Average car insurance cost in Memphis
The average cost of full coverage car insurance in Memphis is $2,950 per year, or about $246 per month. This rate is based on 100/300/100 liability limits and $500 deductibles. State minimum insurance averages $748 annually but offers substantially less coverage.
The required state minimum liability limits are 25/50/25. A minimum-coverage policy pays for injuries or property damage you cause to others, up to the policy limits. It does not include comprehensive or collision insurance for damage to your own car.
Full coverage car insurance may cost more than the state minimum, but it offers valuable protection beyond just covering damage to other drivers' vehicles. Unlike state minimum, full coverage includes damage to your vehicle in addition to liability coverage.
You can lower your full coverage premiumThe payment required for an insurance policy to remain in force. Auto insurance premiums are quoted for either 6-month or annual policy periods. by comparing quotes from different carriers.
| Average 6 month premium | $1,475 |
| Average annual premium | $2,950 |
| State minimum premium | $748 |
Cheapest car insurance companies in Memphis
Travelers is the cheapest car insurance company in Memphis, with an average full coverage rate of $1,978 per year. GEICO is the second-cheapest insurer in our comparison. Because each company calculates risk differently, comparing quotes for the same coverage can help you find a lower rate.
Car insurance prices differ based on where you live, your driving history, coverage limits, and your insurance provider. To find the best deal on auto insurance, it's wise to compare quotes from various companies.
Below are the companies that offer cheap car insurance to drivers in Memphis.
| Company | Average 6 month premium | Average annual premium |
|---|---|---|
| Travelers | $989 | $1,978 |
| GEICO | $1,242 | $2,485 |
| Erie Insurance | $1,252 | $2,503 |
| Farm Bureau Insurance of Tennessee | $1,273 | $2,547 |
| Nationwide | $1,512 | $3,024 |
| Farmers | $1,652 | $3,305 |
| Progressive | $1,956 | $3,912 |
| State Farm | $1,985 | $3,970 |
| Allstate | $2,178 | $4,355 |
| USAA | $708 | $1,416 |
Cheapest car insurance cost in Memphis by age group
Car insurance prices in Memphis differ by age because insurers consider how driving experience impacts expected accident risk. Erie Insurance is the cheapest company for teens, Travelers for young adults, Travelers for adults, and Travelers for seniors, based on the rates in our analysis.
Take a look at the cheapest companies in Memphis by age below:.
- Cheapest for teens: Erie Insurance
- Cheapest for young adults: Travelers
- Cheapest for adults: Travelers
- Cheapest for seniors: Travelers
Teen drivers pay the highest insurance rates because they have the least driving experience and a higher likelihood of accidents. Erie Insurance offers the cheapest car insurance for teens at $6,117 per year.
For young adults, Travelers offers the lowest average rate at $3,229 annually. Young adults pay less than teenagers as they gain experience, but their premiums remain higher than rates for older adult drivers.
Travelers is the least expensive insurer for adult drivers in Memphis, with an average annual premium of $2,022. Adults benefit from greater driving experience and a lower likelihood of filing an accident claimAn insurance claim is a request you make to your insurance company for coverage after your car is damaged or you have an accident. You can file a claim online, by phone, or in writing..
Senior drivers can find the cheapest average car insurance from Travelers at $2,057 per year. Premiums may increase for some older drivers when insurers account for changes in reaction time, vision and accident risk.
| Company | Teens | Young adults | Adults | Seniors |
|---|---|---|---|---|
| Travelers | $7,461 | $3,229 | $2,022 | $2,057 |
| Erie Insurance | $6,117 | $4,059 | $2,517 | $2,592 |
| Farm Bureau Insurance of Tennessee | $7,069 | $4,566 | $2,541 | $2,200 |
| GEICO | $8,131 | $4,045 | $2,570 | $2,501 |
| Nationwide | $13,416 | $5,591 | $2,949 | $2,994 |
| Farmers | $15,634 | $4,379 | $3,145 | $3,018 |
| Progressive | $17,341 | $6,334 | $3,869 | $3,472 |
| State Farm | $11,999 | $6,815 | $4,001 | $3,848 |
| Allstate | $17,419 | $6,798 | $4,327 | $4,482 |
| USAA | $5,430 | $2,289 | $1,425 | $1,428 |
Cheapest car insurance companies in Memphis by driver profile
The cheapest car insurance company in Memphis depends on the driver's record and credit profile. Travelers is cheapest after an at-fault accident, Travelers after a DUI, and Erie Insurance after a speeding ticket. Comparing insurers is especially important after a violation.
Below are some of the cheapest car insurance companies in Memphis by driver profile.
- Cheapest for poor credit: Travelers
- Cheapest for an at-fault accident: Travelers
- Cheapest for a DUI: Travelers
- Cheapest for a driver with a speeding ticket: Erie Insurance
Cheapest for a driver with poor credit: Travelers
Travelers is the most affordable car insurance for drivers with poor credit. On average, drivers in Memphis pay about $3,496 per year for it.
Here are some car insurance companies that offer cheap car insurance rates for drivers with poor credit in Memphis.
| Company | Average 6 month premium | Average annual premium |
|---|---|---|
| Travelers | $1,748 | $3,496 |
| GEICO | $1,925 | $3,849 |
| Nationwide | $2,142 | $4,284 |
| Erie Insurance | $2,926 | $5,852 |
| Progressive | $3,304 | $6,607 |
| Farmers | $3,677 | $7,354 |
| Allstate | $3,763 | $7,525 |
| State Farm | $8,362 | $16,723 |
| USAA | $1,374 | $2,748 |
Cheapest auto insurance after an at-fault accident: Travelers
In Memphis, Travelers offers the cheapest car insurance for drivers with an at-fault accident at $2,994 annually. An at-fault accident increases car insurance rates because it indicates that you are a higher risk for another accident. But some companies offer lower prices than others.
The table below shows the most affordable car insurance companies for drivers with an at-fault accident in Memphis.
| company | Average 6 month premium | Average annual premium |
|---|---|---|
| Travelers | $1,497 | $2,994 |
| Erie Insurance | $1,647 | $3,294 |
| State Farm | $2,340 | $4,681 |
| GEICO | $2,366 | $4,732 |
| Nationwide | $2,512 | $5,025 |
| Farmers | $2,711 | $5,421 |
| Progressive | $3,045 | $6,090 |
| Allstate | $3,467 | $6,934 |
| USAA | $1,077 | $2,154 |
Cheapest auto insurance after a DUI: Travelers
Travelers offers the cheapest car insurance rates for drivers with a first-offense DUI/DWI on their driving record. The average rate is $3,223 per year, making it the cheapest option amongst all the companies analyzed.
A DUI significantly increases your auto insurance premiums. But rates can be reduced over time by maintaining a clean driving record or completing a state-approved defensive driving course.
Here are the cheapest car insurance companies for drivers with a DUI in Memphis.
| Company | Average 6 month premium | Average annual premium |
|---|---|---|
| Travelers | $1,612 | $3,223 |
| Erie Insurance | $1,946 | $3,891 |
| State Farm | $2,163 | $4,326 |
| GEICO | $2,297 | $4,594 |
| Progressive | $2,400 | $4,801 |
| Allstate | $2,992 | $5,983 |
| Nationwide | $3,176 | $6,352 |
| Farmers | $3,407 | $6,814 |
| USAA | $1,376 | $2,752 |
Cheapest for drivers with a speeding ticket: Erie Insurance
Erie Insurance offers the cheapest car insurance at $2,701 in Memphis for drivers with a speeding ticket on their driving records. Getting a speeding ticket can raise your car insurance rates, but some companies offer lower premiums than others.
Here are the companies offering cheap auto insurance for drivers with a speeding ticket.
| Company | Average 6 month premium | Average annual premium |
|---|---|---|
| Erie Insurance | $1,350 | $2,701 |
| Travelers | $1,543 | $3,087 |
| State Farm | $2,163 | $4,326 |
| GEICO | $2,263 | $4,526 |
| Nationwide | $2,287 | $4,575 |
| Progressive | $2,372 | $4,743 |
| Allstate | $2,444 | $4,887 |
| Farmers | $2,665 | $5,329 |
| USAA | $847 | $1,694 |
Car insurance discounts for Memphis drivers
The biggest car insurance discount available in Memphis is for the Years Insured category at 33%, offered by Nationwide.
Additional discounts include those for safe drivers, good students, and bundling your home and auto insurance.
Here are some of the car insurance discounts insurers offer to Memphis drivers and how much you could save on average.
| Category | Company | Premium before discount | Premium after discount | % Discount | $ Difference |
|---|---|---|---|---|---|
| Anti-Theft Device | GEICO | $1,673 | $1,659 | 1% | $14 |
| Comp and Coll Deductibles | GEICO | $1,673 | $1,415 | 15% | $258 |
| Comp and Coll Deductibles | Travelers | $1,657 | $1,465 | 12% | $193 |
| Comp and Coll Deductibles | Farm Bureau Insurance of Tennessee | $2,067 | $1,625 | 21% | $441 |
| Comp and Coll Deductibles | Erie Insurance | $2,004 | $1,682 | 16% | $321 |
| Comp and Coll Deductibles | Farmers | $2,190 | $2,040 | 7% | $149 |
| Comp and Coll Deductibles | Nationwide | $2,373 | $2,042 | 14% | $331 |
| Comp and Coll Deductibles | Progressive | $2,661 | $2,433 | 9% | $228 |
| Comp and Coll Deductibles | Allstate | $3,242 | $2,791 | 14% | $451 |
| Comp and Coll Deductibles | State Farm | $3,073 | $2,863 | 7% | $210 |
| Daily Commute | Erie Insurance | $2,004 | $1,851 | 8% | $153 |
| Days Advanced Purchase | Travelers | $1,657 | $1,569 | 5% | $89 |
| Days Advanced Purchase | Erie Insurance | $2,004 | $1,803 | 10% | $201 |
| Days Advanced Purchase | Farmers | $2,190 | $1,971 | 10% | $218 |
| Days Advanced Purchase | Nationwide | $2,373 | $2,207 | 7% | $166 |
| Days Advanced Purchase | Progressive | $2,661 | $2,640 | 1% | $21 |
| Days Advanced Purchase | Allstate | $3,242 | $2,965 | 9% | $277 |
| Education | GEICO | $1,673 | $1,295 | 23% | $378 |
| Education | Progressive | $2,661 | $2,598 | 2% | $63 |
| Electronic Funds Transfer | Travelers | $1,657 | $1,626 | 2% | $32 |
| Electronic Funds Transfer | Farmers | $2,190 | $2,146 | 2% | $44 |
| Electronic Funds Transfer | Nationwide | $2,373 | $2,269 | 4% | $104 |
| Electronic Funds Transfer | Allstate | $3,242 | $3,103 | 4% | $139 |
| Homeowner | GEICO | $1,673 | $1,514 | 9% | $159 |
| Homeowner | Farmers | $2,190 | $2,169 | 1% | $21 |
| Homeowner | Progressive | $2,661 | $2,608 | 2% | $53 |
| Homeowner | Allstate | $3,242 | $2,946 | 9% | $296 |
| Lower Annual Mileage | Travelers | $1,657 | $1,505 | 9% | $152 |
| Lower Annual Mileage | GEICO | $1,673 | $1,613 | 4% | $59 |
| Lower Annual Mileage | Erie Insurance | $2,004 | $1,850 | 8% | $154 |
| Lower Annual Mileage | Progressive | $2,661 | $2,520 | 5% | $141 |
| Lower Annual Mileage | State Farm | $3,073 | $2,773 | 10% | $300 |
| Loyalty - Years Renewal With Company | Erie Insurance | $2,004 | $1,894 | 5% | $110 |
| Loyalty - Years Renewal With Company | Farm Bureau Insurance of Tennessee | $2,067 | $1,951 | 6% | $116 |
| Loyalty - Years Renewal With Company | State Farm | $3,073 | $2,799 | 9% | $274 |
| Marital Status | GEICO | $1,673 | $1,598 | 4% | $74 |
| Marital Status | Erie Insurance | $2,004 | $1,828 | 9% | $176 |
| Marital Status | Farm Bureau Insurance of Tennessee | $2,067 | $1,919 | 7% | $148 |
| Marital Status | Farmers | $2,190 | $2,025 | 8% | $165 |
| Marital Status | Nationwide | $2,373 | $2,154 | 9% | $218 |
| Marital Status | Progressive | $2,661 | $2,194 | 18% | $467 |
| Marital Status | Allstate | $3,242 | $3,212 | 1% | $30 |
| Multi Policy | Travelers | $1,657 | $1,538 | 7% | $119 |
| Multi Policy | GEICO | $1,673 | $1,539 | 8% | $134 |
| Multi Policy | Erie Insurance | $2,004 | $1,833 | 8% | $170 |
| Multi Policy | Farm Bureau Insurance of Tennessee | $2,067 | $1,921 | 7% | $145 |
| Multi Policy | Farmers | $2,190 | $1,931 | 12% | $258 |
| Multi Policy | Nationwide | $2,373 | $2,151 | 9% | $221 |
| Multi Policy | Progressive | $2,661 | $2,549 | 4% | $112 |
| Multi Policy | State Farm | $3,073 | $2,726 | 11% | $347 |
| Multi Policy | Allstate | $3,242 | $2,853 | 12% | $389 |
| Paperless/Electornic Documents | Farmers | $2,190 | $2,120 | 3% | $69 |
| Paperless/Electornic Documents | Nationwide | $2,373 | $2,269 | 4% | $104 |
| Paperless/Electornic Documents | Progressive | $2,661 | $2,635 | 1% | $27 |
| Paperless/Electornic Documents | Allstate | $3,242 | $3,048 | 6% | $194 |
| Payment Type | Travelers | $1,657 | $1,509 | 9% | $148 |
| Payment Type | Erie Insurance | $2,004 | $1,784 | 11% | $220 |
| Payment Type | Farmers | $2,190 | $2,080 | 5% | $109 |
| Payment Type | Nationwide | $2,373 | $2,165 | 9% | $207 |
| Payment Type | Allstate | $3,242 | $2,968 | 8% | $274 |
| Primary Use | Farm Bureau Insurance of Tennessee | $2,067 | $1,534 | 26% | $532 |
| Primary Use | Travelers | $1,657 | $1,608 | 3% | $50 |
| Primary Use | Erie Insurance | $2,004 | $1,698 | 15% | $306 |
| Primary Use | Nationwide | $2,373 | $2,165 | 9% | $207 |
| Primary Use | Progressive | $2,661 | $2,569 | 3% | $92 |
| Primary Use | State Farm | $3,073 | $2,732 | 11% | $341 |
| Primary Use | Allstate | $3,242 | $3,004 | 7% | $238 |
| Profession | GEICO | $1,673 | $1,384 | 17% | $288 |
| Profession | Progressive | $2,661 | $2,230 | 16% | $432 |
| Safety Devices | Travelers | $1,657 | $1,618 | 2% | $39 |
| Safety Devices | GEICO | $1,673 | $1,633 | 2% | $40 |
| Safety Devices | Allstate | $3,242 | $3,004 | 7% | $238 |
| Telematics | Nationwide | $2,373 | $2,110 | 11% | $263 |
| Telematics | Progressive | $2,661 | $2,262 | 15% | $399 |
| Telematics | State Farm | $3,073 | $2,826 | 8% | $247 |
| Telematics | Allstate | $3,242 | $2,965 | 9% | $278 |
| Years Insured | Travelers | $1,657 | $1,398 | 16% | $260 |
| Years Insured | Nationwide | $2,373 | $1,581 | 33% | $792 |
| Years Insured | GEICO | $1,673 | $1,586 | 5% | $86 |
| Years Insured | Farmers | $2,190 | $1,677 | 23% | $513 |
| Years Insured | Farm Bureau Insurance of Tennessee | $2,067 | $1,799 | 13% | $268 |
| Years Insured | Progressive | $2,661 | $2,064 | 22% | $597 |
| Years Insured | Allstate | $3,242 | $2,557 | 21% | $685 |
How to get cheap car insurance in Memphis in 2025
To get cheap car insurance in Memphis in 2026, compare at least three quotes for the same coverage, ask about every available discount and choose the highest deductibleThe deductible is the amount you pay out of pocket for a covered loss when you file a claim. you can afford. Maintaining a clean driving record, selecting a lower-cost vehicle to insure, and reviewing coverage at renewal can also reduce premiums.
Find affordable car insurance in Memphis by following these smart strategies:
- Compare quotes from multiple insurers. Different insurance companies offer different rates, so it's important to shop around. Get quotes from at least three providers and compare coverage rates to find the best deal.
- Take advantage of discounts. Look for discounts for safe drivers, good students, bundling multiple policies (such as auto and home insurance), installing safety or anti-theft devices in your car, or paying your premium in full instead of monthly.
- Choose a higher deductible. A higher deductible means you'll pay more out of pocket in case of a claim, but it also lowers your monthly premium. Make sure you can afford the one you picked.
- Maintain a good driving record. Safe driving can help you qualify for lower rates. Avoid speeding tickets, accidents, and other violations to keep your insurance costs down.
- Drive a car that's cheaper to insure. Some cars cost more to insure than others. Vehicles with high safety ratings and lower repair costs usually have lower insurance premiums.
- Consider state minimum coverage (if appropriate). If you have an older car that isn't worth much, you might save money by choosing a basic liability policy instead of full coverage. However, make sure you meet the legal requirements in Memphis.
Methodology
Insurance.com commissioned 2023 data for the cheapest car insurance rates in cities from Quadrant Data Services for all 50 states and Washington, D.C. Rates are based on the following profile:
- 40-year-old male driver
- Honda Accord LX
- 12-mile daily commute, 10,000 annual miles
- Good credit
- Clean record
Rates for drivers with poor credit, speeding tickets, DUI, and at-fault accidents were sourced from the Auto Problems Report 2023.
Rates are based on coverage limits of:
- $100,000 bodily injury per person
- $300,000 bodily injury per accident
- $100,000 property damage per accident
- $500 comprehensive and collision deductible
Insurance.com analyzed rates from over 34,000 ZIP codes, 56 million quotes, and 136 companies. Based on the analysis, we have created lists of the cheapest companies for different driver profiles. USAA also made it to the list, but it offers services only to current and former military members and their families. Rates sourced from Quadrant Data Services for comparison purposes only; your rates may differ.
FAQ: Cheap Car Insurance in Memphis
How much does car insurance cost in Memphis?
Car insurance costs $2,950 per year on average, or about $246 monthly for full coverage in Memphis. This average is based on 100/300/100 liability limits with $500 deductibles, but your final price depends on your driving profile and coverage choices.
Do you need full coverage car insurance in TN?
No, you don't legally need full coverage in TN, but you will be required to carry it if you're financing or leasing your car. If you own your vehicle outright, you can choose whether the extra protection is worth the higher cost based on your financial situation.
How can you get cheaper car insurance in Memphis?
You can reduce your car insurance costs in Memphis by comparing at least three quotes, increasing your deductible if you can afford it, and asking about all available discounts. Keeping a clean driving record and reviewing your policy at renewal can also help you consistently save money.
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