What Auto Insurance is Cheapest for Drivers Over Age 50 in Memphis?

You have seen the catchy commercials from car insurance companies like Allstate and Farmers that promise dirt cheap rates. So drivers should just choose any of them, right?

That is not the case, however, as there are a ton of unknowns such as the type of vehicle you drive, whether you are male or female, your financial stability, and if you have maintained coverage continuously. This article covers the best ways to find cheap auto insurance and hopefully give you enough understanding to have a good beginning to your quest for cheaper car insurance in Tennessee.

Figuring out which companies offer the most affordable insurance rates for drivers over age 50 may require a bit more effort in order to find a policy that fits your budget. Each insurer has a proprietary method for setting rates, so to begin we’ll rank the insurance companies with the overall cheapest rates in Tennessee.

It’s a good idea to be aware that Tennessee insurance rates are calculated based on many things that can increase the policy premium. Getting older, marrying your spouse, or getting into an accident may generate price changes that can now make some companies cheaper than before.

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Who has the cheapest car insurance in Tennessee?
Rank Company Cost Per Year
1 Utica National $767
2 Auto-Owners $827
3 Cincinnati Insurance $876
4 Penn National $899
5 USAA $919
6 Tennessee Farmers $933
7 Erie $997
8 Allied $1,018
9 Nationwide $1,032
10 Westfield $1,079
11 GEICO $1,144
12 Progressive $1,190
13 State Farm $1,201
14 Direct General $1,201
15 State Auto $1,204
16 Travelers $1,213
17 Shelter $1,235
18 The Hartford $1,258
19 Chubb $1,277
20 21st Century $1,313
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Utica National has some of the most affordable car insurance rates in Memphis at around $767 a year. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the more affordable Memphis, TN auto insurance companies.

As the example above demonstrates, if you currently have coverage with Cincinnati Insurance and switched to Utica National, you might see an annual premium reduction of upwards of $109. Policyholders with Penn National might save as much as $132 a year, and USAA customers might see rate reductions of $152 a year.

If you would like to find cheaper car insurance rates, click here to get a free quote or visit any of the low-priced companies below.

Remember that these rates are averaged for all ages of drivers and types of vehicles and are not factoring in an exact vehicle garaging location for drivers over age 50. So the insurer that is best for you may not even be in the list above. That emphasizes why you need to get car insurance quotes using your own specific driver and vehicle information.

The vehicle you are buying coverage for is probably the largest consideration that determines if you can find the cheapest coverage for drivers over age 50. Vehicles with reasonable performance levels, a great safety record, or a low likelihood of having liability claims will cost quite a bit less to insure than fast, unsafe models.

The list below estimates auto insurance costs for a number of the most economical automobiles to buy coverage for.

Cheapest Vehicles to Insure in Memphis, TN
Vehicle Estimated Cost for Full Coverage
Ford Escape XLT 2WD $1,560
Honda Accord EX 4-Dr Sedan $1,570
Honda CR-V EX 2WD $1,560
Toyota Prius $1,732
Dodge Grand Caravan SE $1,751
Ford F-150 XL Regular Cab 4WD $1,759
Chevrolet Impala LS $1,816
Chevrolet Equinox LT 2WD $1,853
Chevrolet Malibu LS $1,862
Jeep Grand Cherokee Laredo 2WD $1,853
GMC Sierra SLE Crew Cab 2WD $1,862
Toyota Tacoma Double Cab 4WD $1,853
Toyota RAV4 Limited 2WD $1,861
Jeep Wrangler Unlimited Sport 2WD 4-Dr $1,867
Ford Explorer Eddie Bauer AWD $1,887
Nissan Altima 2.5 S 4-Dr Sedan $1,951
Toyota Corolla S $1,960
Ford Edge Sport AWD $1,951
Honda Odyssey EX-L $1,958
Hyundai Elantra SE 4-Dr Sedan $1,951
Nissan Rogue SL 2WD $1,982
Chevrolet Silverado LTZ Crew Cab 4WD $1,985
Volkswagen Jetta SEL 4-Dr Sedan $1,995
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Price estimates do not factor in specific zip code location which can revise auto insurance rates substantially.

Based upon the table data, we can tell that makes and models like the Ford Escape, Honda Accord, Honda CR-V, Toyota Prius, and Dodge Grand Caravan are going to be the cheapest vehicles to insure for older drivers.

For older drivers, one of the largest criteria that help determine the amount you pay for auto insurance is where you keep your vehicle. More populated areas will most likely pay more, whereas areas with lower crime rates and fewer weather claims benefit from having to pay less for coverage.

The illustration below shows the most expensive cities in Tennessee for drivers over age 50 to buy auto insurance in. Memphis shows up at #1 with an annual cost of $1,446 for the average policyholder, which is around $121 each month.

How much does car insurance cost in Memphis, TN?
Rank City Annual Premium
1 Memphis $1,446
2 Bartlett $1,419
3 Germantown $1,334
4 Collierville $1,323
5 Jackson $1,305
6 Columbia $1,226
7 Oak Ridge $1,223
8 Knoxville $1,218
9 La Vergne $1,197
10 Smyrna $1,194
11 Spring Hill $1,169
12 Gallatin $1,167
13 Nashville $1,165
14 Maryville $1,160
15 Murfreesboro $1,159
16 Clarksville $1,158
17 Hendersonville $1,158
18 Chattanooga $1,149
19 Franklin $1,140
20 Morristown $1,137
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Rates are comparative as the specific garaging location can decrease or increase coverage prices noticeably.

Rate comparison of full coverage and liability-only

Saving money when shopping for insurance should be important to most drivers, and one of the quickest ways to lower the cost of insurance for drivers over age 50 is to buy only liability coverage. The diagram below illustrates the comparison of auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premium estimates are based on no violations or claims, $500 deductibles, single status, and no additional discounts are factored in.

If we average all the age groups together, comp and collision coverage costs an additional $1,494 per year over liability only. That is a big expense that brings up the question if physical damage coverage is worth the money. There is no set guideline of when to drop physical damage coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is 10% or more of replacement cost minus your deductible, then it might be time to consider dropping full coverage.

Drive responsibly or pay higher rates

The easiest way to maintain affordable insurance premiums for older drivers is to drive safely and avoid accidents and violations. The illustration below demonstrates how traffic citations and accident claims impact yearly insurance costs for different age groups of insureds. The rate quotes are based on a married male driver, full coverage, $100 deductibles, and no policy discounts are applied.

In the prior example, the average cost of an auto insurance policy per year with no violations or accidents is $1,893. Get one speeding ticket and the average cost swells to $2,173, an increase of $280 each year. Then include two accidents along with the one speeding ticket and the yearly cost of insurance for drivers over age 50 jumps again to an average of $4,546. That’s an increase of $2,652, or $221 per month, just for not driving safely!

What is the best insurance company in Tennessee?

Choosing the top insurer can be a challenge considering how many choices you have in Tennessee. The company rank data in the next section may help you decide which car insurance companies to look at when looking for cheaper rates. These ratings only include the largest companies in the United States, so companies without a large exposure are not included in this list.

Top 10 Major Auto Insurers 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

Top 10 Major 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

How to find the cheapest car insurance for drivers over age 50

The list below summarizes some of the recommended money-saving suggestions that can help Memphis drivers find lower-cost coverage.

The final tip is incredibly crucial, as was pointed out in this piece. Prices charged by car insurance companies can be modified anytime, so drivers shouldn’t be reluctant to change to a new company if a cheaper rate is available.

Having a favorite company is fine, but it isn’t a good idea if that loyalty ends up costing lots of hard earned cash every month. It only takes a couple minutes to shop around to find cheaper insurance for drivers over age 50 in Memphis.

The Memphis, TN, insurance agents below can most likely help you determine which auto insurance policy fits you best, as many consumers aren’t sure which coverage to buy and prefer to get some professional advice when comparing insurance rates for drivers over age 50. It’s not always easy to find the best policy on your own, so insurance agents licensed in the state of Tennessee can provide you comfort knowing your coverage gives you sufficient coverage at claim time.

To find an agent closest to you, click the button after the list or click here to compare price quotes now.

More insurance agents in Memphis, TN