank for price in the chart below
|Company||Liability Only – State Minimum BI/PD||Liability Only – 50/100/50 BI/PD||Full Coverage – 100/300/100 BI/PD – 500 Comp/Coll|
|GEICO Advantage Ins Co||$260||$336||$1,019|
|State Farm Mutl Automobile Ins||$326||$413||$1,062|
|Auto-Owners Ins Co||$342||$350||$1,170|
|Progressive Hawaii Ins Corp||$376||$752||$2,007|
|Erie Ins Exchange||$437||$571||$1,683|
|Travelers Property Cas Ins Co||$490||$615||$1,412|
|Nationwide Ins Co of Am||$514||$658||$1,236|
|Allstate P&C Ins Co||$553||$639||$1,644|
|Farmers Ins Exchange||$696||$853||$1,638|
|Metropolitan Casualty Ins Co||$707||$762||$1,595|
Car Insurance Coverage – How Much Car Insurance do I Need in Memphis?
Below we’ll explain what coverage you need to drive legally, which is your state required minimum liability limits, and what types of car insurance you may need to be truly protected.
Minimum Car Insurance Requirements in Memphis
Tennessee car insurance laws require only that you insure yourself against bodily injury and property damage liability, so it’s your choice whether to add coverage for yourself, your passengers, and your vehicle.
If you have a newer model car, it makes sense to get comprehensive insurance and collision coverage. In Tennessee, comprehensive costs $194 and collision costs $579, on an average per year, according to a rate data analysis done by CarInsurance.com.
These optional coverages come with a deductible. That’s the amount you pay before your insurance company pays. Typical deductibles amounts are $1,000, $500 and $250 – you choose which one you want. The higher the deductible is, the lower your rate will be.
The best car insurance coverage usually isn’t the cheapest. You may be used if you’re in an accident and your insurance doesn’t cover all of the damages. That means your home or savings could be in jeopardy.
To protect your assets, you should buy liability insurance in the following amounts:
- $1,00,000 to pay for others’ medical bills
- $3,00,000 to pay for injuries to others in an accident you cause
- $1,00,000 to pay for damage to others’ property
You should also consider buying these optional coverages:
- Comprehensive, which replaces stolen cars and covers damage to your car from floods, fire, hail, vandalism.
- Collision, which pays for damage to your car from accidents.
Average Car Insurance Rates in Memphis
The average rate for Memphis drivers for a year of minimum coverage is $448 according to our rate analysis. If you increased your coverage to 50/100/50, you would pay just about $9.83 more a month, or $118 more a year.
You can get full coverage (100/300/100) by paying $78.08 more a month, or an additional $937 a year more than minimum-level coverage.
Memphis average for:
- Minimum coverage: $448
- 50/100/50: $566
- 100/300/100: $1,385
Compare Car Insurance Quotes in Memphis – How to Save on Insurance Policy?
You can save an average of $1,240 annually on a full coverage policy in Memphis by comparing car insurance quotes, according to CarInsurance.com’s rate analysis. While savings will depend on your particular circumstances, this shows that there is a significant benefit to shopping your policy.
Memphis Car Insurance FAQ’s
How much does insurance go up after a speeding ticket in Memphis?
A speeding ticket in Memphis will hike your car insurance rates by an average of 43% , or about $854 yearly. CarInsurance.com’s rate analysis shows how much more drivers in Memphis can expect to pay, on average, for speeding and other common violations.
Minor traffic violations, such as speeding, typically stay on your record for about three years, and you can expect to see the rate increase upon your policy renewal date. More severe infractions, such as DUI, typically stay on your record much longer.
How much does insurance go up for tickets in Memphis?
Memphis drivers can expect to see a hike in their rates in the range of 39% for minor moving violations such as tailgating or blowing through a stop sign, 74% for more severe infractions such as DUI.
Below you’ll see how much rates increase, on average, for common traffic violations.
Remember, though, that because insurance companies assess risk differently, you can still save by comparison shopping, because one carrier may ding you a lot for a citation, while another may spike your rate by much less.
|Violation||Average rate||Rate after violation||$ Increase||% Increase|
|2 speeding tickets 11 mph or over||$1,992||$3,087||$1,095||55%|
|Distracted driving ticket||$1,992||$2,485||$493||25%|
|Driving without a license or permit||$1,992||$2,605||$613||31%|
|Driving without insurance||$1,992||$2,236||$244||12%|
|DUI/DWI first offense||$1,992||$3,404||$1,412||71%|
|DUI/DWI second offense||$1,992||$5,226||$3,234||162%|
|Failure to stop||$1,992||$2,473||$481||24%|
|Failure to yield||$1,992||$2,469||$477||24%|
|Following too closely||$1,992||$2,469||$477||24%|
|Operating a vehicle in a race (highway racing)||$1,992||$3,372||$1,380||69%|
|Talking on cellphone ticket||$1,992||$2,429||$437||22%|
How much does it cost to add a teen driver to your insurance?
In Memphis, adding a 16-year-old daughter to your policy will hike your rates by $1,849 annually, or 134% It’s more for boys. Insuring your 16-year-old son will increase your yearly rate by $2,154, or 156% according to CarInsurance.com rate data.
Teen drivers are inexperienced, and are involved in more accidents than older drivers, according to federal research, and insurance companies categorize them as high-risk drivers, so they cost more to insure.
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.”
How much is SR-22 insurance in Memphis?
CarInsurance.com data show that for drivers in Memphis, your rate will go up by an average of $1,128 or 57%. 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.
— Michelle Megna contributed to this story