The words “low-cost” and “insurance” really shouldn’t be used in the same sentence, specifically when you are trying to find the best insurance rates for used cars. Let’s get started by showing you some of the factors that determine auto insurance rates, and figure out some ways to slash the price of your next policy.
Determining which companies quote the best auto insurance rates for used cars takes a little more work than just comparing a company or two. Every insurance provider uses different criteria to determine rates, so let’s rank the overall cheapest auto insurance companies in Memphis.
It’s a good idea to be aware that Memphis, TN auto insurance rates are impacted by many factors that control the cost of your policy. Simply turning a year older, buying another vehicle, or getting caught speeding can trigger rate changes resulting in some rates now being more affordable than the competition.
Find Cheaper Auto Insurance for Used Cars
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $760 |
| 2 | Cincinnati Insurance | $850 |
| 3 | Auto-Owners | $861 |
| 4 | Tennessee Farmers | $923 |
| 5 | Penn National | $935 |
| 6 | USAA | $957 |
| 7 | Erie | $997 |
| 8 | Nationwide | $1,042 |
| 9 | Westfield | $1,047 |
| 10 | Allied | $1,049 |
| 11 | GEICO | $1,122 |
| 12 | State Farm | $1,177 |
| 13 | Progressive | $1,178 |
| 14 | Travelers | $1,201 |
| 15 | Direct General | $1,201 |
| 16 | The Hartford | $1,208 |
| 17 | Shelter | $1,235 |
| 18 | State Auto | $1,241 |
| 19 | 21st Century | $1,261 |
| 20 | Chubb | $1,290 |
| View More Rates Go | ||
Utica National may offer some of the most affordable car insurance rates in Memphis at around $760 a year. Cincinnati Insurance, Auto-Owners, Tennessee Farmers, and Penn National would also make the list of some of the best Memphis, TN auto insurance companies.
In the above example, if you are a policyholder with Penn National and switched to Cincinnati Insurance, you could see yearly savings of in the neighborhood of $85. Customers with USAA may save as much as $107 a year, and Erie policyholders might realize rate reductions of up to $147 a year.
To find out how much you can save, click here to start a quote or quote prices from the following companies.
It’s important to note that these policy prices are averaged for all types of drivers and the different vehicles they drive and do not take into consideration a vehicle location for used cars. So the insurer that has the lowest price for you may not even be in the top 30 companies in the list above. That points out the importance of why you need to get car insurance quotes using your own driver data and vehicle information.
The vehicle on the policy is a large factor when trying to find low-cost car insurance for used cars. Vehicles with economical engines, modern passenger safety features, or a track record of few liability claims will cost less to insure than high performance models.
The next list estimates auto insurance prices for the cheapest vehicles to buy coverage for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 4WD | $1,443 |
| Honda CR-V LX 2WD | $1,451 |
| Toyota RAV4 Limited 4WD | $1,704 |
| Toyota Camry LE | $1,711 |
| Ford Explorer Eddie Bauer AWD | $1,740 |
| Ford F-150 XL Super Cab 2WD | $1,760 |
| Toyota Tacoma 4WD | $1,763 |
| Hyundai Elantra SE 4-Dr Sedan | $1,793 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,804 |
| Toyota Prius | $1,810 |
| Ford Focus S 4-Dr Sedan | $1,822 |
| Honda Odyssey EX W/Rear Entertainment | $1,831 |
| GMC Sierra SLE Crew Cab 4WD | $1,828 |
| Compare Rates Now Go | |
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, multi-policy, and claim-free. Information does not factor in garaging location in Memphis, TN which can impact insurance rates greatly.
By looking at the data, we can conclude that cars like the Ford Escape, Honda CR-V, and Toyota RAV4 will definitely be a few of the most affordable vehicles to insure for pre-owned vehicles.
One of the more important considerations that determine insurance cost is where you normally keep your vehicle. Areas with more people or higher crime rates likely pay more, whereas areas that tend to be more rural benefit from lower coverage costs.
The table below shows the most expensive areas in Tennessee for used cars to purchase car insurance in. Memphis ranks #1 with a yearly cost of $1,446 on average, which is around $121 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Memphis | $1,446 |
| 2 | Bartlett | $1,419 |
| 3 | Germantown | $1,374 |
| 4 | Collierville | $1,323 |
| 5 | Jackson | $1,305 |
| 6 | Knoxville | $1,230 |
| 7 | Columbia | $1,226 |
| 8 | Oak Ridge | $1,223 |
| 9 | Clarksville | $1,206 |
| 10 | Spring Hill | $1,205 |
| 11 | Murfreesboro | $1,183 |
| 12 | Nashville | $1,177 |
| 13 | Maryville | $1,172 |
| 14 | La Vergne | $1,162 |
| 15 | Chattanooga | $1,149 |
| 16 | Smyrna | $1,148 |
| 17 | Franklin | $1,140 |
| 18 | Hendersonville | $1,136 |
| 19 | Cookeville | $1,136 |
| 20 | Brentwood | $1,133 |
| 21 | Gallatin | $1,133 |
| 22 | Morristown | $1,125 |
| 23 | Cleveland | $1,102 |
| 24 | Johnson City | $1,073 |
| 25 | Kingsport | $1,068 |
| Quote Best Rates Go | ||
Premium costs are estimated as vehicle location can change rates noticeably.
Discounts on Memphis car insurance rates
Auto insurance companies that provide policies for used cars may additionally offer price discounts that could lower prices by as much as 35% or more if you meet the requirements. A few of the larger companies and a partial list of their discounts are detailed below.
- Esurance offers discounts including Pac-12 alumni, defensive driver, multi-car, multi-policy, and emergency road assistance.
- The Hartford discounts include anti-theft, good student, defensive driver, driver training, air bag, bundle, and vehicle fuel type.
- AAA policyholders can earn discounts including AAA membership discount, education and occupation, anti-theft, pay-in-full, good driver, and multi-car.
- GEICO may include discounts for daytime running lights, multi-vehicle, multi-policy, driver training, seat belt use, air bags, and five-year accident-free.
- State Farm has discounts for multiple policy, student away at school, accident-free, good driver, Steer Clear safe driver discount, safe vehicle, and multiple autos.
The illustration below shows the difference between car insurance rates with and without some available policy discounts. The price estimates are based on a female driver, no driving violations, no at-fault accidents, Tennessee state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with vehicle safety, homeowner, marriage, defensive driving course, multiple policy, and accident-free discounts applied. When taking advantage of discounts, the average amount saved each year on auto insurance for used cars is 28% or $433.
Drive responsibly or pay higher rates
The recommended way to receive affordable auto insurance rates for pre-owned vehicles is to be a careful driver and avoid accidents and traffic violations. The information below shows how speeding tickets and at-fault fender-benders increase insurance rates for each age group. The data assumes a married male driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied to the premium.
In the example above, the average cost of car insurance in Tennessee per year with no accidents and a clean driving record is $1,165. Add in one speeding ticket and the average cost surges to $1,339, an increase of $174 each year. Then throw in two accidents along with the one speeding ticket and the yearly cost of auto insurance for used cars jumps again to an average of $2,896. That’s an increase of $1,731, or $144 per month, just for not driving attentively!
How to find more affordable insurance for used cars
The list below shows a few money-saving solutions that can help drivers find lower-cost coverage.
- Do not get traffic violations
- Accident-free drivers may qualify for discounts
- Vehicles with safetly features generally cost less to insure
- Avoid filing excessive claims
- Good credit can help you save money
- Compare price quotes at least once a year
The final tip is notably crucial, as was noted in the prior information. Coverage rates change a lot, so don’t be afraid to buy from a different company if you find a cheaper price.
Being loyal to a particular company is commendable, but is isn’t recommended if that devotion results in you overpaying several hundred dollars every year. Take a couple minutes and compare rates and find cheaper insurance for used cars in Memphis.
If you prefer to have professional advice when trying to find the best insurance rates for used cars, the agencies below can probably help you make a decision which insurance coverage will be best for you.
To locate a Memphis insurance agent nearest to you, click the button at the bottom.
- Kathy Thurmond-Edwards- State Farm Insurance Agent
680 W Brookhaven Cir – Memphis, TN 38117 – (901) 767-7744 - Nationwide Insurance: The James Agency LLC
4778 Summer Ave Ste 1 – Memphis, TN 38122 – (901) 266-5507 - Bill Blake Auto Insurance
5724 Mt Moriah Rd – Memphis, TN 38115 – (901) 432-5551