Finding decent, reasonably-priced auto insurance is tough enough, and deciding which company quotes the best auto insurance rates for state employees will require even more work. Each auto insurer uses their own method to set policy rates, so to begin we’ll rank the lowest cost auto insurance companies in Memphis.
It’s important to know that Memphis auto insurance rates are based on many factors which can substantially decrease or increase the price you have to pay for coverage. Events such as a birthday, buying a home, or getting a couple of tickets can trigger rate changes that may make certain companies affordable when they were higher priced.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $760 |
| 2 | Cincinnati Insurance | $850 |
| 3 | Auto-Owners | $852 |
| 4 | Tennessee Farmers | $923 |
| 5 | USAA | $929 |
| 6 | Penn National | $935 |
| 7 | Erie | $967 |
| 8 | Nationwide | $1,012 |
| 9 | Allied | $1,018 |
| 10 | Westfield | $1,047 |
| 11 | GEICO | $1,144 |
| 12 | Progressive | $1,178 |
| 13 | Shelter | $1,199 |
| 14 | Travelers | $1,201 |
| 15 | State Farm | $1,213 |
| 16 | The Hartford | $1,221 |
| 17 | Direct General | $1,238 |
| 18 | State Auto | $1,254 |
| 19 | Chubb | $1,290 |
| 20 | 21st Century | $1,300 |
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Utica National may have some of the best car insurance rates in Memphis at around $760 a year. Cincinnati Insurance, Auto-Owners, Tennessee Farmers, and USAA also rank well as some of the most economical Memphis, TN auto insurance companies.
As shown in the table above, if you currently have a policy with Cincinnati Insurance and switched to Utica National, you might see an annual premium reduction of roughly $90. Drivers with Auto-Owners may save as much as $92 a year, and Tennessee Farmers policyholders might see rate reductions of $163 a year.
If you want to see how much you could save, click here to begin a quote or feel free to get quotes from the companies below.
These premium estimates are averaged for all drivers and vehicles in Tennessee and are not factoring in a specific location for state employees. So the company that has the lowest price for you may not even be in the top 30 companies in the list above. That’s why you need to get car insurance quotes using your own specific driver information and vehicle.
For state workers, one of the big components that aid in calculating the cost of insurance is where you choose to live in Memphis. Areas with more people or more claims tend to have higher rates, whereas more rural areas have the benefit of cheaper car insurance.
The next table lists the most expensive areas in Tennessee for state employees to buy car insurance in. Memphis is ranked #1 with an annual cost of $1,460 for the average policy, which is approximately $122 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Memphis | $1,460 |
| 2 | Bartlett | $1,377 |
| 3 | Collierville | $1,363 |
| 4 | Germantown | $1,360 |
| 5 | Jackson | $1,305 |
| 6 | Oak Ridge | $1,260 |
| 7 | Knoxville | $1,218 |
| 8 | Columbia | $1,214 |
| 9 | Spring Hill | $1,205 |
| 10 | Maryville | $1,196 |
| 11 | Smyrna | $1,194 |
| 12 | Murfreesboro | $1,183 |
| 13 | Cookeville | $1,171 |
| 14 | Morristown | $1,171 |
| 15 | Hendersonville | $1,170 |
| 16 | Nashville | $1,165 |
| 17 | La Vergne | $1,162 |
| 18 | Clarksville | $1,158 |
| 19 | Brentwood | $1,144 |
| 20 | Franklin | $1,129 |
| 21 | Gallatin | $1,121 |
| 22 | Chattanooga | $1,115 |
| 23 | Cleveland | $1,091 |
| 24 | Johnson City | $1,073 |
| 25 | Kingsport | $1,057 |
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Prices are estimated as specific Memphis garaging address can change premiums substantially.
Rate difference between full and liability-only coverage
Reducing the cost of auto insurance is the goal of the majority of people, and one of the quickest ways to pay lower rates for insurance for state employees is to only pay for liability coverage. The chart below illustrates the comparison of yearly insurance costs when comparing full coverage to liability only. The premiums are based on no violations or accidents, $1,000 deductibles, single status, and no policy discounts are applied.
As an average, full coverage on your policy costs an extra $1,217 per year over and above liability coverage. At some point, every insured wonders if buying full coverage is a good investment. There is no set guideline of when to drop comp and collision coverage, but there is a guideline you can use. If the yearly cost of full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
There are some conditions where only buying liability is not a good idea. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
The example below demonstrates how deductibles can change insurance premiums when trying to find cheap insurance for state employees. The rate quotes are based on a married male driver, full physical damage coverage, and no other discounts are factored in.
The chart above illustrates that a 50-year-old driver could cut expenses by $204 a year by changing from a $100 deductible up to a $500 deductible, or save $306 by changing to a $1,000 deductible. Young drivers, like the 20-year-old category, could possibly save as much as $670 each year just by choosing larger deductibles. If you do make the decision to raise your deductibles, it will be important to have additional savings on hand to allow you to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Get discount Memphis auto insurance
Insurers that offer quotes for state employees may additionally offer rate discounts that can reduce rates by as much as 40% or more if you meet the requirements. Popular auto insurance companies and a partial list of their discounts are included below.
- GEICO offers discounts including anti-lock brakes, daytime running lights, driver training, five-year accident-free, multi-policy, good student, and defensive driver.
- Travelers offers discounts for new car, student away at school, driver training, multi-policy, and IntelliDrive.
- Nationwide discounts include easy pay, family plan, anti-theft, multi-policy, Farm Bureau membership, accident-free, and defensive driving.
- Farmers Insurance has discounts for distant student, early shopping, mature driver, alternative fuel, and pay in full.
- Esurance may include discounts for multi-policy, safety device, paid-in-full, Pac-12 alumni, defensive driver, emergency road assistance, and good driver.
- State Farm may offer discounts for good driver, anti-theft, multiple autos, accident-free, good student, and defensive driving training.
- Progressive includes discounts for online signing, continuous coverage, multi-vehicle, good student, online quote discount, and homeowner.
- Mercury Insurance offers premium reductions for multi-policy, good student, multi-car, type of vehicle, ease of repair, and location of vehicle.
The illustration below illustrates the difference between insurance rates with and without discounts applied. The premiums are based on a male driver, no claims, a clean driving record, Tennessee state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with accident-free, defensive driving course, multiple vehicle, marriage, vehicle safety, and passive restraint discounts applied. When drivers take advantage of discounts, the average savings per year on auto insurance for state employees is 28% or $507.
How to find cheaper car insurance for state employees
The list below summarizes some of the recommended money-saving ideas that can help drivers buy cheaper auto insurance.
- Save money by insuring older vehicles for liability only
- Prevent price hikes by avoiding at-fault accidents
- Try to remain claim-free
- Save money by insuring your home and auto with the same company
- Drive safely
- Vehicles with good safety ratings have lower liability rates
- Comparison shop at least every other year
The last suggestion is incredibly vital, as was stressed in the prior information. Prices charged by auto insurers can change in a short period of time, so drivers shouldn’t hesitate to switch companies if a cheaper price is available.
We understand brand loyalty, but it’s not a great idea if that loyalty ends up costing a small fortune. It takes less than five minutes to shop around to find cheaper insurance for state employees in Memphis.
The agents listed below can probably answer your questions and help you decide which insurance coverage you need, as some people prefer to have a consultation when trying to find lower insurance rates for state employees. It can be complicated to find the best coverage yourself, so getting advice from a licensed agent can bring peace of mind knowing you have adequate coverage if you have an accident or claim. To find an auto insurance agency using an interactive map, click the link at the bottom or click here to compare prices now.
First Reliable Insurance Agency
5495 Winchester Rd Suite 3 – Memphis, TN 38115 – (901) 362-6052
Nationwide Insurance: The James Agency LLC
4778 Summer Ave Ste 1 – Memphis, TN 38122 – (901) 266-5507
Allstate Insurance: Don Rogers
5812 Winchester Rd – Memphis, TN 38115 – (901) 794-3771