Who Has The Cheapest Auto Insurance Quotes in Memphis, TN?
Find the Cheapest Auto Insurance Quotes in Your Area
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 13 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 13 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.
Find the Cheapest Auto Insurance Quotes in Your Area
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 13 car insurance companies.
| Rank | Auto Insurance Company | Average Annual Rate |
|---|---|---|
| 1 | GEICO | $1,068 |
| 2 | The Cincinnati | $1,080 |
| 3 | Westfield | $1,116 |
| 4 | Nationwide | $1,200 |
| 5 | Tennessee Farm Bureau | $1,224 |
| 6 | Progressive | $1,323 |
| 7 | Erie | $1,476 |
| 8 | Penn National | $1,644 |
| 9 | Grange Insurance | $1,656 |
| 10 | State Farm | $1,668 |
| 11 | State Auto | $1,848 |
| 12 | Safe Auto | $2,208 |
| 13 | Encompass | $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.
| Neighborhood | Average 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 Company | Best For... |
|---|---|
| Tennessee Farm Bureau | Customer 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:
| Rank | Highway | Number of Fatal Accidents (2011 - 2015) | Percent That Involve Drunk Driver |
|---|---|---|---|
| 1 | I-240 | 30 | 30% |
| 2 | I-40 | 19 | 26.3% |
| 3 | US-61 SR-14 S THIRD ST | 13 | 15.4% |
| 4 | WINCHESTER RD | 13 | 23.1% |
| 5 | SR-175 SHELBY DR | 11 | 18.2% |
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:
- $30,000 of Bodily Injury Liability per Person
- $60,000 of Bodily Injury Liability per Accident
- $25,000 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 Type | Tennessee Minimum | Study Limits |
|---|---|---|
| Body Liability | $30,000 per person/ $60,000 per accident | $50,000 per person/ $100,000 Per Accident |
| Property Damage | $25,000 Per Accident | $50,000 Per Accident |
| Uninsured/Underinsured Motorist BI | None | $50,000 Per Person/ $100,000 Per Accident |
| Uninsured/Underinsured Motorist PD | None | $50,000 Per Accident |
| Personal Injury Protection | None | None |
| Comprehensive and Collision | None | $500 Deductible |
Sources:
Fatal car accident and DUI data: FARS 2011 to 2015.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.