Who Has Cheap Car Insurance Rates for Teachers in Memphis?

Establishing which company quotes the cheapest insurance rates for teachers will involve a tad more effort in order to find the most economical policy.

Each auto insurer has their own unique process to set policy rates, so we will examine the insurance companies with the most affordable rates in Tennessee.

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Tennessee auto insurance company rankings
Rank Company Cost Per Year
1 Utica National $767
2 Auto-Owners $836
3 Cincinnati Insurance $858
4 Penn National $899
5 USAA $929
6 Tennessee Farmers $961
7 Erie $997
8 Allied $1,018
9 Westfield $1,037
10 Nationwide $1,042
11 GEICO $1,110
12 Shelter $1,199
13 State Farm $1,201
14 Travelers $1,213
15 Progressive $1,214
16 Direct General $1,214
17 State Auto $1,254
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. This is $561 less than the average policy premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also are some of the lowest-priced Memphis, TN car insurance companies.

As the rates illustrate above, if you buy coverage from Auto-Owners and switched to Utica National, you could earn a yearly savings of upwards of $69. Policyholders with Cincinnati Insurance may save as much as $91 a year, and Penn National insureds might see rate reductions of $132 a year.

To see how much you can save, click here to start a quote or visit any of the companies below.

It’s important to note that these prices are averages across all drivers and vehicles and and are not figured with a specific vehicle garaging location for teachers. So the insurer that fits you best may not even be in the top 30 companies shown above. That point stresses why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.

For teachers and educators, one of the largest considerations that are used to help calculate insurance cost is your zip code. More populated areas tend to have more expensive auto insurance rates, whereas more rural areas tend to receive slightly lower rates.

The following table ranks the priciest cities in Tennessee for teachers to buy car insurance in. Memphis is ranked at #1 with an annual cost of $1,505 for the average insured, which is around $125 monthly.

How much is auto insurance in Memphis, TN?
Rank City Average Per Year
1 Memphis $1,505
2 Bartlett $1,377
3 Germantown $1,334
4 Collierville $1,323
5 Jackson $1,266
6 Oak Ridge $1,223
7 Knoxville $1,218
8 Nashville $1,201
9 La Vergne $1,197
10 Columbia $1,178
11 Morristown $1,171
12 Hendersonville $1,170
13 Spring Hill $1,169
14 Maryville $1,160
15 Smyrna $1,159
16 Clarksville $1,158
17 Murfreesboro $1,148
18 Brentwood $1,144
19 Franklin $1,140
20 Cookeville $1,136
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Prices are estimated as the vehicle garaging location can affect premiums significantly.

How much more does full coverage cost in Memphis?

Lowering the price of insurance is probably important to most vehicle owners, and one of the best ways to save on the cost of insurance for teachers is to buy liability only. The information below shows the difference between insurance premiums with full physical damage coverage and with liability coverage only. The data is based on no violations or claims, $250 deductibles, drivers are single, and no discounts are applied.

Averaged out for all age groups, physical damage coverage on your policy costs $1,521 per year more than buying just liability insurance. That touches on the question if it’s worth it to buy full coverage. There isn’t a written rule of when to drop full coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is more than around 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.

For example, let’s assume your vehicle’s book value is $7,500 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company would pay you is $6,500 after the deductible is paid. If you are paying in excess of $650 annually for full coverage, then you might consider buying liability only.

Best insurance company in Tennessee

Picking a good quality insurance company can be rather challenging considering how many companies there are in Memphis. The company information in the lists below may help you analyze which companies to look at comparing rate quotes with. The rankings below include companies with a national presence, so smaller regional companies are not included in this list.

Top 10 Major Auto Insurance Providers 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

Top 10 Major Auto Insurance Providers in Memphis Ranked by A.M. Best Rating

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Esurance – A+
  6. Progressive – A+
  7. Titan Insurance – A+
  8. The Hartford – A+
  9. Allstate – A+
  10. Nationwide – A+

Why are you paying too much for car insurance?

Tennessee insurance rates are determined by lots of factors which can significantly increase or decrease the policy price. Improving your credit score, buying a different vehicle, or getting a speeding ticket can produce rate changes that can cause some rates to be affordable when they were higher priced.

And not only may your rating factors change, but car insurance companies modify rates every year or even multiple times each year to adjust for unexpected claims or profits. Higher than normal claim frequency or severity may cause more expensive prices, while lower claim levels can cause lower-priced Memphis car insurance rates.

As an example, the data below shows the companies that have the cheapest car insurance in Memphis, TN for a 30-year-old female driver with no prior claims, no tickets, and solid credit. If we estimate rates based on her personal risk profile, Utica National has the most affordable car insurance rates in Memphis at $1,059 annually. This is $269 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Tennessee Farmers, and Penn National are the rest of the best Memphis, TN auto insurance companies.

Let’s now give the driver from the first rate comparison a chargeable accident, poor credit, and a stop sign violation. Due to the fact that every insurance company uses their own method to set premium rates, analyzing rate quotes could result in a completely different list of the cheapest companies as shown below.

Erie now has the lowest car insurance rate in Memphis, TN with Nationwide, Westfield, Allied, and GEICO also having competitive pricing. This example demonstrates why Tennessee drivers need to do a thorough rate comparison when trying to find the cheapest insurance quotes for teachers. Car insurance prices are impacted by many factors and can change without notice, so the cheapest company three years ago may now not even be in the top five.