Who Has Affordable Auto Insurance for Drivers with Accidents in Memphis?

The words “bargain” and “insurance” probably shouldn’t be used in the same sentence, especially when you are trying to find the best price on coverage for drivers with accidents. In an attempt to save some money, let’s go over a few of the factors that determine auto insurance premiums, and see if we can help you shave a little off your next policy.

The type of vehicle that is being insured is probably the most important factor when shopping for cheap auto insurance for drivers with accidents. Vehicles with lower performance, excellent safety ratings, or a low likelihood of having liability claims will cost significantly less to insure than higher performance models.

The information below features car insurance prices for a handful of the more affordable vehicles to insure in Tennessee.

Cheapest Vehicles to Insure in Memphis, TN
Insured Vehicle Estimated Cost for Full Coverage
Honda CR-V EX-L 4WD $3,461
Volkswagen Jetta S 2.5 Station Wagon $3,669
Ford Escape XLT 4WD $3,704
Toyota Prius $3,710
Honda Odyssey LX $3,802
Chevrolet Silverado LT Extended Cab 4WD $4,054
Jeep Wrangler Sport Islander Package 4WD 2-Dr $4,065
Ford F-150 XL Crew Cab 4WD $4,159
Ford Focus SEL 4-Dr Sedan $4,219
Ford Explorer XLT AWD $4,257
Honda Civic DX 4-Dr Sedan $4,289
Chevrolet Equinox LTZ AWD $4,303
Chevrolet Malibu LTZ $4,312
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Premium data assumes single female driver age 40, no speeding tickets, two at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Prices do not factor in specific Memphis, TN garaging location which can revise auto insurance rates considerably.

Based upon the table data, we can infer that models like the Honda CR-V, Volkswagen Jetta, and Ford Escape are going to be some of the most affordable vehicles to insure for drivers with at-fault accidents. Rates will tend to be higher just because there is more claim exposure for drivers with accidents, but overall those particular models will probably have the lowest prices compared to all other vehicles.

One of the many factors that are looked at to help calculate the amount you pay each year for auto insurance is where you live in Memphis. More populated areas will most likely have higher rates, whereas areas with less crime or weather claims benefit from lower coverage costs.

The table below lists the priciest cities in Tennessee for drivers with accidents to purchase car insurance in. Memphis ranks #1 with the yearly price of $1,505 for the average insurance policy, which is approximately $125 per month.

Car insurance prices in Memphis
Rank City Premium Per Year
1 Memphis $1,505
2 Bartlett $1,405
3 Collierville $1,363
4 Germantown $1,320
5 Jackson $1,266
6 Nashville $1,213
7 Oak Ridge $1,210
8 Knoxville $1,194
9 Brentwood $1,179
10 Columbia $1,178
11 Franklin $1,175
12 Maryville $1,172
13 Cookeville $1,171
14 Clarksville $1,170
15 La Vergne $1,162
16 Morristown $1,159
17 Murfreesboro $1,159
18 Smyrna $1,159
19 Hendersonville $1,158
20 Spring Hill $1,157
21 Gallatin $1,155
22 Chattanooga $1,149
23 Cleveland $1,091
24 Kingsport $1,057
25 Johnson City $1,031
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Premium costs are comparative as zip code location can decrease or increase rates substantially.

The illustration below highlights how deductible selection can affect yearly insurance costs when trying to find cheap insurance for drivers with accidents. The information is based on a single female driver, full physical damage coverage, and no other discounts are factored in.

In the chart above, a 30-year-old driver could pocket $354 a year by increasing from a $100 deductible to a $500 deductible, or save $532 by selecting a $1,000 deductible. Youthful drivers, like the age 20 example, could save $794 annually just by choosing higher deductibles when buying full coverage. If you do decide to increase your deductibles, it will be required to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.

Best car insurance in Memphis

Buying coverage from a high-quality auto insurance provider can be rather challenging considering how many companies sell insurance in Memphis. The rank data shown below can help you decide which car insurance companies you want to consider when trying to find the cheapest insurance for drivers with accidents.

The ratings below are only made up of the largest companies in the United States, so companies that only write business in Tennessee or surrounding areas will not be included in this list. If you’d like to compare prices from these and other competitive companies, click this link.

Top 10 Large Auto Insurance Providers in Memphis Ranked by Value

  1. Travelers
  2. American Family
  3. Safeco Insurance
  4. AAA Insurance
  5. The Hartford
  6. Progressive
  7. Erie Insurance
  8. Esurance
  9. 21st Century
  10. Titan Insurance

Top 10 Large Auto Insurance Providers in Memphis Ranked by A.M. Best Rating

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Esurance – A+
  6. Progressive – A+
  7. Titan Insurance – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

Why you should be comparing rates

Tennessee car insurance rates are calculated based on many things that may substantially change the cost of your policy. Getting older, buying a home instead of renting, or getting a ticket for running a stop sign can trigger price changes resulting in some companies being more affordable than the competition. Also, auto insurance companies change the rates they charge in Tennessee as often as every quarter in order to protect their financial rating. Higher than normal claim frequency or severity can cause higher priced premiums, while lower claim expenses can cause lower-cost Memphis car insurance rates.

To help illustrate this point, the bar chart below shows the company with the cheapest car insurance in Memphis, TN for a 40-year-old male driver with a clean driving record, no accidents, and great credit. If we compare prices based on his current risk profile, Utica National might quote the cheapest car insurance rates in Memphis at $998 a year. This is $330 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA round out the rest of the cheapest Memphis, TN auto insurance companies.

In this next rate comparison, we will give the driver in the first example an accident surcharge, a lower credit rating, and a few blemishes on his driving record. Since each company uses their own calculation to set premium rates, analyzing rates may now show a substantially altered list of affordable companies as shown below.

Erie now has the best insurance rate in Memphis, TN with Nationwide, Allied, Westfield, and GEICO now rounding out the top five. This example proves why Tennessee drivers need to perform a complete rate comparison when trying to get the best insurance quotes for drivers with accidents.

Insurance prices are calculated by many factors and can change substantially, so the most economical company when you bought your policy may now be an over-priced policy.

How to find the cheapest insurance for drivers with accidents

Lowering your rates is not difficult, and here are some thrifty suggestions that can help drivers quote lower-cost auto insurance.

The last suggestion is particularly critical, as we stressed in the prior article. Car insurance rates can be modified anytime, so drivers shouldn’t be reluctant to buy from a different company if you find a cheaper price. Having a favorite company is great, but it’s not recommended if that loyalty results in overpaying a fortune every year. It only takes a couple minutes to compare prices and find cheaper car insurance for drivers with accidents in Memphis.

If you aren’t clear which coverage you need and would like to have the advice of a professional agent when shopping around for cheaper insurance for drivers with at-fault accidents, the agencies below can help you determine which coverages are best.

To find a Memphis insurance agent in your neighborhood, click the button following the list or click here to compare rates now.

Nationwide Insurance: The James Agency LLC
4778 Summer Ave Ste 1Memphis, TN 38122(901) 266-5507

Ulysses Cosby – State Farm Insurance Agent
248 Cooper StMemphis, TN 38104(901) 276-1044

Farmers Insurance: Calvit Ratcliffe
5865 Ridgeway Center Pkwy #300Memphis, TN 38120(901) 761-6083

Arther Wells – State Farm Insurance Agent
4205 Hacks Cross Rd #116Memphis, TN 38125(901) 363-9217

Allstate Insurance: Ezekeil Hudson
53 Monroe AveMemphis, TN 38103(901) 235-9315

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