Who Has Affordable Memphis Auto Insurance Rates for Drivers Over Age 60?

The words “affordable” and “auto insurance” really should not be used together, in particular when you are looking for the lowest insurance prices for drivers over age 60. To save some money, let’s start the ball rolling by going over some of the factors that influence auto insurance rates, and find some ways to reduce the cost of the next policy you buy.

Deciphering which company has the most affordable car insurance rates for drivers over age 60 will involve a bit more work in order to find the lowest price quote. Every auto insurer uses a slightly different approach for determining prices, so let’s take a look at the most affordable car insurance companies in Memphis, TN.

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Rankings for the cheapest car insurance companies in Tennessee
Rank Company Cost Per Year
1 Utica National $737
2 Cincinnati Insurance $858
3 Auto-Owners $861
4 Tennessee Farmers $933
5 Penn National $935
6 Erie $957
7 USAA $957
8 Nationwide $1,012
9 Allied $1,049
10 Westfield $1,069
11 GEICO $1,122
12 Travelers $1,165
13 State Farm $1,177
14 Shelter $1,187
15 Direct General $1,201
16 The Hartford $1,208
17 Progressive $1,214
18 State Auto $1,217
19 Chubb $1,277
20 21st Century $1,300
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Utica National may have some of the lowest car insurance rates in Memphis at around $737 annually. This is $591 less than the average price paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Tennessee Farmers, and Penn National also make the cut as some of the cheaper Memphis, TN car insurance companies.

As shown in the table above, if you have coverage with Auto-Owners and switched to Utica National, you may see a yearly price reduction of approximately $124. Customers with Tennessee Farmers could save as much as $196 a year, and Penn National insureds might see rate reductions of $198 a year.

To compare your rates to other Tennessee insurance companies, click here to get quotes or feel free to get quotes from the companies below.

Understand that those premium estimates are averages across all insureds and vehicles and are not factoring in a specific location for drivers over age 60. So the insurer that can offer you the best rate may not even be in the list above. That illustrates why you need to get rate quotes using your own specific driver and vehicle information.

The vehicle that is being insured is one of the largest factors that determines whether or not you find the most affordable car insurance for drivers over age 60. Vehicles with high performance engines, a lack of safety features, or a history of substantial liability claims will cost much more to insure than safer, lower-performance models. The next table presents auto insurance prices for a number of the cheapest vehicles to buy insurance for.

Cheapest Vehicles to Insure in Memphis, TN
Make, Model, and Trim Level Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,376
Ford Escape XLT 4WD $1,405
Honda CR-V EX-L 2WD $1,411
Ford Edge SE 2WD $1,514
Toyota Prius $1,522
Ford F-150 XL Crew Cab 4WD $1,573
Honda Odyssey EX W/Rear Entertainment $1,600
Chevrolet Impala LT $1,630
Chevrolet Malibu Hybrid $1,637
Toyota RAV4 4WD $1,630
Volkswagen Jetta LE 4-Dr Sedan $1,638
Ford Fusion S 4-Dr Sedan $1,630
GMC Sierra SL Extended Cab 2WD $1,636
Ford Explorer Limited 4WD $1,660
Toyota Tacoma Double Cab 4WD $1,668
Dodge Grand Caravan SXT $1,660
Nissan Altima 2.5 S 4-Dr Sedan $1,717
Hyundai Elantra GLS 4-Dr Sedan $1,723
Toyota Camry SE $1,717
Toyota Corolla LE $1,723
Chevrolet Equinox LTZ AWD $1,747
Nissan Rogue S 2WD $1,752
Jeep Grand Cherokee Limited 4WD $1,747
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Cost estimates assume single female driver age 60, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Prices do not factor in the specific area where the vehicle is garaged which can change price quotes significantly.

Based upon the rates shown, we can conclude that cars like the Honda Accord, Ford Escape, Honda CR-V, and Ford Edge are going to be a few of the most budget-friendly vehicles to insure for older drivers.

For older drivers, one of the big components that help determine car insurance rates is where you live. Areas with a lot of weather claims or more people are more likely to pay higher prices, whereas more rural areas have the enjoyment of a little cheaper coverage.

The next table rates the most expensive areas in Tennessee for drivers over age 60 to purchase a policy in. Memphis makes the list at #1 with the yearly price of $1,460 for the average insured, which is around $122 monthly.

How much does car insurance cost in Memphis, TN?
Rank City Premium Per Year
1 Memphis $1,460
2 Bartlett $1,377
3 Germantown $1,374
4 Collierville $1,349
5 Jackson $1,253
6 Columbia $1,214
7 Oak Ridge $1,210
8 Clarksville $1,206
9 Nashville $1,201
10 Knoxville $1,194
11 Murfreesboro $1,183
12 Cookeville $1,182
13 Spring Hill $1,169
14 La Vergne $1,162
15 Maryville $1,160
16 Morristown $1,159
17 Chattanooga $1,149
18 Smyrna $1,148
19 Brentwood $1,133
20 Gallatin $1,133
21 Franklin $1,129
22 Hendersonville $1,124
23 Cleveland $1,091
24 Johnson City $1,073
25 Kingsport $1,057
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Premium costs are approximated as the specific garaging location can modify rates considerably.

Drive responsibly or pay higher rates

A great way to snag affordable car insurance premiums for older drivers is to be a cautious driver and avoid tickets and accidents. The example below demonstrates how citations and at-fault claims impact car insurance costs for different categories of driver ages. The data assumes a married male driver, comprehensive and collision coverage, $500 deductibles, and no policy discounts are applied.

The data charted above shows the average cost of car insurance in Tennessee per year with no violations or accidents is $1,548. Get one speeding ticket and the average cost rises to $1,781, an increase of $232 each year. Now add in two accidents along with the one speeding ticket and the annual cost of car insurance for drivers over age 60 jumps again to an average of $3,880. That’s an increase of $2,331, or $194 per month, just for not paying attention while driving!

Ending up with the highest-rated car insurance provider is difficult considering how many companies provide coverage in Tennessee. The ranking information displayed below can help you analyze which providers to look at putting your business with. The ratings below are for companies with a nationwide focus, so companies that focus mainly on Tennessee business are not factored into these rankings.

Top 10 Large Auto Insurance Companies in Memphis Ranked by Claims Service

  1. Travelers
  2. Nationwide
  3. Allstate
  4. State Farm
  5. Liberty Mutual
  6. GEICO
  7. American Family
  8. Esurance
  9. AAA Insurance
  10. Titan Insurance

Top 10 Large Auto Insurance Companies Overall in Memphis

  1. Travelers
  2. USAA
  3. AAA Insurance
  4. Nationwide
  5. Allstate
  6. State Farm
  7. The Hartford
  8. Safeco Insurance
  9. Progressive
  10. American Family

The illustration below shows how different deductible levels can increase or decrease insurance prices when trying to find cheap insurance for drivers over age 60. The information is based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.

In the chart above, a 40-year-old driver could lower their policy premium by $236 a year by changing from a $100 deductible up to a $500 deductible, or save $356 by using a $1,000 deductible. Youthful drivers, like the 20-year-old category, can cut $586 each year by choosing larger deductibles on their policy. If you do make the decision to raise your deductibles, it is necessary to have enough savings to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

The insurance agents in Memphis listed below are a good start to help you determine which coverages are best, as many people would rather have professional advice when buying car insurance for older drivers. It can be hard to find the cheapest car insurance policy, so insurance agents can provide you peace of mind knowing your policy gives you sufficient protection if you have a claim.

To find an auto insurance agency close to where you live, click the button link following the list.

C R Everhart Insurance Agency
5986 Knight Arnold RdMemphis, TN 38115(901) 362-0545

Allstate Insurance: Willie E. Martin
3315 Kirby PkwyMemphis, TN 38115(901) 365-2008

Oseman Insurance Agency
6750 Poplar Ave #410Memphis, TN 38138(901) 562-0151

Heath Johnson – State Farm Insurance Agent
2657 Appling Rd #101Memphis, TN 38133(901) 372-2228

More insurance agents in Memphis, TN