Buying cheap car insurance for a Honda Accord in Tennessee hinges on a large number of rating criteria such as age of the driver, whether or not you have filed claims in the past, and citations or violations on your driving record. Drivers in Tennessee pay approximately $653 annually for Accord insurance, but that amount is an estimate calculated based on a 40-year-old married female driver with full comprehensive and collision coverage and $1,000 deductibles.
But there is a good chance that you’re not a 40-year-old female, maybe you are single instead of married, or maybe you prefer higher deductibles. Even a slight change in rating factors or requested coverage amount may result in significant differences in policy price.
There is no perfect policy for every driver, so the way we recommend to find cheap insurance rates for your Honda is to do the rate comparisons yourself.
The specific model of Accord will have an impact the yearly cost, so the rate you will pay to insure a Accord LX 4-Dr Sedan model will cost $226 less than the insurance cost for the high end Accord EX-L 2-Dr Coupe model, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accord LX 4-Dr Sedan||$104||$190||$258||$16||$78||$646||$54|
|Accord EX 4-Dr Sedan||$104||$190||$258||$16||$78||$646||$54|
|Accord LX-P 4-Dr Sedan||$104||$190||$258||$16||$78||$646||$54|
|Accord EX-L 4-Dr Sedan||$118||$232||$258||$16||$78||$702||$59|
|Accord EX 2-Dr Coupe||$118||$274||$342||$20||$102||$856||$71|
|Accord LX-S 2-Dr Coupe||$118||$274||$342||$20||$102||$856||$71|
|Accord EX-L 2-Dr Coupe||$134||$274||$342||$20||$102||$872||$73|
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Table data represents married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Rate quotes do not factor in vehicle garaging location which can influence coverage prices considerably.
Memphis insurance companies ranked
Picking a high-quality auto insurance company can be a challenge considering how many companies sell coverage in Tennessee. The company information shown below could help you pick which car insurance providers to look at comparing prices from.
These ratings are only made up of large, nationwide insurance companies, so companies that only write business in Tennessee or surrounding areas are not included in these rankings. To check rates from the most competitive companies in Tennessee, just click here.
Top 10 Major Auto Insurance Companies in Memphis Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Esurance – A+
- Progressive – A+
- Titan Insurance – A+
- The Hartford – A+
- Allstate – A+
- Nationwide – A+
Top 10 Major Auto Insurance Companies Overall in Memphis
- AAA Insurance
- State Farm
- The Hartford
- Safeco Insurance
- American Family
The chart below demonstrates how deductibles can influence insurance costs when getting quotes for cheap insurance for a Honda Accord. The data assumes a single male driver, full coverage, and no policy discounts are applied.
The data above shows that a 50-year-old driver could reduce rates by $238 a year by switching from a $100 deductible up to a $500 deductible, or save $360 by using a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, could lower their rates up to $778 or even more by selecting a higher deductible. If you do raise deductibles, it will now be necessary to have spare funds to enable you to pay the extra out-of-pocket expense associated with higher deductibles.
The benefit of shopping around
Memphis insurance rates are based on many factors that control the price you pay for coverage. Getting older, moving to a new city, or getting a ticket for careless driving can trigger price changes resulting in some companies being more affordable than the competition. Additionally, insurance companies modify rates multiple times each year to help ensure profitability. Higher than normal claim frequency or severity may result in additional price hikes, while profitable underwriting can produce cheaper Accord insurance rates.
To illustrate this point, the bar chart below shows the company with the cheapest car insurance in Memphis, TN for a 40-year-old female driver with no violations or accidents, and excellent credit. If we look at prices based on her current risk factors, Utica National may offer the cheapest car insurance rates in Memphis at $1,049 each year. This is $279 less than the average policy premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Tennessee Farmers are also included in the best Memphis, TN auto insurance companies.
The next chart shows rates after we give the driver in the first chart some claims, slightly worse credit, and a stop sign violation. Since each insurance company has their own guidelines for determining rates in each state, comparing quotes may now show a different ranking of the cheapest companies as shown below.
Erie now has the best price in Memphis, TN with Nationwide, Allied, Westfield, and GEICO also having competitive pricing. This demonstrates why consumers need to compare many different companies to find affordable car insurance quotes for a Honda Accord. Rates can be altered by many risk factors and change dramatically, so the cheapest rate a year ago may now not even be in the top five.