Who Has The Cheapest Auto Insurance Quotes in Memphis, TN?

Memphis is one of the most expensive places for car insurance in the state of Tennessee. Luckily, drivers in the Blues City can still find great rates by shopping around and comparing auto insurance quotes. We surveyed 14 different car insurers to determine who offered the cheapest car insurance in the city.

Cheapest Car Insurance Companies Memphis, Tennessee

We took a look at 14 auto insurers from Memphis and determined GEICO offered the lowest costing rates for our sample driver. The average yearly rate was $1,068 for our sample driver at GEICO. That was $600 less expensive than the average for Memphis. Other affordable options are The Cincinnati which is only $12 more expensive per year than GEICO for our sample driver.

The image shows the least expensive car insurance companies in Memphis, Tennessee

Find the Cheapest Auto Insurance Quotes in Your Area

Currently Insured?

You likely have a different background from our sample driver, who was a 30 year old male driver of a Toyota Camry. Your car insurance rates will look different depending on your background. You are going to need to compare your own quotes to see which company will be best for you. You can start by putting in your zip code in the box above. Below you can see our full survey of all 14 car insurance companies.

RankAuto Insurance CompanyAverage Annual Rate
1GEICO$1,068
2The Cincinnati$1,080
3Westfield$1,116
4Nationwide$1,200
5Tennessee Farm Bureau$1,224
6Progressive$1,323
7Utica National$1,476
8Erie$1,476
9Penn National$1,644
10Grange Insurance$1,656
11State Farm$1,668
12State Auto$1,848
13Safe Auto$2,208
14Encompass$3,408

Cost of Car Insurance in Memphis: by Neighborhood

We found the price for car insurance in Memphis did not fluctuate a great deal between different neighborhoods--unlike in other cities. We surveyed six Memphis neighborhoods and took the average of its five lowest costing car insurance companies.

NeighborhoodAverage Annual Car Insurance Rate
East Memphis$1,190
Downtown Memphis$1,224
Orange Mound$1,224
Midtown$1,224
Whitehaven$1,224
Cooper-Young$1,224

No matter where you live, you can still find affordable auto insurance if you shop around. Be sure to get quotes from at least three companies so you can make sure you are getting the best deal.

Best Auto Insurance Companies in Memphis

According to the 2016 J.D. Power auto insurance study of southern states, Tennessee Farm Bureau was the best auto insurer when it came to customer interaction, billing practices and flexibility of policies offered. As we also found, Tennessee Farm Bureau is decent when it comes to price, being only about $160 more expensive per year than GEICO for our sample driver. It does require being a member of the Farm Bureau, and paying membership dues which is $25 per year. Below we list a few other companies that you may better suit you depending on what you are looking for.

Auto Insurance CompanyBest For...
Tennessee Farm BureauCustomer interaction, Billing, Policy types

GEICO

Speed and convenience

USAA

Military Members

GEICO remains one of the few companies where you can start a quote and then buy the quote entirely online without needing to speak to an agent. It is true you can have car insurance in 15 minutes or less with GEICO. What you should be wary of however is their overall mediocrity when it comes to dealing with customers. According to the same J.D. Power study that named the Farm Bureau as the best company, GEICO is only middle of the pack when it comes to claims handling, and customer interaction. Memphians should also know that GEICO tends to raise rates a great amount after an accident.

Finally, if you are eligible for USAA, they may be your best bet. USAA is highly regarded by the J.D. Power survey, placing just behind Tennessee Farm Bureau as the best auto insurer in the south. Keeping your car parked at a military base can save you 15% discount on your comprehensive insurance. If you are being deployed, USAA also offers large discounts for those who safely store their cars while overseas.

Fatal Accidents in Memphis

There were 407 fatal car accidents that happened in Memphis between 2011 and 2015 which was nearly double than Nashville. Overall Memphis accounted for nearly 1/5 of all fatal accidents in the state of Tennessee--a reason why its car insurance rates may be highest in the state.

Most Dangerous Roads in Memphis

Certain roads within Memphis experienced a brunt of the fatal accidents. I-240 was the worst, having 30 of the 407 accidents:

RankHighwayNumber of Fatal Accidents (2011 - 2015)Percent That Involve Drunk Driver
1I-2403030%
2I-401926.3%
3US-61 SR-14 S THIRD ST1315.4%
4WINCHESTER RD1323.1%
5SR-175 SHELBY DR1118.2%

Around 17.4% of fatal car accidents in Memphis involve a drunk driver. I-240 was well above the city average, where exactly 30% of the accidents that occurred on that road involved a drunken driver.

Minimum Car Insurance Requirements in Memphis, Tennessee

Drivers in Memphis, as in the rest of Tennessee, need to carry a minimum amount of car insurance. In Tennessee you are only required to carry the liability portion of a policy. Below you can see the full breakdown:

  • $25,000 of Bodily Injury Liability per Person
  • $50,000 of Bodily Injury Liability per Accident
  • $15,000 of Property Damage Liability

Though the limits in Tennessee aren't miniscule, we would still recommend most drivers get limits above the average. As well, Tennessee has the 6th highest prevalence of uninsured drivers. As a result we would recommend uninsured motorist coverage if you can afford it. We would also recommend getting collision and comprehensive insurance if your car is less than 10 years old and worth more than $3,000.

How We Compared Quotes

We collected quotes from different insurance companies across 44 towns and cities in Tennessee. Our sample driver was a 30 year old male who drove a Toyota Camry. To obtain quotes, we kept parameters for getting coverage the same, such as that he was single, had a good credit score and a clean driving record. The only parameter that changed was the zip code where he lived in Tennessee. The amount of coverage we opted for gave our driver bit more than what is required of state minimums.

Coverage TypeTennessee MinimumStudy Limits
Body Liability$25,000 per person/ $50,000 per accident$50,000 per person/ $100,000 Per Accident
Property Damage$50,000 Per Accident$50,000 Per Accident
Uninsured/Underinsured Motorist BINone$50,000 Per Person/ $100,000 Per Accident
Uninsured/Underinsured Motorist PDNone$50,000 Per Accident
Personal Injury ProtectionNoneNone
Comprehensive and CollisionNone$500 Deductible

Sources:

Fatal car accident and DUI data: FARS 2011 to 2015.

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