Cars and Trucks

Car Insurance Memphis Tennessee: Everything You Need to Know

Looking for affordable car insurance in Memphis, Tennessee? While Memphis may have some of the highest rates in the state, there are methods you can use to find an insurance policy that fits within your budget.

Insurance Requirements in Memphis, Tennessee

All drivers in Memphis, Tennessee, must carry car insurance. Tennessee requires a minimum of the following coverages:

  • $30000 bodily injury liability per person
  • $60000 bodily injury liability per accident
  • $25000 property damage liability

    Bodily injury protection is the minimum insurance requirement. It only covers damages and medical bills that you cause to other drivers or their passengers. It does not cover your own medical bills or property damages. If you drive a vehicle that is worth a lot or you want additional coverage, you might consider other types of coverage like:

    • Comprehensive: Comprehensive insurance covers damages to your vehicle that are not from an accident. This might include weather-related damages or even theft.
    • Collision: Collision insurance covers damages to your vehicle, even if you were at fault for the accident.
    • Roadside: Roadside coverage will cover any costs related to roadside assistance. This might include towing.
    • MedPay: MedPay is an additional medical policy that ensures all of your medical bills are covered if you are injured, regardless of who is at fault. It usually works with your health insurance policy.

      It can be helpful to consider the value of your vehicle when deciding how much coverage you need. If you are in an accident and only have minimum coverage, you may have to cover your damages yourself. If you have a loan on the vehicle, you could be left making payments, with no vehicle to drive.

      Most full coverage policies do come with a deductible. This is an amount that you have to pay before the insurance company will cover your damages.

      How Much is Car Insurance in Memphis, Tennessee?

      Car insurance rates in Memphis, Tennessee, vary depending on a few factors, including:

      • The make and model of your vehicle
      • Age
      • Gender
      • Marital status

        Even your location within Memphis, Tennessee, can have an effect on your rates. Drivers who live in busier zip codes will usually have higher rates. The most expensive zip codes in Memphis, Tennessee, are 38105, 38107, 38106, 38126, and 38116. The cheapest zip codes in Memphis include 38018, 38137, 38138, 38135, and 38133.

        Why Is Memphis, Tennessee, Car Insurance So Expensive?

        Memphis can be one of the most expensive cities in Tennessee for car insurance. According to The Zebra, the average cost of auto insurance in Memphis, Tennessee, is $1949 per year. This is more expensive than the state’s average of $1570 per year and the national average of $1548 per year.

        Other factors that can increase your rates include:

        • Age: Teen drivers pay the most in Memphis, Tennessee. According to Insurify, the difference in rates between a teen driver and a driver in their 20s is, on average, $5190 per year.
        • Marital status: Single drivers pay more than married drivers in Memphis. Married drivers save, on average, $145 per year.
        • Gender: Males usually pay more with an average of $40 more per year than female drivers in Memphis, Tennessee.
        • Traffic violations: Traffic violations, like DUIs or reckless driving, can increase your rates. A DUI can increase rates by as much as $907 a year and a reckless driving charge increases by $1065 per year.
        • Credit score: If you have less-than-perfect credit, your insurance rates will likely be high. Drivers with a poor credit rating pay, on average, $1796 per year more than drivers with an Excellent rating.

          Car insurance in Memphis, Tennessee, can also be more expensive because the city ranks 237/300 for most car accidents and 5/50 for uninsured motorists in the state. This leads to increased rates for all drivers.

          Best Insurance Providers in Memphis, Tennessee

          Drivers in Memphis, Tennessee, have a lot of insurance options to choose from. Here are a few that you might consider:

          • GEICO: Average annual rate of $1074
          • USAA: Average annual rate of $1117
          • State Farm: Average annual rate of $1368
          • Erie: Average annual rate of $1518

            Other providers to consider that are also available in Memphis, Tennessee, include:

            • 21st Century
            • Acceptance Insurance
            • Allied
            • Allstate
            • Auto-Owners
            • Direct Auto
            • FIMC
            • Liberty Mutual
            • National General
            • Nationwide
            • Progressive
            • Safeco
            • State Farm
            • The General

              Insurance rates between providers will usually differ significantly. This is why it is important to frequently price shop and compare quotes among providers.

              How to Get the Best Insurance Rates in Memphis, Tennessee

              Even though Memphis might be one of the most expensive cities in the state, there are ways you can reduce your costs. Save on your insurance costs with the following tips:

              • Bundle your insurance policies: Bundling your car insurance policies with any other policies you have can help you save a lot.
              • Ask about available discounts: Most insurance companies have discounts available. Find out if you qualify for any, like student or military discounts.
              • Get good grades: If you get good grades, you may be eligible for a good student discount. Some insurance companies also partner with local colleges to offer discounted rates.
              • Avoid any traffic violations: Having a clean driving record ensures you get the best rates. Avoid any traffic violations to prevent an increase in your insurance rates.

                In addition to these tips, it can also be helpful to frequently compare quotes. If you go through any changes, like if you get married or graduate college, you may qualify for additional discounts. Additionally, if your credit score or driving record changes, then you may need to change insurance providers to ensure you are getting the best rate.

                Car insurance in Memphis, Tennessee, may be expensive when compared to other cities, but with the right knowledge, you can save. Compare rates between available providers and find a policy that works for you. Check this out if you need additional information, resources, or guidance on car insurance.


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