How Much are Auto Insurance Rates for Drivers Requiring a SR22 in Memphis?

The car, truck, or SUV requiring insurance is probably the largest consideration in finding economical coverage for drivers requiring a SR22. Vehicles with economical engines, a plethora of safety features, or a low likelihood of liability claims will cost significantly less to insure than higher performance models. The information below features insurance premiums for the more affordable automobiles to buy coverage for.

Cheapest Vehicles to Insure in Memphis, TN
Insured Vehicle Estimated Cost for Full Coverage
Ford Escape Limited 2WD $6,226
Honda CR-V EX-L 4WD $6,233
Toyota Prius $6,331
Ford Edge SE 2WD $6,586
Jeep Wrangler Sport 4WD 2-Dr $6,705
Honda Accord EX-L 4-Dr Sedan $6,728
Chevrolet Impala LS $6,899
Ford Explorer XLT AWD $6,955
Honda Civic VP 4-Dr Sedan $7,213
Ford Focus SE 4-Dr Sedan $7,216
Hyundai Elantra GLS 4-Dr Sedan $7,280
Toyota RAV4 2WD $7,286
Toyota Camry LE $7,291
Dodge Grand Caravan Hero $7,286
Toyota Tacoma Double Cab TRD Sport Package 4WD $7,358
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Table data represents single female driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, multi-policy, and homeowner. Rate quotes do not factor in specific location information which can increase or decrease insurance rates considerably.

Looking at the numbers, makes and models like the Ford Escape, Honda CR-V, Toyota Prius, Ford Edge, and Jeep Wrangler are most likely to be the less-costly vehicles to insure for high risk drivers. Auto insurance rates will tend to be more expensive anyway just due to the fact that there is more liability exposure for drivers requiring a SR22, but in general those makes and models will tend to have the best insurance prices compared to other vehicles.

For high risk drivers, one of the largest components that determine car insurance rates is where your residence is in Memphis. Cities with larger populations or higher claim trends will most likely have higher rates, whereas areas with less crime or weather claims have the benefit of cheaper auto insurance prices.

The following table rates the most expensive cities in Tennessee for drivers requiring a SR22 to buy an auto insurance policy in. Memphis comes in at #1 with an annual premium of $1,446 on average, which is approximately $121 per month.

How much does car insurance cost in Memphis, TN?
Rank City Annual Rate
1 Memphis $1,446
2 Bartlett $1,377
3 Collierville $1,323
4 Germantown $1,320
5 Jackson $1,253
6 Columbia $1,214
7 Oak Ridge $1,210
8 Clarksville $1,206
9 La Vergne $1,197
10 Maryville $1,196
11 Spring Hill $1,193
12 Smyrna $1,183
13 Murfreesboro $1,183
14 Knoxville $1,182
15 Morristown $1,171
16 Nashville $1,165
17 Cookeville $1,147
18 Brentwood $1,144
19 Hendersonville $1,136
20 Cleveland $1,135
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Premium costs are estimated as the specific garaging location can impact coverage prices noticeably.

Deciphering which company quotes the cheapest insurance rates for drivers requiring a SR22 will require a bit more effort in order to find the best price.

Every insurance provider has their own formula to establish rates, so let’s examine the overall cheapest insurance companies in Memphis, TN. It’s important to understand that Memphis, TN insurance rates are impacted by many things that control the cost of having a policy. Simply getting older, buying a different vehicle, or getting a few speeding tickets can trigger changes in premium that may make certain companies cheaper than competitors.

Best Auto Insurance Prices for SR22 Drivers

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Rankings for the cheapest Tennessee auto insurance companies
Rank Company Cost Per Year
1 Utica National $744
2 Cincinnati Insurance $850
3 Auto-Owners $861
4 Penn National $899
5 USAA $919
6 Tennessee Farmers $961
7 Erie $987
8 Allied $1,029
9 Nationwide $1,032
10 Westfield $1,069
11 GEICO $1,122
12 Progressive $1,190
13 Shelter $1,199
14 Travelers $1,201
15 State Farm $1,213
16 State Auto $1,217
17 Direct General $1,251
18 The Hartford $1,258
19 21st Century $1,274
20 Chubb $1,290
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Utica National may offer some of the most affordable car insurance rates in Memphis at around $744 a year. Cincinnati Insurance, Auto-Owners, Penn National, and USAA also qualify as some of the cheapest Memphis, TN insurance companies.

In the above example, if you currently have coverage with Auto-Owners and switched to Utica National, you might realize annual savings of in the vicinity of $117. Drivers with Penn National may save as much as $155 a year, and USAA insureds might cut rates by $175 a year.

To find out how much you can save, click here to get quotes or visit any of the companies below.

Understand that those policy rates are averaged across all drivers and vehicles in Tennessee and do not take into consideration a specific location for drivers requiring a SR22. So the car insurance company that fits your situation best may not even be in the top 30 companies in the list above. That’s why you need to get rate quotes from many companies using your own specific driver and vehicle information.

Ending up with a good quality car insurance company can be difficult considering how many choices drivers have in Tennessee. The company information below can help you choose which car insurance companies to look at shopping your coverage with. These ratings only include major nationwide insurance companies, so companies that may only write in Tennessee will not be included in the list.

Top 10 Large Auto Insurers 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 Insurers 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

Accidents and violations increase rates

In a perfect world, the best way to maintain cheap insurance rates for high risk drivers is to be a careful driver and avoid accidents and keep your driving record clean. The information below highlights how speeding tickets and accident claims can drive up auto insurance rates for each different age group. The data assumes a married male driver, full physical damage coverage, $1,000 deductibles, and no additional discounts are factored in.

The data charted above shows the average cost of auto insurance per year with no accidents and a clean driving record is $1,376. Add in two speeding tickets and the average cost hikes up to $1,888, an increase of $512 each year. Then add in one accident along with the two speeding tickets and the yearly cost of insurance for drivers requiring a SR22 increases to an average of $2,417. That’s an increase of $1,041, or $87 per month, just for a couple of infractions!

If you have questions and prefer to get some help when trying to find lower insurance rates for high risk drivers, the professional agents shown below are willing to help you determine which coverages are best.

To find an auto insurance agency near you, click the button at the bottom.

More insurance agents in Memphis, TN

Ideas for finding cheaper car insurance for drivers requiring a SR22

Lowering your rates is not difficult, and here are some penny-pinching solutions that can help you buy cheap coverage.

The last item on the list is remarkably critical, as we noted in the article above. Car insurance rates adjust often, so don’t hesitate to change insurance companies if a lower-cost policy is available. Many drivers tend to have loyalty to a certain company, but is isn’t recommended if that stubbornness costs you major coinage every year. Spend a few minutes and compare rates to find cheaper car insurance for drivers requiring a SR22 in Memphis.