Who Has Cheap Auto Insurance Rates for Unemployed Drivers in Memphis?

Shopping around for affordable car insurance is not the easiest thing to do, and determining which insurers offer the lowest-priced car insurance rates for unemployed drivers will involve even more perseverance. Each company has a unique formula for setting rates, so let’s take a look at the car insurance companies with the most affordable rates in Memphis.

Best Auto Insurance Prices for Job Seekers

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Tennessee auto insurance company rankings
Rank Company Cost Per Year
1 Utica National $744
2 Auto-Owners $861
3 Cincinnati Insurance $884
4 Penn National $899
5 USAA $957
6 Tennessee Farmers $961
7 Erie $997
8 Nationwide $1,002
9 Allied $1,029
10 Westfield $1,079
11 GEICO $1,122
12 State Farm $1,177
13 Travelers $1,201
14 Progressive $1,214
15 Shelter $1,223
16 Direct General $1,238
17 State Auto $1,254
18 The Hartford $1,258
19 21st Century $1,274
20 Chubb $1,277
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Utica National generally has some of the most affordable car insurance rates in Memphis at around $744 per year. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the more affordable Memphis, TN auto insurance companies.

As shown in the rates above, if you are currently insured with Penn National and switched to Auto-Owners, you may realize a yearly savings of in the neighborhood of $38. Drivers with USAA may save as much as $96 a year, and Tennessee Farmers insureds might lower prices by up to $100 a year.

If you want to see how much you could save, click here to get quotes or visit any of the companies below.

It’s important to note that these prices are averages across all drivers and vehicles in Tennessee and do not factor in a specific vehicle garaging location for unemployed drivers. So the company that is best suited for you may not even be in the top 30 companies shown above. That underscores the importance of why you need to get car insurance quotes using your own specific driver and vehicle information.

One of the many things that determine the amount you pay for auto insurance is where you keep your car in Memphis. Areas with more people or higher crime rates tend to pay slightly more, whereas less populated areas benefit from lower prices.

The next table rates the most expensive cities in Tennessee for unemployed drivers to buy car insurance in. Memphis shows up at #1 with the annual price of $1,460 for coverage, which is around $122 per month.

How much does auto insurance cost in Memphis?
Rank City Premium Per Year
1 Memphis $1,460
2 Bartlett $1,405
3 Germantown $1,334
4 Collierville $1,323
5 Jackson $1,266
6 Oak Ridge $1,247
7 Knoxville $1,230
8 Maryville $1,208
9 Smyrna $1,194
10 Columbia $1,178
11 Nashville $1,177
12 Cookeville $1,171
13 Spring Hill $1,169
14 La Vergne $1,162
15 Clarksville $1,158
16 Murfreesboro $1,148
17 Brentwood $1,144
18 Gallatin $1,133
19 Franklin $1,129
20 Chattanooga $1,127
21 Morristown $1,125
22 Hendersonville $1,124
23 Cleveland $1,124
24 Johnson City $1,073
25 Kingsport $1,057
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Table data uses comparative as zip code location can alter premium rates significantly.

Selecting a highly-rated insurance company can be a challenge considering how many different companies sell coverage in Tennessee. The ranking information displayed below may help you choose which auto insurance companies you want to consider when shopping your coverage around. The ratings below include large nationwide companies, so companies that only write business in Tennessee or surrounding areas will not be included in the list.

Top 10 Major Car Insurance Companies in Memphis Ranked by Customer Service

  1. USAA
  2. Travelers
  3. AAA Insurance
  4. Nationwide
  5. Safeco Insurance
  6. Progressive
  7. State Farm
  8. The Hartford
  9. The General
  10. Esurance

Top 10 Major Car Insurance Companies 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

Full coverage versus liability only rates

Finding cheaper car insurance should be important to most drivers, and one common way to find cheap insurance for unemployed drivers is to not buy full coverage. The diagram below visualizes the comparison of car insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. Data assumes a clean driving record, no at-fault accidents, $100 deductibles, single status, and no discounts are applied.

As an average, comprehensive and collision coverage on your policy costs $1,659 per year more than just insuring for liability. At some point, about every driver wonders if buying full 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 guideline. If the annual cost of having full coverage is 10% or more of replacement cost minus your deductible, then it might be time to buy liability only.

For example, let’s say your vehicle’s settlement value is $12,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $11,000 after paying your policy deductible. If it’s costing in excess of $1,100 annually for full coverage, then you might want to think about dropping full coverage.

Tips to find economical insurance for unemployed drivers

The list below details some of the recommended money-saving suggestions that can help drivers buy cheaper auto insurance.

The last suggestion is extraordinarily valuable, as was discussed in the prior article. Car insurance rates change a lot, so you should be ready to buy a different policy if you find a better deal. Being loyal to a particular company is commendable, but it isn’t a good idea if that loyalty ends up costing money that could be used for better things. Now is a great time to compare rates and find cheaper insurance for unemployed drivers in Memphis.