The words “economical” and “insurance” probably shouldn’t be used in the same sentence, in particular when looking for the lowest insurance prices for active military. To save some money, let’s introduce you to some of the factors that determine insurance prices, and figure out some ideas to lower the price of the next policy you buy.
Trying to find cheap auto insurance is difficult, and finding out which company quotes the lowest-priced auto insurance rates for active military will take a bit more work.
Every car insurance company uses slightly different criteria for determining prices, so let’s begin by taking a look at the most competitive auto insurance companies in Memphis, TN.
Best Auto Insurance Prices for Military
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $744 |
| 2 | Auto-Owners | $852 |
| 3 | Cincinnati Insurance | $876 |
| 4 | Penn National | $926 |
| 5 | Tennessee Farmers | $933 |
| 6 | USAA | $947 |
| 7 | Erie | $987 |
| 8 | Nationwide | $1,012 |
| 9 | Allied | $1,029 |
| 10 | Westfield | $1,069 |
| 11 | GEICO | $1,156 |
| 12 | State Farm | $1,201 |
| 13 | Travelers | $1,213 |
| 14 | Progressive | $1,226 |
| 15 | Shelter | $1,235 |
| 16 | Direct General | $1,238 |
| 17 | State Auto | $1,241 |
| 18 | The Hartford | $1,245 |
| 19 | 21st Century | $1,313 |
| 20 | Chubb | $1,316 |
| Get Personalized Rates Go | ||
Utica National has some of the cheapest car insurance rates in Memphis at around $744 a year. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also are some of the cheapest Memphis, TN auto insurance companies.
As shown above, if you are insured with Penn National and switched to Auto-Owners, you might realize an annual savings of roughly $74. Drivers with Tennessee Farmers could save as much as $81 a year, and USAA customers might see rate reductions of $95 a year.
To see how much you can save, click here to start a quote or visit any of the low-priced companies below.
Bear in mind that those policy rates are averaged across all drivers and vehicles in Tennessee and do not factor in an exact location for active military. So the car insurance company that can offer you the best rate may not even be in the top 30 companies shown above. That point stresses why you need to get auto insurance quotes using your own personal information and vehicle type.
The type of vehicle on the policy is probably the largest consideration when comparison shopping for the lowest-priced auto insurance for active military. Vehicles with economical engines, good safety features, or a track record of few liability claims will cost quite a bit less to insure than higher performance models.
The next list ranks auto insurance prices for a number of the most cost-effective automobiles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 4WD | $1,598 |
| Toyota Prius | $1,733 |
| Dodge Grand Caravan SE | $1,753 |
| Honda Accord EX 4-Dr Sedan | $1,767 |
| Ford Escape XLT 4WD | $1,812 |
| Toyota Tacoma 2WD | $1,818 |
| GMC Sierra SLE Crew Cab 2WD | $1,854 |
| Toyota RAV4 Sport 2WD | $1,864 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $1,888 |
| Ford Explorer Limited 2WD | $1,898 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,953 |
| Honda Odyssey Touring | $1,987 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,995 |
| Ford F-250 XL 2WD | $1,987 |
| Volkswagen Jetta SEL 4-Dr Sedan | $1,992 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $1,987 |
| Ford Edge SE AWD | $2,038 |
| Find Cheaper Rates Go | |
Above prices assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Price estimates do not factor in Memphis, TN location which can modify prices greatly.
By looking at the data, we can expect vehicles like the Honda CR-V, Toyota Prius, and Dodge Grand Caravan are a few of the most economical vehicles to insure for military personnel.
For military personnel, one of the big criteria that determine the annual cost of car insurance is where you live. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas areas with lower crime rates and fewer weather claims tend to receive slightly lower rates.
The table below sorts the most expensive areas in Tennessee for active military in which to buy car insurance. Memphis shows up at #1 with an annual rate of $1,446 for the average insured, which is approximately $121 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Memphis | $1,446 |
| 2 | Bartlett | $1,405 |
| 3 | Germantown | $1,374 |
| 4 | Collierville | $1,349 |
| 5 | Jackson | $1,292 |
| 6 | Knoxville | $1,230 |
| 7 | Columbia | $1,214 |
| 8 | Oak Ridge | $1,210 |
| 9 | Maryville | $1,208 |
| 10 | Clarksville | $1,206 |
| 11 | Murfreesboro | $1,194 |
| 12 | Spring Hill | $1,193 |
| 13 | La Vergne | $1,186 |
| 14 | Cookeville | $1,182 |
| 15 | Nashville | $1,177 |
| 16 | Brentwood | $1,168 |
| 17 | Morristown | $1,159 |
| 18 | Smyrna | $1,159 |
| 19 | Hendersonville | $1,158 |
| 20 | Chattanooga | $1,149 |
| Find Cheaper Insurance Go | ||
Price information shown is comparative as specific location information can change premiums considerably.
Tennessee auto insurance company ratings
Picking the highest-rated car insurance provider is difficult considering how many companies sell coverage in Tennessee. The company ratings displayed below could help you pick which auto insurance companies you want to consider to insure your vehicles.
These rankings are for companies with a national presence, so companies with more of a regional focus are not taken into consideration for these rankings. If you’d like to compare prices from these companies and more, click this link.
Top 10 Large Auto Insurers Overall in Memphis
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Top 10 Large Auto Insurers in Memphis Ranked by Value
- Travelers
- American Family
- Safeco Insurance
- AAA Insurance
- The Hartford
- Progressive
- Erie Insurance
- Esurance
- 21st Century
- Titan Insurance
Discount Memphis auto insurance
Insurance providers that offer quotes for active military may have price discounts that could reduce prices by as much as 30% if you are eligible for them. Large auto insurance companies and a selection of discounts include:
- GEICO may offer discounts for good student, air bags, seat belt use, driver training, membership and employees, and federal employee.
- MetLife discounts include defensive driver, accident-free, multi-policy, good student, good driver, and claim-free.
- Progressive offers discounts for continuous coverage, online signing, online quote discount, multi-vehicle, good student, and multi-policy.
- Travelers has savings for payment discounts, hybrid/electric vehicle, new car, multi-car, student away at school, and save driver.
- SAFECO includes discounts for drive less, teen safety rewards, multi-car, teen safe driver, bundle discounts, anti-theft, and safe driver.
- AAA offers discounts including multi-policy, multi-car, good driver, pay-in-full, anti-theft, education and occupation, and good student.
The illustration below illustrates the difference between insurance rates with and without policy discounts. Data assumes a female driver, no driving violations, no at-fault accidents, Tennessee state minimum liability limits, full coverage, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with defensive driving course, anti-theft, claim-free, homeowner, safe-driver, and passive restraint discounts applied. When these discounts are applied, the average savings per year on auto insurance for active military is 28% or $391.
Driving violations and accidents
The ideal way to earn low auto insurance premiums in Memphis for military personnel is to be a careful driver and not get tickets or have accidents. The information below highlights how traffic violations and at-fault accidents can raise car insurance rates for each different age group. The price estimates are based on a married male driver, full coverage, $1,000 deductibles, and no discounts are applied.
The data above shows the average cost of an auto insurance policy per year with no violations or accidents is $1,035. Get written up for one speeding ticket and the average cost jumps to $1,192, an increase of $156 each year. Then include one accident along with the one speeding ticket and the yearly cost of auto insurance for active military jumps again to an average of $1,621. That’s an increase of $585, or $49 per month, just for being a little careless behind the wheel!
Shop around and save
Memphis, TN auto insurance rates are calculated based on many things which can substantially change the price you pay. Simply having another birthday, buying a different vehicle, or getting caught speeding can produce rate changes that can now make some companies more affordable than the competition.
Not only may your situation change, but insurance companies change prices as often as every quarter in order to protect their financial rating. A period of increased losses may cause increased policy costs, while profitable underwriting may produce cheaper Memphis car insurance rates.
The graph below shows a variety of companies that have the cheapest car insurance in Memphis, TN for a 30-year-old male driver with a clean driving record, no accidents, and a high credit rating. When comparing rates based on his current situation, Utica National offers the best car insurance rates in Memphis at $1,039 per year. This is $289 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Tennessee Farmers are the remainder of the cheapest Memphis, TN auto insurance companies.
The next chart shows rates after we give the driver from above an accident surcharge, less-than-perfect credit, and a traffic ticket or two. Because each company has a proprietary method to establish rates, analyzing rates may result in a different ranking of cheap Memphis auto insurance companies as shown below.
Erie now has the best insurance rate in Memphis, TN with Allied, Nationwide, Westfield, and GEICO now being in the top five. This example illustrates why Memphis drivers need to perform an extensive rate comparison when trying to find the most affordable auto insurance quotes for active military. Auto insurance prices consist of many factors and can change substantially, so the best price a year ago may now be one of the higher cost companies.