How Much is Car Insurance for Single Moms in Memphis?

Finding affordable auto insurance is difficult, and finding out which company has the cheapest insurance rates for single moms takes a little more work. Each insurer has a proprietary formula to set premium rates, so let’s begin by examining the insurance companies with the overall best prices in Memphis, TN.

It’s a good idea to be aware that Tennessee insurance rates are influenced by many factors which can substantially change the price of your policy. Price variation is why consumers need to perform a complete rate comparison when trying to get the cheapest auto insurance quotes for single moms. Insurance prices can be altered by many things and can change substantially, so the most economical company a year ago may now be quite expensive.

Best Auto Insurance Prices for Single Moms

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Cheapest Tennessee car insurance ranked by price
Rank Company Cost Per Year
1 Utica National $767
2 Auto-Owners $836
3 Cincinnati Insurance $876
4 Penn National $908
5 USAA $919
6 Tennessee Farmers $933
7 Erie $957
8 Nationwide $1,012
9 Westfield $1,047
10 Allied $1,060
11 GEICO $1,156
12 Progressive $1,178
13 State Farm $1,201
14 Travelers $1,201
15 Direct General $1,214
16 Shelter $1,235
17 State Auto $1,254
18 The Hartford $1,258
19 21st Century $1,300
20 Chubb $1,316
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Utica National quotes some of the cheapest car insurance rates in Memphis at around $767 each year. This is $561 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA would also make the list of some of the most economical Memphis, TN car insurance companies.

As the example above demonstrates, if you are insured with Cincinnati Insurance and switched to Utica National, you could see annual savings of in the vicinity of $109. Customers with Penn National could save as much as $141 a year, and USAA policyholders might lower prices by $152 a year.

Understand that those policy rates are averaged across all drivers and vehicles in Tennessee and do not factor in a specific location for single moms. So the auto insurance company that has the cheapest rates for you may not even be in the top 30 companies in the list above. That is why you need to get car insurance quotes using your own specific driver information and vehicle.

The car, truck, or SUV you are seeking coverage for is probably the most important factor when consumers are trying to find affordable car insurance for single moms. Vehicles with high performance features, a lack of modern safety features, or a track record of large liability claims will cost substantially more to insure than safer, lower-performance models. The next table features insurance premiums for a number of the cheaper vehicles to buy insurance for.

Cheapest Vehicles to Insure in Memphis, TN
Make and Model Estimated Cost for Full Coverage
Toyota Prius $1,605
Ford Escape XLT 2WD $1,662
Hyundai Elantra GLS Touring Station Wagon $1,670
Chevrolet Malibu Hybrid $1,714
Toyota Tacoma Double Cab TRD Off-Road Package 4WD $1,747
Volkswagen Jetta S 2.5 Station Wagon $1,802
Toyota Corolla S $1,804
Honda CR-V EX 4WD $1,821
GMC Sierra SL Crew Cab 4WD $1,837
Hyundai Sonata SE 4-Dr Sedan $1,930
Honda Accord EX 2-Dr Coupe $1,937
Ford F-150 STX Super Cab 2WD $1,947
Chevrolet Silverado LT Crew Cab 2WD $1,963
Nissan Altima 2.5 4-Dr Sedan $1,969
Toyota RAV4 Sport 4WD $1,975
Chevrolet Silverado 3500HD LTZ Crew Cab Diesel 2WD $1,993
Dodge Ram 2500 Crew Cab SLT 4WD $1,996
Ford Explorer Eddie Bauer 4WD $2,004
Jeep Wrangler Unlimited Sahara 2WD 4-Dr $2,037
Ford Edge Limited AWD $2,072
Chevrolet Impala LT $2,103
Ford Fusion SEL 4-Dr Sedan $2,108
Honda Odyssey Touring $2,116
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Table data represents single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Price information does not factor in specific zip code location which can raise or lower prices noticeably.

Looking at the data, we can infer that models like the Toyota Prius, Ford Escape, Hyundai Elantra, and Chevrolet Malibu are going to be the less-costly vehicles to insure for single parents.

For single parents, one of the big criteria that determine insurance cost is your zip code. More populated areas tend to have higher rates, whereas areas with less people or fewer weather incidents profit from lower rates.

The illustration below lists the most costly cities in Tennessee for single moms to purchase auto insurance in. Memphis comes in at #1 with the annual price of $1,505 for the average policyholder, which is around $125 each month.

How much is car insurance in Memphis?
Rank City Average Per Year
1 Memphis $1,505
2 Bartlett $1,377
3 Germantown $1,374
4 Collierville $1,309
5 Jackson $1,292
6 Oak Ridge $1,210
7 Nashville $1,201
8 Spring Hill $1,193
9 Knoxville $1,182
10 Cookeville $1,182
11 Brentwood $1,179
12 Columbia $1,178
13 Morristown $1,171
14 Clarksville $1,170
15 Hendersonville $1,170
16 Chattanooga $1,161
17 Maryville $1,160
18 Smyrna $1,159
19 La Vergne $1,151
20 Murfreesboro $1,148
21 Franklin $1,140
22 Gallatin $1,133
23 Cleveland $1,124
24 Johnson City $1,073
25 Kingsport $1,037
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Information shown are comparative as specific location information can decrease or increase price quotes significantly.

Liability only or full coverage

Reducing the cost of insurance should be important to most people, and one way to pay less for insurance for single moms is to not pay for full coverage. The information below shows the comparison of premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The rates are based on no claims or violations, $500 deductibles, marital status is single, and no discounts are taken into consideration.

If we average the cost for all age groups, physical damage coverage costs $1,494 per year more than just buying liability only. That is a large expense which might make you wonder if buying full coverage is worth the money. There is no set guideline to drop physical damage insurance, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.

For example, let’s assume your vehicle’s book value is $6,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $5,500 after you pay the deductible. If it’s costing in excess of $550 a year to have full coverage, then it might be time to consider dropping full coverage.

There are some conditions where dropping full coverage is not advised. If you haven’t paid off your loan, you have to carry full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not drop full coverage.

Buying coverage from the top car insurance company can be a challenge considering how many companies sell insurance in Memphis. The company information listed below could help you choose which auto insurers to look at when shopping car insurance rates for single moms. These ratings are only comprised of companies who write in the majority of U.S. states, so companies that only write business in Tennessee or surrounding areas are not taken into consideration for this list.

Top Ten Insurance Companies for Single Moms in Memphis, TN
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
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Data Source: Best Car Insurance Companies

You may be paying too much for car insurance

Memphis, TN insurance rates are influenced by many factors that control the policy price. Simply having a birthday, increasing deductibles, or getting a ticket for running a stop sign can cause premium changes resulting in some rates now being affordable when they were higher priced.

Also, car insurance companies file new rates as needed to adjust for heavy claims or excess profits. Significantly higher claims can cause price increases, while a better claims history can cause cheaper Memphis car insurance rates.

For instance, the chart below compares the cheapest car insurance in Memphis, TN for a 30-year-old male driver with no prior claims, no tickets, and a good credit history. If we compare prices based on his current situation, Utica National may offer the most affordable car insurance rates in Memphis at $1,038 each year. This is $290 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers are also on the list of the cheapest Memphis, TN auto insurance companies.

Now we will pretend the driver from the first rate comparison a couple of claims, poor credit, and a couple of points charged on his driving record. Because every insurance company has their own process to determine rates, comparing prices could now result in a different list of cheap Memphis auto insurance companies as shown below.

Erie now has the best car insurance rate in Memphis with Nationwide, Westfield, Allied, and GEICO also being competitive. This shows why it is crucial to take the time to shop around to get the most affordable auto insurance quotes for single moms.

Insurance prices can be altered by many factors and change frequently, so the best price the last time you shopped your coverage around may now be quite expensive.

The professional agents shown below can aid you in deciding which coverages and limits you need, as some drivers have questions and prefer to have the advice of a professional agent when buying car insurance for single parents. It can be challenging to find the best coverage on your own, and agents can provide peace of mind knowing you have adequate asset protection. To find a Memphis insurance agency closest to you, click the button link following the list or click here to compare rates now.

Allstate Insurance: Josh Roman
579 S Perkins RdMemphis, TN 38117(901) 683-8600

Nationwide Insurance: Daysha J Palacio-Miller
1850 Poplar Crest Cove Ste 102Memphis, TN 38119(901) 762-8585

Parker Rhett – State Farm Insurance Agent
4515 Poplar Ave #416Memphis, TN 38117(901) 680-7400

Barry Sanders – State Farm Insurance Agent
6060 Quince RdMemphis, TN 38119(901) 767-2001

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