Who Has Cheap Memphis Auto Insurance for Homeowners?

Deciding which companies offer the cheapest auto insurance rates for homeowners will require more work in order to find the most economical policy. Each insurance company has a different formula to set policy rates, so let’s rank the auto insurance companies that tend to be cheaper in Memphis.

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Cheapest auto insurance in Tennessee ranked by cost per year
Rank Company Cost Per Year
1 Utica National $737
2 Auto-Owners $836
3 Cincinnati Insurance $884
4 Penn National $935
5 USAA $947
6 Erie $957
7 Tennessee Farmers $961
8 Nationwide $1,002
9 Allied $1,029
10 Westfield $1,037
11 GEICO $1,110
12 Progressive $1,178
13 Shelter $1,187
14 State Auto $1,204
15 Travelers $1,213
16 State Farm $1,213
17 The Hartford $1,221
18 Direct General $1,251
19 21st Century $1,313
20 Chubb $1,329
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Utica National quotes some of the cheapest car insurance rates in Memphis at around $737 annually. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also qualify as some of the lowest-priced Memphis, TN insurance companies.

As shown in the table above, if you currently have a policy with USAA and switched to Auto-Owners, you may realize an annual premium reduction of in the neighborhood of $111. Customers with Erie may save as much as $121 a year, and Tennessee Farmers customers might lower prices by up to $125 a year.

If you would like to find cheaper car insurance rates, click here to start your custom quote or click several companies below for low rates.

These policy prices are averaged for all drivers and vehicles in Tennessee and do not take into consideration a specific zip code for homeowners. So the insurer that has the lowest price for you may not even be in the top 30 companies in the list above. That emphasizes why you need to quote rates from many companies using your own driver information and specific vehicle type.

The vehicle driven is a large consideration when comparing quotes for low-cost car insurance for homeowners. Vehicles with average performance, a plethora of safety features, or a track record of few liability claims will cost quite a bit less to insure than adrenaline junky models.

The data below showcases insurance rates for some of the more affordable vehicles to insure in Tennessee.

Cheapest Vehicles to Insure in Memphis, TN
Vehicle Insured Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,355
Honda CR-V EX-L 4WD $1,389
Toyota Prius $1,506
Ford Escape XLS 2WD $1,520
Dodge Grand Caravan CV $1,523
Jeep Grand Cherokee Laredo 2WD $1,608
Toyota Tacoma Double Cab TRD Off-Road Package 4WD $1,639
Ford Explorer XLT 2WD $1,656
Chevrolet Impala LS $1,710
GMC Sierra SLE Regular Cab 4WD $1,722
Toyota RAV4 4WD $1,747
Chevrolet Silverado 3500HD LT Crew Cab 2WD $1,753
Ford Edge SE AWD $1,756
Ford Focus SE 4-Dr Sedan $1,761
Ford F-150 FX4 Super Cab 4WD $1,787
Toyota Camry LE $1,799
Ford Fusion S 4-Dr Sedan $1,804
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Price estimates do not factor in garaging location in Memphis, TN which can influence coverage rates greatly.

Looking at the numbers, we can assume that makes and models like the Honda Accord, Honda CR-V, Toyota Prius, Ford Escape, and Dodge Grand Caravan are going to be some of the cheapest vehicles to insure for people who own their homes.

The information below shows how different deductible levels can change insurance rates when trying to find cheap insurance for homeowners. The price estimates are based on a single male driver, comprehensive and collision coverage, and no policy discounts are applied.

In the chart above, a 40-year-old driver could pocket $238 a year by switching from a $100 deductible up to a $500 deductible, or save $360 by switching to a $1,000 deductible. Youthful drivers, such as the Age 20 example, could reduce their rates up to $778 or even more by choosing a higher deductible.

If you do decide to increase your deductibles, it will be required to have enough savings to satisfy the extra out-of-pocket expense associated with higher deductibles.

Get discounts on Memphis car insurance

Auto insurance for people who own their homes in Memphis, TNInsurance providers that offer quotes for homeowners could also offer premium discounts that could potentially reduce rates by 30% or more if you meet certain criteria. A list of companies and a partial list of their discounts are:

The diagram below illustrates the comparison of insurance prices with and without some available policy discounts. The prices are based on a male driver, no driving violations, no at-fault accidents, Tennessee state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with vehicle safety, multiple policy, multiple vehicle, marriage, homeowner, and claim-free discounts applied. In this example, theaverage amount saved on auto insurance for homeowners is 28% or $507.

Memphis car insurance rates

Tennessee auto insurance rates are impacted by many things that control the cost of having a policy. Simply getting older, getting divorced, or getting a ticket for careless driving may prompt premium changes resulting in some rates now being affordable when they were higher priced. In addition, auto insurance companies change their prices without warning in order to maintain liquidity for claims. Higher than normal claim frequency or severity can cause higher prices, while profitable underwriting may produce more affordable Memphis car insurance rates.

For example, the graph below shows the company with the cheapest car insurance in Memphis, TN for a 30-year-old male driver with a good driving record, no prior claims, and a good credit history. If we estimate rates based on his current risk profile, Utica National might quote the most affordable car insurance rates in Memphis at $1,091 each year. This is $237 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Tennessee Farmers are the remaining most affordable Memphis, TN auto insurance companies.

In the next rate comparison, we’ll give the driver from the first rate comparison an at-fault accident, a little lower credit rating, and a few traffic violations. Since each auto insurer has a different process for setting prices, comparing prices may result in a substantially altered list of the cheapest companies as shown below.

Erie now has the best price on car insurance in Memphis with Nationwide, Allied, Westfield, and Auto-Owners now rounding out the top five. This example shows why it is critical to compare as many rates as possible to get the cheapest insurance quotes for homeowners. Rates are made up of many things and can change without notice, so the most economical option when you last compared rates may now be quite expensive.

How to find cheaper auto insurance for homeowners

The list below summarizes many thrifty solutions that can help drivers find lower-cost coverage.

The final tip is incredibly important, as we stressed in this write-up. Insurance rates in Memphis change constantly, so don’t be unwilling to buy a policy from a new company if a more affordable price is available. Many drivers prefer to stick with one company, but it’s not a good idea if it’s costing you money that could be going to better use. In just a few minutes you could compare prices and find cheaper auto insurance for homeowners.

The Memphis auto insurance agencies shown below can probably provide answers to your questions and help you determine which coverages and limits you need, since many consumers aren’t sure which coverage to buy and prefer to have the advice of a professional agent when trying to find lower insurance rates for people who own their homes. It can be time-consuming to find the best rates on your own, so agents can provide you satisfaction knowing your policy gives you enough protection. To locate a Memphis auto insurance agent near you, click the link after the list.

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

Peterson Insurance Services, Inc.
8046 N Brother Blvd #101Memphis, TN 38133(901) 386-4777

Boyle Insurance Agency, Inc.
5900 Poplar AveMemphis, TN 38119(901) 766-0200

Dan Crawford – State Farm Insurance Agent
5705 Stage Rd #160Memphis, TN 38134(901) 372-4400

Allstate Insurance: Angie Hooten-Hughes
6803 Summer AveMemphis, TN 38134(901) 373-6060

Find a Memphis, TN insurance agent near you