Cheapest car insurance companies in Memphis 

A recent data analysis by Insurance.com found the cheapest car insurance companies are Tennessee Farmers and Travelers in Memphis for 2023. 

Tennessee Farmers is the cheapest option for most Memphis drivers, with an average annual rate of $1,666

The cost of car insurance in Memphis varies depending on your ZIP code, driving history, coverage level, and carrier. To maximize your chances of finding a great deal, it's recommended to compare quotes from multiple carriers.

Here’s a list of insurance companies offering affordable premiums to drivers in Memphis.

CompaniesAverage annual rates
USAA$1,336
Tennessee Farmers$1,666
Travelers$1,751
Erie Insurance$2,040
Progressive$2,045
Nationwide$2,065
State Farm$2,112
Geico$2,137
Farmers$2,676
Allstate$3,783

Cheapest car insurance cost in Memphis by Age Group 

In Memphis, Tennessee Farmers is the cheapest car insurance company for teenagers, offering full coverage policies at $4,923 a year, on average. Teenagers often face higher car insurance rates due to statistical data indicating that they pose a greater risk on the roads. 

However, teen drivers can keep their insurance rates low by taking advantage of the good student discount or by staying on their parent's car insurance policy for as long as possible. 

Among the carriers analyzed, USAA is the cheapest car insurance option for drivers in Memphis, at $2,150 a year for a full coverage policy.

For Memphis drivers entering their 30s, car insurance becomes significantly more affordable compared to their younger years. USAA provides the cheapest car insurance premiums, offering full coverage policies at $1,359 annually

Memphis senior drivers seeking affordable car insurance should look no further than USAA. It offers the cheapest car insurance rates for seniors, with an average annual premium of $1,351. It makes USAA a good choice for seniors who want to save money without sacrificing coverage. 

CompanyTeensYoung AdultsAdultsSeniors
Tennessee Farmers$4,923$3,111$1,678$1,514
Erie Insurance$4,991$3,318$2,068$2,092
USAA$5,090$2,150$1,359$1,351
Travelers$5,896$2,800$1,789$1,823
State Farm$6,424$3,643$2,129$2,046
Geico$7,012$3,480$2,211$2,161
Allstate$7,883$5,527$3,733$3,680
Farmers$8,274$3,533$2,545$2,677
Nationwide$9,050$3,793$2,017$2,073
Progressive$9,570$3,378$2,066$2,188

Cheapest car insurance companies in Memphis by driver profile 

When determining car insurance rates in Memphis, insurers consider multiple factors, including the driver's profile. Individuals with a clean driving record enjoy substantially lower premiums than drivers with a history of accidents or traffic citations.

To find the cheapest car insurance company in Memphis, it's important to compare auto insurance rates from multiple providers. This way, you can find the best deal that meets your needs and budget. 

Based on data analysis by Insurance.com's experts, these are the cheapest car insurance companies for Memphis drivers based on driver profile.

If you're a Memphis driver with poor credit, Geico is the cheapest car insurance company for you, based on Insurance.com's in-depth data analysis. It offers a full-coverage car insurance policy at an average cost of $1,615 annually

Know which car insurance companies offer affordable car insurance for drivers with poor credit scores in Memphis.

CompanyAverage annual rates
Geico$1,615
USAA$1,766
Nationwide$1,794
Farmers$2,337
Travelers$2,761
Allstate$3,778
Progressive$4,174
State Farm$6,850

State Farm has the cheapest car insurance premiums for drivers with speeding ticket violations on their records in Memphis. Its full coverage car insurance policy costs an average of $1,160 per year for drivers aged 30. 

Some companies are known for providing the cheapest car insurance rates, but finding the most affordable policy depends highly on individual factors. 

Comparing quotes from various car insurance companies can prove beneficial for getting the best deal. With this, you can get the coverage you need at an affordable price. 

CompanyAverage annual premium
State Farm$1,160
USAA$1,169
Geico$1,861
Nationwide$1,870
Farmers$2,087
Travelers$2,327
Allstate$2,527
Progressive$3,276

According to Insurance.com's analysis, State Farm tops the list of cheap car insurance providers in Memphis for drivers involved in at-fault accidents, with an average annual cost of $1,258. After being in an at-fault accident, finding cheap car insurance rates might seem challenging, but by comparing quotes, you can find a policy that aligns with your budget. 

CompanyAverage annual rates
State Farm$1,258
USAA$1,642
Nationwide$2,203
Geico$2,205
Travelers$2,374
Farmers$2,455
Allstate$3,432
Progressive$4,348

Among the carriers analyzed, State Farm offers the cheapest auto insurance premiums for drivers with a DUI in Memphis. On average, its annual full coverage rate is $1,160, making it a significantly cheaper option than other insurance providers.

A DUI conviction typically leads to a rise in your auto insurance costs. But if you shop around and compare quotes from various insurers, you can find a good deal on your insurance premiums. 

CompanyAverage annual rates
State Farm$1,160
USAA$1,937
Geico$2,293
Farmers$2,538
Travelers$2,909
Nationwide$2,989
Progressive$3,634
Allstate$3,736

Average car insurance cost in Memphis 

Full coverage car insurance in Memphis for a coverage limit of 100/300/100 is $2,161 per year or $180 per month, while the state minimum coverage costs an average of $616 a year.

While full coverage car insurance is more expensive than the state minimum, it provides valuable protection for your own vehicle in addition to coverage for other drivers in the event of an accident. To save money, consider comparing quotes from multiple insurance companies.

Average annual RatesState minimum average
$2,161$616

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

While the 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.