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Best cheap car insurance in Memphis for 2024
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The best car insurance companies in Memphis
Comparing car insurance companies is the best way to find auto coverage that works for your priorities and budget. To help drivers in Memphis start their comparison, Bankrate’s insurance editorial team analyzed several of Tennessee’s best auto insurance companies. We looked at the latest premium data available from Quadrant Information Services to find affordable rate options, but we also considered customer satisfaction scores from J.D. Power, financial strength ratings and each company’s offerings for coverage and discounts.
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Geico made our list: Geico tied for two Bankrate Awards for auto insurance in 2024: Best Auto Insurance Company Overall and Best Budget Auto Insurance Company. For drivers in Memphis, Geico offers some of the lowest average prices for both full and minimum coverage, with a strong lineup of discounts that could add extra savings for some drivers.
Why Geico may be best for digital policy management: For drivers who prefer to manage their car insurance from their phone, Geico’s suite of digital tools could be the ideal option. In J.D. Power’s 2023 U.S. Digital Insurance Experience Study, Geico ranked second in the industry for digital customer service. Geico’s mobile app offers 24/7 access to digital insurance cards, roadside assistance and virtual customer service along with photo estimates for claims and vehicle care services to help drivers manage their car’s maintenance and repairs.
| Bankrate Score | 4.4 |
| J.D. Power | 651/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Progressive made our list: Progressive’s high Bankrate Score reflects its track record for affordable rates, user-friendly policy management tools and excellent coverage offerings. In Memphis, Progressive’s average rates for full coverage are close to the citywide average, but minimum coverage costs significantly less than the Memphis average. Progressive also received a 2024 Bankrate Award for Best Auto Insurance Company for High-Risk Drivers, making it a strong option for Memphis drivers with a DUI conviction or other serious marks against their record.
Why Progressive may be best for discounts: Progressive offers drivers a wide range of ways to save on car insurance, from standard discounts like good student or multi-car discounts to the Name Your Price tool and the Snapshot telematics program. The carrier also offers discounted rates for teens, homeowners and anyone who’s been continuously insured prior to switching to Progressive.
| Bankrate Score | 4.4 |
| J.D. Power | 637/1,000 |
| AM Best Rating | A+ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why USAA made our list: Affordable rates, reliable customer service and excellent financial strength ratings helped to earn USAA its high Bankrate Score and its place on the list of Memphis’s best auto insurers. USAA ranked higher for customer satisfaction than any other carrier in the Southeast region in J.D. Power’s 2023 U.S. Auto Insurance Study and scored well above average in the 2023 U.S. Auto Claims Satisfaction Study. However, only military drivers and their families are eligible for coverage.
Why USAA may be best for military-focused coverage: Not many auto insurers offer unique perks and discounts for military members, but a policy from USAA is designed specifically to meet the needs of service members and veterans. Storage discounts during deployment, along with additional rate reductions for vehicles garaged on a military installation, could add unique value for active service members.
| Bankrate Score | 4.2 |
| J.D. Power | 759/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. min coverage premium
Min. coverage
Avg. full coverage premium
Full coverage
Why Travelers made our list: In our analysis of average premium data, Travelers had some of the cheapest full coverage car insurance rates for Memphis drivers with clean records. A solid slate of discounts and a wide network of Memphis-area agents could make Travelers an ideal choice for many local drivers. However, it’s worth noting that Travelers received below-average customer satisfaction scores from J.D. Power.
Why Travelers may be best for customized coverage: In addition to standard coverage options like liability, collision and comprehensive coverage, Travelers gives drivers the option to add various endorsements to their policies, including gap insurance and new car replacement. Adjusting coverage limits, deductibles and add-ons may be easier with Travelers than other carriers, making it a good option for drivers who know exactly what they want in a policy.
| Bankrate Score | 4.2 |
| J.D. Power | 642/1,000 |
| AM Best Rating | A++ |
Bankrate Score
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Min. coverage
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Why Erie made our list: Erie offers below-average rates for both full and state minimum coverage in Memphis. Erie also consistently scores well above the industry average for customer service and claims satisfaction, coming in second nationwide in J.D. Power’s 2023 U.S. Auto Claims Satisfaction Study and second in the Southeast in the 2023 U.S. Auto Insurance Study.
Why Erie may be best for bundled policies: In addition to its strong Bankrate Score for auto insurance, Erie earned a 2024 Bankrate Score of 4.4 for its home insurance offerings, making it a potentially strong option for Memphis drivers who own a home and want to manage their auto and home policies in one place. Erie advertises discounts of 16 to 25 percent for customers who bundle home and auto insurance.
| Bankrate Score | 4 |
| J.D. Power | 676/1,000 |
| AM Best Rating | A+ |
Bankrate's trusted insurance industry expertise
Read our full methodologyBankrate’s insurance editorial team is made up of seasoned industry professionals, including licensed insurance agents with combined decades of experience. In order to provide the most accurate evaluation of Memphis auto insurance companies, we analyzed the latest rate data available from Quadrant Information Services along with expert third-party ratings.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest car insurance companies in Memphis
According to our average premium research, Geico, Travelers and USAA are the three cheapest car insurance companies for drivers in Memphis seeking state minimum coverage. Keep in mind, however, that rates vary significantly based on driver profile as well as coverage selections. Depending on your individual risk factors, you may find a cheaper rate with a company not listed here, including a smaller regional or local carrier.
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|---|---|---|
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$426
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$1,578
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$368
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$1,715
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$461
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$1,767
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|
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$680
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$2,049
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|
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$571
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$2,228
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How much is car insurance in Memphis, Tennessee?
The average cost of car insurance in Memphis, Tennessee is $2,541 per year for full coverage and $676 per year for minimum coverage. For drivers who need full coverage, that’s roughly 25 percent more than the Tennessee state average and 3 percent more than the national average. However, individual risk factors — including age and driving record — can impact what you pay for auto insurance coverage in Memphis.
Memphis rates for teens
Teen drivers in Memphis pay well above the citywide average. On average, an 18-year-old driver on their own policy pays $7,724 per year for full coverage and $2,427 per year for state minimum coverage. Teens who stay on their parents' policy after they turn 18 pay considerably less for insurance — as seen in the tables below — but their high risk of accidents and violations still makes coverage more expensive.
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|---|---|---|
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$992
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$734
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$1,026
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$1,059
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$1,341
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$1,163
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$1,491
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$892
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|
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$1,552
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$1,290
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|
|
|
|
|---|---|---|
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$3,381
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$2,617
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|
|
$3,787
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$3,787
|
|
|
$4,415
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$4,128
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|
|
$4,447
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$3,921
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|
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$4,484
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$3,698
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Memphis rates for young drivers
Once you hit your early 20s, it may be necessary to get a standalone auto insurance policy if you own your own car and don’t live with your parents. While going solo can come with higher rates for a while, prices typically go down around age 25.
Memphis rates for adults
Car insurance rates tend to stabilize in adulthood, making it easier to find affordable coverage in Memphis for drivers aged 30 to 50. However, factors like your driving record, credit history and ZIP code also impact rates, so you may continue to see high rates if you have an imperfect driving record or other risk signals.
Memphis rates for senior drivers
Car insurance for seniors typically comes at a lower cost, thanks to a lifetime of experience behind the wheel. However, rates may climb as you enter your mid-70s, since increased vulnerability to injury, vision problems and slower reaction times could raise your risk factors in the eyes of insurance companies.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare auto insurance rates
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The cheapest car insurance in Memphis by driving record
Memphis’s high crime rates and treacherous traffic can result in high auto insurance premiums for drivers with tickets or accidents on their driving record. Your driving history is one of the most significant rating factors that insurers consider when setting your premium, but not every carrier treats each mark on your record the same — making rate comparison an essential step in shopping.
Car insurance with a speeding ticket in Memphis
A speeding ticket conviction could cause your auto insurance rates to go up at your next renewal. On average, Memphis drivers with a single speeding ticket conviction pay $3,067 per year for full coverage — 21 percent more than the Memphis average.
Car insurance after an accident in Memphis
If you’re found at fault in a car accident, you could see your insurance premium go up when you renew your policy. A Memphis driver with a single at-fault accident on their driving record pays 40 percent more for full coverage, on average, than a driver with a clean record, for an annual total of $3,562.
Car insurance after a DUI in Memphis
Most insurance companies take a DUI conviction seriously as a signal of driver risk. In our analysis, we found that Memphis drivers with a single DUI on their record pay an average of $5,409 per year for full coverage and $1,546 per year just for state minimum coverage. For drivers with minimum coverage policies, that’s an increase of 129 percent more compared to the Memphis average. If you’re struggling to find affordable rates with a DUI on your record, you may need to shop around and consider a nonstandard provider.
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|---|---|---|
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$644
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$2,440
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Tennessee Farmers Mutual
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$787
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$4,142
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|
$856
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$4,408
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|
|
$921
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$3,499
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|
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$990
|
$3,476
|
Minimum coverage requirements in Memphis
By law, all drivers in Memphis must carry at least the following limits on their auto insurance policy:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
In most cases, insurance professionals recommend carrying more than the minimum coverage required by Tennessee insurance laws. Higher liability limits typically only cost a few dollars more each month in exchange for greater protection against out-of-pocket expenses and potential lawsuits in the event of an accident that causes injuries or property damage. In addition, if you lease or finance your car, your lender likely requires you to maintain comprehensive and collision coverage on your policy.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a single, 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2022 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction.
Age: Rates were calculated by evaluating our base profile with the ages 20-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.
Teens: Rates were determined by adding a 16- or 18-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy.
Bankrate Scores
Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
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Cost & ratings 50%
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Coverage & savings 30%
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Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
